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CBN investigator summons Tunde Lemo over sale of Union Bank

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The Special Investigator appointed by President Bola Tinubu to probe the Central Bank of Nigeria (CBN) has summoned the Chairman of Titan Trust Bank (TTB), Tunde Lemo, and two other shareholders of the bank over the controversial acquisition of Union Bank of Nigeria.

 

This comes after Lemo, a former deputy governor of the CBN, faulted the investigator’s findings on the issue.

 

President Bola Tinubu had on June 9, 2023, suspended former Governor of the CBN, Mr Godwin Emefiele, and thereafter named the Chief Executive Officer of the Financial Reporting Council of Nigeria, Jim Obazee, as the special investigator of the CBN.

 

In a report submitted to the president at the end of the probe, Obazee said Emefiele used “ill-gotten wealth” to establish TTB and subsequently acquired Union Bank and Keystone Bank through his proxies.

 

Also, the special investigator recommended that the banks be forfeited to the federal government.

 

However, reacting, Lemo insisted that his bank followed due process and met all regulatory requirements in its acquisition of one of the oldest banks and iconic brands in Nigeria.

 

He said the establishment of Titan Trust Bank and subsequent acquisition of Union Bank were transparent and duly verified by the relevant regulatory bodies.

 

The former deputy governor of the CBN said: “The core shareholders and the banks will respond appropriately. Due process was followed in the establishment of Titan Trust Bank and every process that led to the acquisition of Union Bank was verified by the CBN, SEC and other regulators. The core shareholders will respond to the specific allegations against them.”

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Lemo warned that the publication of unverified information on banks could have adverse effects on the banking industry.

 

“I sincerely recommend caution in the publication of unverified information about these financial institutions as they are both deposit-taking institutions. The good news is that the banks are healthy and stable,” he added.

 

Also, the Corporate Communications Department of TTB, in a more detailed statement also on Sunday, said the establishment of the bank and its acquisition of the larger Union Bank complied with Nigerian laws.

 

Responding to Lemo’s defence in a December 24 letter, the Special Investigator asked Lemo and the two major shareholders in the bank to appear before his team on Thursday.

The letter, titled: RE: CBN INVESTIGATION ACTIVITIES INVITATION FOR A FOLLOW-UP MEETING WITH THE SPECIAL INVESTIGATOR, said Obazee has not heard from the two shareholders or received the requested documents from them.

The letter was signed by the Head of Operations, Office of the Special Investigator, Eloho Okpoziakpo, a deputy commissioner of police (DCP).

 

The letter, which was addressed to Lemo, reads: “Please refer to your discussion with the Special Investigator earlier today regarding the offensive defence that your good self issued in Punch newspapers, on behalf of TTB which you chair, as well as the email you sent to the Special Investigator today wherein you tried to provide clarification on your reaction to the report on TTB. The defence seems contrary to the statements, made under caution, by the persons connected with these transactions, including your good self, before the Special Investigator at the Department of State Service (DSS) in August 2023.

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“In the said newspapers, you referred to both Cornelius Vink and Rahul Savara as “prominent global entrepreneurs and having thriving businesses in Nigeria…”. In your email as well as your earlier discussion with the Special Investigator, you suggested that both of them be invited to provide clarification on their share ownership and given seven days to make such clarification; failure which they will forfeit their shares to the Federal Government of Nigeria.

 

“We are surprised at your request with regard to these two shareholders. They were given this opportunity via a letter to them dated 28th August 2023 (copy attached as Appendix 1). Instead of honouring the invitation and providing the requested documents, we received a letter from the Company Secretary of Union Bank Somuyiwa Sonubi, dated 1st September 2023, informing the Special Investigator that Mr Cornelius Vink was out of the country on medical grounds and that both “Messrs Vink and Savara will be available for the meeting as soon as they are in Nigeria which will be soon” (copy attached as Appendix 2). Up until this offensive defence that you put in the public domain, the Special Investigator has neither heard from them nor received the requested documents.

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“Accordingly, you are hereby invited to come along with Messrs Cornelius Vink and Mr Rahul Savara to meet with the Team of Special Investigators by 2 p.m. on 28th December 2023 at the Department of Force Intelligence DFI), Opposite Nigeria Police Force Headquarters, Shehu Shagari Way, Area 11, Garki, Abuja; without fail or excuse.

 

“Kindly note that if Messrs Cornelius Vink and Rahul Savara refused to attend this meeting and provide/defend the requested documents/information, it will be construed that they have decided to forfeit their purported shareholdings in TTB and Union Bank of Nigeria; irrespective of which vehicle that they are using to own the purported shares.

