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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.

See also  Court grants final forfeiture of over N2billion stolen from Union Bank

 

“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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Wale Tinubu’s Leadership, Enterprise and Oando’s Next Chapter

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By Adebayo Adeoye

Call him one of those rare visionaries who have mastered the delicate art of staying ahead of the curve, and you would hardly be accused of exaggeration. For over three decades, Jubril Adewale Tinubu, Group Chief Executive of Oando Group, has remained one of the defining faces of Nigeria’s corporate success story — a man whose entrepreneurial brilliance has not only created jobs and generated immense wealth but has also left an indelible imprint on the nation’s socio-economic landscape.


In a country where building enduring enterprises often feels like swimming against the tide, Tinubu has stood resilient.

Since founding Oando over 30 years ago, he has painstakingly transformed the company into one of Africa’s foremost indigenous energy giants, steadily widening its footprint across the continent. Such accomplishments did not come by happenstance.

In Nigeria’s unpredictable business climate, success at this scale demands uncommon grit, discipline, resilience, and an almost stubborn refusal to surrender to adversity.

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The oil and gas industry is, by every measure, one of the toughest terrains to navigate, riddled with volatility and uncertainty. Yet Tinubu has repeatedly proven himself equal to the challenge.

Through strategic foresight, innovation, courage, and a deep understanding of the energy ecosystem, he has consistently turned turbulence into opportunity.

Fondly described in business circles as the “King of African Oil,” Tinubu represents the rare breed of entrepreneurs who see every summit merely as preparation for an even greater ascent. For him, success is never final; it is only fuel for the next frontier.

This relentless pursuit of excellence has earned him global recognition, enduring prosperity, and the admiration of peers across industries.
As he prepares to clock 59, Tinubu stands not merely as a businessman of immense accomplishment but as a role model to younger generations and a visionary whose contributions to Nigeria’s corporate landscape continue to attract applause and admiration.

Yet, beyond the boardroom triumphs and billion-dollar transactions lies another defining pillar of his legacy — philanthropy. Quiet, deliberate, and deeply rooted in faith, Tinubu’s generosity is neither loud nor performative.

See also  Court grants final forfeiture of over N2billion stolen from Union Bank

He belongs to that rare class of givers who believe true charity requires no audience. His benevolence flows silently but meaningfully, touching lives without fanfare.

Entrepreneur and philanthropist extraordinaire, Tinubu combines vast wealth with an even greater sense of humanity. To him, success is most meaningful when shared, and prosperity finds purpose when it creates opportunities for others.
However,

if many think they have seen the best of JAT, perhaps another surprise lies ahead. Sources close to the company hint that Oando is set for another defining chapter in 2026.

With ambitious investments in renewable energy and a bold commitment to reshaping Nigeria’s energy narrative, the leading firm is reportedly positioning itself to play a transformative role in the country’s power sector — a move that may once again redefine Tinubu’s enduring legacy as one of Africa’s most visionary business leaders.

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Wema Bank’s One-Day MD/CEO Chinmamanda Ozoakpata Unveils New Benefits for Children

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At Wema Bank, we have spent the last few years reimagining what Children’s Day can look like for Nigerian children.

What started as a celebration has evolved into an intentional platform designed to build confidence, encourage leadership, promote financial literacy and create meaningful opportunities for children across different age groups. This year, we have raised the bar even higher.

At Wema Bank’s Children’s Day Special Event held on Monday, May 25, 2026, our One-Day MD/CEO, Chinmamanda Diamond Ozoakpata, used her first official act in office to unveil a series of new initiatives designed to reward, educate and empower children through our Royal Kiddies account and ALAT Xplore platform.

From year-long cash rewards and celebrations of academic excellence to financial literacy materials and STEM challenges, here are the new incentives that were announced and how to qualify:1. Birthday Cash Gift (Royal Kiddies Account Holders)Wema bank is putting real money behind milestone birthdays.

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Active Royal Kiddies account holders turning 5 will receive ₦5,000, while those turning 10 will receive ₦10,000 automatically, as a birthday cash gift. The initiative runs from May 2026 to May 2027.

Importantly, active account holders who already turned 5 or 10 before May 2026 this year will also receive their reward this month.

