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Union Bank acquisition: Special Investigator rejects Tunde Lemo’s, others’ requests

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The Office of Special Investigator Jim Obazee has insisted that Tunde Lemo, the Chairman of Titan Trust Bank, TTB, Mr Cornelius Vink and Rahul Savara must appear before it today to prove that their acquisition of Union Bank of Nigeria, UBN, followed due process or risk losing the financial institution to the Federal Government.

 

This followed a letter by the legal firm of the purported buyers of the UBN that they can only honour the investigation of the Special Investigator when they after second week of January 2024 when they will come back to the country.

 

The Special Investigator had last Tuesday invited Lemo, Vink and Savara, a former Central Bank of Nigeria, CBN Deputy Governor, Vink and Savara to appear before its panel with some documents to prove that they followed due process and duly paid for the acquisition of majority shares in UBN.

 

The Special Investigator had in two reports submitted to President Bola Tinubu alleged that former governor of CBN, Godwin Emefiele used his position to acquire UBN, using proxies as a cover-up.

 

He also alleged that there was no evidence that TTB and the other purported investors paid for the majority shares of the UBN. The Special Investigator had also alleged that the address of TGI, the Dubai based firm which funded the acquisition of UBN through TTB could not be traced, while there was no evidence of capital importation into the country for the purchase of the financial institution by the purported buyers.

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The Special Investigator said it reached the conclusion following failure of the purported shareholders to appear before its panel with the necessary documents to prove that they genuinely acquired the bank.

 

Consequently, the Special Investigator had recommended that the Federal Government should take over the bank from the purported owner. But Lemo had in a widely circulated statement rejected the assertion by the Special Investigator.

 

The former CBN deputy governor, asked the Special Investigator to give the shareholders seven days to prove their ownership of Titan Trust Bank and Union Bank of Nigeria with necessary documents, failure of which the two entities should be forfeited to the Federal Government.

 

While lamenting the failure of the TTB team to take advantage of the earlier opportunity to prove their ownership of UBN, the Special Investigator had in a letter on 23 December acceded to the request of Lemo.

 

Consequently, the Special Investigator invited Lemo and the two other shareholders to appear before it today with all the necessary documents to prove their ownership of the bank.

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However, contrary to the promise, lawyers to the purported shareholders in a letter yesterday, 27 December said Lemo Savara and Vink are away from the country and will not be available to honour the in invitation of the Special Investigator until the second week of January.

 

The legal firm, G. ELIAS also said it has submitted the documents requested by the Special Investigator to it on 1st September 2023 at the DSS HQ. The legal firm however, said it is willing to resubmit the information tomorrow on behalf of the invitees to the Special Investigator.

 

But in a swift response, the Special Investigator in a letter to Union Bank, insisted that Lemo must fulfil his pledge to attend a meeting scheduled for today as well as his proposal that Mr. Cornelius Vink and Rahul Savara be given seven days to prove their purported ownership of Titan Trust Bank and Union Bank of Nigeria or forfeit the shares to the Federal Government of Nigeria.

 

“Accordingly, this excuse given by your good selves through your lawyers is unacceptable and regarded as obstruction of the Special Investigator in the course of his duties,” the Special Investigator said. It also noted that contrary to the claim of the legal firm, neither Lemo, Vink nor Savara ever submitted any of the requested documents to the investigating team.

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“In fact, Cornelius Vink and Rahul Savara have never presented themselves to the Special Investigator since 28th August 2023 when they were first invited for interview,” the Special Investigator said in the letter.

 

It also rejected the proposal of the legal firm to submit the documents on behalf of their shareholders.

 

“ The Special Investigator also directs that you should be informed that documents submitted through proxies shall not be accepted as Mr. Cornelius Vink, Mr. Rahul Savara and your good self will be required to speak to whatever document(s)/information you present during the meeting.

 

“Consequently, I am to further inform you that your invitation to appear before the Special Investigator on 28th December 2023 by 2pm prompt in respect of the matter under investigation and for which you had earlier made statement; stands,” the Special Investigator added while warning that failure to honour the invitation may lead loss of the two banks to the FG.

 

“Kindly note that the conditions on paragraphs 6 to 8 in our earlier letter to you with reference number CR:3000/TSl/ABJ/VOL. 1/69 dated 24th December 2023 remains effective and shall be triggered if you or Messrs Vink and Savara fail to attend the meeting as scheduled,” the letter indicated.

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Shake-up in EFCC as Olukoyede appoints chief of staff, 14 directors

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Ola Olukoyede, chair of the Economic and Financial Crimes Commission (EFCC), has appointed Michael Nzekwe as his chief of staff.

 

As part of a restructuring drive, Olukoyede upgraded all the zonal commands of the EFCC to departments and appointed 14 new directors.

 

A statement by Dele Oyewale, EFCC spokesperson, said the security unit of the agency has been upgraded to a department with a chief security officer at the helm.