 

“Should you also refuse to attend the meeting to provide an additional statement to your earlier statement made in August 2023, it will be construed that you misled the Nigerian public with your reaction in the Punch Newspapers today which has gained wide publicity in both electronic and print media.

 

“This invitation is to further ensure that it is beyond reasonable doubt that the Federal Government of Nigeria has given you a fair hearing.

 

“Accept the assurances of the utmost regards of the Special Investigator.”

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Wema Bank sets November 6 for HACKAHOLICS 7.0 grand finale, unveils ‘Festival of the future’ as theme

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Wema Bank, Nigeria’s oldest indigenous bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT, has announced November 6, 2026, as the date for the grand finale of Hackaholics 7.0, its flagship innovation platform.

Themed ‘Festival of the Future’, the grand finale will bring together innovators, technology leaders, startup founders, investors and other key players in Nigeria’s innovation ecosystem for an immersive celebration of ideas, technology and the possibilities shaping the future.

Beyond the much anticipated announcement of this year’s Hackaholics finalists, the event will feature innovation showcases, interactive experiences and conversations exploring how emerging technologies are transforming the way people live, work, build and create.

Designed to go beyond the traditional innovation competition, the Festival of the Future will provide a platform for participants and attendees to experience emerging technologies, discover innovative solutions, connect with industry players and engage in conversations about the opportunities and challenges of a rapidly evolving world.

The event will also recognise and celebrate outstanding innovators whose ideas have demonstrated the potential to address real-world challenges and create meaningful impact.

Speaking on the significance of the grand finale and the inspiration behind the Festival of the Future, Wema Bank’s MD/CEO, Moruf Oseni, explained that the concept builds on the Bank’s commitment to creating a future of possibilities while encouraging Nigerians to take a more active role in shaping that future.

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“The world is changing at an unprecedented pace. Artificial intelligence and emerging technologies are transforming industries, businesses and everyday life, creating opportunities that would have been difficult to imagine just a few years ago. The question is no longer simply what the future holds, but how prepared we are to shape it.

“This thinking inspired the Festival of the Future. We want to create an experience that brings innovation closer to people, encourages meaningful conversations and challenges us to think differently about how we will live, work, build and create in the years ahead,” he said.

Reaffirming Wema Bank’s commitment to supporting innovation and empowering young Nigerians, Oseni noted that Hackaholics has continued to evolve beyond a competition into a platform for discovering talent, nurturing ideas and connecting innovators with opportunities.

“Since we launched Hackaholics, our goal has remained consistent; to provide young Nigerians with the platform, resources, opportunities and support they need to transform their ideas into practical solutions. We believe that the future of innovation in Nigeria must be driven by the talent, creativity and potential of our people.

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“With Hackaholics 7.0, we are taking that commitment further. Beyond recognising outstanding ideas, we want to bring together the people, conversations and experiences that can inspire the next generation of solutions.

“Our ambition is to continue building an ecosystem where innovation thrives, possibilities are unlocked and Nigeria is better positioned for the future,” he added.

Launched on July 1, 2026, under the theme “Powering Possibilities,”Hackaholics 7.0 commenced with a nationwide pitch centre tour designed to discover and support innovative ideas from young Nigerians across different regions of the country.

The four-month tour attracted 5,329 participants and 1,632 innovative ideas and solutions, with pitch centres hosted across seven locations: Uyo, Kano, Yabatech, Benin, Ibadan, Enugu and Lagos.

Through three distinct tracks; the Ideathon, Hackathon and Social Impact, the initiative provided opportunities for students, graduates, technology enthusiasts, developers and social innovators to present solutions addressing challenges across different sectors.

The Ideathon focused on promising ideas, the Hackathon provided a platform for technology developers and builders, while the Social Impact track recognised solutions designed to deliver measurable value to society.

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At the conclusion of the nationwide tour, 59 participants emerged from the various pitch centres, reflecting the diversity of ideas, talent and innovation discovered throughout the programme.

As Hackaholics 7.0 progresses towards its final stage, the 59 finalists will be further shortlisted to 20, who will present refined versions of their solutions at the Pre-Pitch scheduled for November 4, 2026.

On November 5, the participants will embark on an Ecosystem Tour powered by Wema Bank, providing an opportunity to visit other top institutions within the technology and innovation ecosystem, interact with industry professionals and gain practical insights ahead of the grand finale.

The journey will culminate on November 6 at the Festival of the Future, where the top innovators will be recognised and celebrated.