To qualify: Your child must hold an active Royal Kiddies account and be turning (or have turned) age 5 or 10 within the qualifying window.2. ₦100,000 Reward for Top Common Entrance Students (Royal Kiddies Account Holders)In a move that directly ties financial reward to academic achievement, Wema Bank will reward the top 100 students in the National Common Entrance Examination (NCEE) with ₦100,000 each. This initiative commences in June 2026.To qualify:

Your child must be among the top 100 performers in the NCEE and hold a Royal Kiddies account.3. Financial Literacy Book Launch – Money Adventures (Royal Kiddies Account Holders)Wema Bank officially launched Money Adventures, a financial literacy book created for children aged 6 and above, at the Children’s Day event.

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Designed to make money conversations simpler and more engaging for young readers, the book introduces children to foundational concepts around saving, money management and responsible financial habits in a fun, age-appropriate way.

To qualify: To receive a copy of this book, your child must hold an active Royal Kiddies account or have their Royal Kiddies account newly activated.4. Evolve School Tour STEM Challenge (ALAT Xplore Account Holders)The Bank also unveiled the Evolve School Tour STEM Challenge. Designed for secondary school students aged 13–17, the programme will run across six schools nationwide with existing STEM programmes.

Through hands-on STEM competitions and school engagements, the initiative aims to promote innovation, technology awareness, financial literacy and responsible savings culture.

There will also be monetary prizes to be won at the end of the challenge.To qualify: Your child must be an ALAT Xplore customer, aged 13–17, and attend one of the participating schools with an active STEM programme.Over the last four years, Wema Bank has consistently treated Children’s Day as more than a calendar moment. From the One-Day MD/CEO initiative to school tours, leadership experiences and child-focused financial literacy campaigns, the Bank has continued to expand how it supports children meaningfully.

See also  Court grants final forfeiture of over N2billion stolen from Union Bank

Yet, this is the first time  the bank has included a Children’s Day initiative that runs for an entire year. Combine that with a six-figure academic reward, a published financial literacy resource, and a nationwide school tour, and it becomes clear: this is the most comprehensive, most impactful package of benefits Wema Bank has ever delivered to its youngest customers.

It signals a growing commitment by Wema Bank to create experiences for children that extend far beyond celebration and leave a lasting impact long after Children’s Day is over.

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Wema Bank makes last call for submission of entries for One-Day MD/CEO Children’s Day Initiative

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As the deadline of May 20, 2026, fast approaches, Wema Bank has announced the last call for submissions for children and teens interested in participating in becoming MD/CEO of Wema Bank for one day.

Launched in May 2025 as part of Wema Bank’s 80th anniversary celebration, the One-Day MD/CEO initiative was introduced by Wema Bank to commemorate Children’s Day in a uniquely unprecedented manner. Inspired by the Bank’s 80th anniversary theme “80 Years of Impact, A Future of Possibilities”, the Wema Bank One-Day MD/CEO initiative served as a bridge between past and future, giving children across Nigeria the once-in-a-lifetime opportunity to become the MD/CEO of Wema Bank for one day—Children’s Day.

As 12-year-old Chiderije Mbah emerged winner, the Wema Bank One-Day MD/CEO initiative dominated the conversation on May 27, 2025, with children across Nigeria inspired to put in the work towards a successful future and parents commending the Bank’s consistent commitment to empowering children and helping them build the right future.

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This year, 2026, the Wema Bank One-Day MD/CEO initiative has returned on a larger scale.

For the 2026 Children’s Day celebration, Wema Bank will give another child or teenager [ages 0-16] a chance to step into the shoes of Managing Director/CEO of Wema Bank, for a day.

The child will get to oversee board meetings, make tactical decisions, and experience firsthand the demands and responsibilities that come with the office of MD/CEO, especially for an institution like Wema Bank, Nigeria’s oldest indigenous national bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT.

To participate, children/teens are expected to record a 60-second video detailing what their ideal role in banking would be and what they hope to achieve.

This video is to be posted on any social media platform using #EvolutionOfPossibilities and tagging @wemabank on the post. The post with the highest number of likes emerges winner and the winner gets to become MD/CEO of Wema Bank on Monday, May 25, 2026, in celebration of Children’s Day.

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Both parents and teens are encouraged to hurry and make their submissions now as entry closes in less than two days, specifically on Wednesday, May 20, 2026.

More details on the Bank’s social media platforms @wemabank

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