 

“To this effect, 14 new directors have been appointed to head each of the zonal commands,” Oyewale said.

 

Additionally, to bolster and fortify the security architecture of the commission, the security unit of the EFCC has been upgraded to a department with a seasoned officer appointed as director, security and chief security officer.

 

“A new department has also been created in the executive chairman’s office and it is headed by former Makurdi zonal commander of the EFCC, Mr. Friday Ebelo who also doubles as director and coordinator, special duties at the corporate headquarters of the commission.”

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Nzekwe was the commander of the Ilorin zonal command and a course one officer.

 

Nzekwe, a lawyer and an investigator, has served in various departments in the anti-graft agency — including legal and prosecution, operations (now department of investigations), internal affairs (now department of ethics and integrity), Servicom, and asset forfeiture.

The new chief of staff has attended trainings and courses at home and abroad, including the Advance Defence Intelligence Officers Course organised by Defence Intel Agency (DIA).

 

 

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Sierra Leone energy minister resigns over electricity crisis

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 Sierra Leone’s minister of energy, Kanja Sesay, has resigned after weeks of electricity crisis in the West African nation.

 

According to BBC, in his resignation letter on Friday, Sesay said he took full responsibility for the crisis.

 

In a statement, the government said the energy ministry has been placed under the direct supervision of President Julius Maada Bio, who will be assisted by two other officials.

 

Sesay’s resignation came hours after the government paid $18.5 million to two power providers, Turkish Karpowership and Transco-CLSG group.

 

Sierra Leone owed the two producers $40 million.

 

After two months of outages, power was restored in Freetown after the payments were announced.

 

Since mid-April, Freetown and the cities of Bo, Kenema and Koidu have experienced multi-day stretches without electricity.

 

Karpowership confirmed the payment in a statement.

 

“We are pleased to confirm that the electricity supply has returned to full capacity in Freetown,” the statement reads.

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The company has been supplying electricity to Sierra Leone since 2018 from a floating offshore unit, but it had reduced its capacity from 65 megawatts to just five in recent months due to payment issues.

 

It had previously cut supplies to Sierra Leone in September over unpaid bills.

 

In October, it briefly cut power to Guinea-Bissau, saying it had been left with no option “following a protracted period of non-payment”.

 

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American School refunds $760,000 of Yahaya Bello’s children fees to EFCC

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The Economic and Financial Crimes Commission has confirmed the receipt of the refund of $760,000 paid as advanced school fees by a former Kogi State Governor, Yahaya Bello for his children at the American International School, Abuja.

 

Dele Oyewale, spokesperson for the EFCC, confirmed the development to The Post on Saturday.

 

“The school has refunded the entire $ 760, 000 to the EFCC’s recovery account,” he said.

 

Earlier, the American International School of Abuja had asked the EFCC to provide “authentic banking details” for the refund of fees paid for the children of the former governor.

 

Bello allegedly paid $720,000 in advance as fees for five of his children from the coffers of the Kogi State Government.

 

The children are in Grade Levels 2 to 8 at the school.

 

On April 17, EFCC operatives laid siege on Bello’s residence in Abuja in an attempt to arrest him over an alleged N80.2 billion fraud.

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While the operatives were at the house, Usman Ododo, governor of Kogi, arrived at the property and reportedly whisked Bello away.

 

In a letter addressed to the Lagos Zonal Commander of the EFCC, the school said the sum of $845,852 has been paid in tuition “since the 7th of September 2021 to date.”

 

AISA said the sum to be refunded is $760,910 because it had deducted educational services already rendered.

 

“Please forward to us an official written request, with the authentic banking details of the EFCC, for the refund of the above-mentioned funds as previously indicated as part of your investigation into the alleged money laundering activities by the Bello family,” the letter reads.

 

It added, “Since the 7th September 2021 to date, $845,852.84 in tuition and other fees have been deposited into our bank account.

 

We have calculated the net amount to be transferred and refunded to the State, after deducting the educational services rendered as $760,910.84.

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“No further additional fees are expected in respect of tuition as the students’ fees have now been settled until they graduate from ASIA.”

 

The school said it would draw the attention of the anti-graft agency if there were any further deposits by the Bello family.

In a statement signed by Greg Hughes, AISA also said, “Ali Bello contacted the school on Friday 13 August 2021 requesting to pay the family school fees in advance until the students graduate from High School.”

 

The Chairman of the EFCC, Ola Olukoyede, had earlier revealed that the former governor transferred $720,000 from the government’s coffers to a bureau de change before leaving office to pay in advance for his child’s school fee.
Olukoyede revealed this during an interview with journalists on Tuesday in Abuja.

 

He said, “A sitting governor, because he knows he is going, moved money directly from government to bureau de change, used it to pay the child’s school fee in advance, $720,000 in advance, in anticipation that he was going to leave the Government House.

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“In a poor state like Kogi, and you want me to close my eyes to that under the guise of ‘I’m being used.’ Being used by who at this stage of my life?”

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