Through Hackaholics, Wema Bank continues to demonstrate its commitment to driving innovation, supporting entrepreneurship and creating opportunities for young Nigerians to contribute meaningfully to economic development.

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Nigeria’s foreign reserves rise to $52.66 billion, highest in 17 years

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Nigeria’s gross external reserves surged to $52.66 billion as of August 19, reaching their highest level in more than 17 years.

This was contained in the latest data from the Central Bank of Nigeria (CBN).

The reserves stood at $52.65 billion on August 19, up from $45.56 billion recorded on January 2, representing an increase of about $7.09 billion or 15.6 percent in less than eight months.

The latest position also surpasses the previous 2026 peak of about $52.04 billion recorded in July.

Data from the CBN showed that reserves crossed the $52 billion mark for the first time this year in July, reaching $52.02 billion on July 20.

The figure was the highest since January 2009, when reserves stood at about $52.01 billion.

The reserve position had declined earlier in the year, falling from $49.18 billion on April 1 to about $48.33 billion in early May.

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It subsequently recovered, crossing the $50 billion mark in June and rising above $51 billion before surpassing $52 billion in July.

The governor of the CBN, Olayemi Cardoso, had earlier attributed the increase in reserves to stronger foreign exchange inflows, including receipts from crude-oil-related taxes and third-party inflows.

Cardoso also said the reserve level provided import cover for about 11 months of goods and services, significantly above the three-month international benchmark.

The increase in the external buffer has coincided with improved foreign exchange liquidity and a stronger naira.

Recent market data showed the naira appreciating to about N1,346.49 per dollar in the official market last week.

Also, in its 2026 macroeconomic outlook, the apex bank projected that Nigeria’s external reserves would rise to about $51.04 billion by the end of the year.

The latest figure is about $1.62 billion above that projection.

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Wema Bank wins Euromoney’s Nigeria’s best digital bank for consumers 2026 award

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… Recognition affirms bank’s leadership in digital innovation and customer-centric banking

Wema Bank, Nigeria’s oldest indigenous bank and pioneer of Africa’s first fully digital bank, ALAT, recently added another feather to its already heavily-studded cap after it was named Nigeria’s Best Digital Bank for Consumers 2026 by Euromoney, one of the world’s most respected authorities on financial services and banking excellence.

The prestigious recognition affirms the Bank’s sustained leadership in digital innovation, customer experience and financial inclusion, reinforcing its position as one of Nigeria’s leading technology-driven financial institutions.

Presented annually, the Euromoney Awards for Excellence celebrate banks that are redefining financial services through innovation, measurable impact and outstanding customer value.

In selecting Wema Bank for the award, Euromoney recognised the Bank’s successful digital transformation journey, its continuous innovation through ALAT, Africa’s first fully digital bank, and its unwavering commitment to delivering simpler, smarter and more accessible banking experiences for customers.

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Commenting on the recognition, the Managing Director/Chief Executive Officer of Wema Bank, Moruf Oseni, said: “This award is a strong validation of the deliberate investments we have made over the years to build a truly digital bank that puts customers at the centre of everything we do. Innovation for us has never been about technology for its own sake. It has always been about creating solutions that make banking easier, faster, safer and more rewarding for every customer.

“From pioneering Africa’s first fully digital bank with ALAT to continuously evolving our digital capabilities, we have remained focused on anticipating customer needs and building experiences that create real value. We are honoured by this recognition from Euromoney and inspired to continue pushing the boundaries of innovation as we shape the future of banking in Nigeria.”

A key milestone in Wema Bank’s digital transformation has been the evolution and upgraded version of ALAT, which introduced next-generation capabilities including voice banking, tap-to-pay functionality, personalised financial services and integrated investment opportunities through strategic partnerships.

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Together with faster digital onboarding, AI-powered fraud monitoring, intelligent customer personalisation and an expanding agency banking network, these innovations continue to enhance customer experience while extending financial services to more Nigerians.

Euromoney also recognised Wema Bank’s ability to leverage technology to build deeper customer relationships through data-driven personalisation, enabling customers to receive tailored recommendations across savings, investments and credit products based on their financial needs and behaviour.

For over eight decades, Wema Bank has remained at the forefront of innovation in Nigeria’s financial services industry. As the pioneer of Africa’s first fully digital bank, the Bank continues to redefine banking by combining technology, customer insight and innovation to deliver seamless, secure and inclusive financial solutions for individuals, businesses and communities.

The Euromoney recognition further reinforces Wema Bank’s commitment to building the future of banking through continuous innovation, operational excellence and customer-centric solutions that create lasting value.

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