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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.

See also  CBN investigator summons Tunde Lemo over sale of Union Bank

 

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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Wale Tinubu, Rabiu, others Join President Tinubu in Makkah for Umrah

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The Group Chief Executive Oando Plc, Jubril Adewale Tinubu; Chairman of BUA Group, Abdul Samad Rabiu, and several other Nigerian business mogul have joined President Bola Ahmed Tinubu in Makkah, Saudi Arabia, for the performance of Umrah, the lesser Islamic pilgrimage.

The presence of the prominent Nigerian business leaders alongside the President in the holy city has drawn attention, bringing together three influential figures from Nigeria’s political and business communities in a moment of religious observance.

Tinubu and Rabiu, both prominent names in Nigeria’s corporate landscape, were seen alongside the President dressed in the traditional white Ihram garments worn by Muslim pilgrims performing Umrah.

Umrah, unlike the obligatory Hajj pilgrimage, can be undertaken at any time of the year. It involves a series of religious rites in Makkah and holds profound spiritual significance for Muslims across the world.

For the Nigerian business community, the appearance of the corporate leaders alongside the President also offers a glimpse into the intersection of faith, business and public life, particularly when influential figures come together outside the usual settings of boardrooms, corporate engagements and official functions.

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The development comes as President Tinubu undertook the pilgrimage to seek divine guidance and offer prayers for Nigeria’s peace, unity, stability and progress.

According to the Presidency, the President performed the Umrah rites early Friday, October 30, at the Grand Mosque, Masjid al-Haram, where he circumambulated the Holy Ka’abah.

Speaking after completing the spiritual exercise, Tinubu described the pilgrimage as significant, linking it to his commitment to Nigeria and its people. He also expressed gratitude to Allah for the opportunity to pray for the country.

The President’s prayers reportedly centre on national harmony, security, economic prosperity and the need for Nigerians to live together peacefully.

Rabiu also used the occasion to express his hopes for the country, describing it as an honour to accompany the President on the spiritual journey. He prayed for lasting peace, unity and prosperity in Nigeria.

For Tinubu, whose Oando Group occupies a prominent position in Nigeria’s energy industry, the journey offered a departure from the familiar world of corporate leadership and business engagements. Rabiu, similarly, is a major player in the country’s industrial sector, with interests spanning manufacturing, cement and food production.

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Their appearance in Makkah alongside the President underscores the presence of leading figures from Nigeria’s private sector at an important spiritual moment for the country’s leader.

Umrah, often described as the lesser pilgrimage, is a significant act of worship in Islam. Unlike Hajj, which takes place during a specific period in the Islamic calendar, Umrah can be performed throughout the year.

President Tinubu is expected to return to Nigeria next week after completing his spiritual engagements in Saudi Arabia.

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Atiku’s son Abba Abubakar promises to deliver Adamawa for Tinubu

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Abba Abubakar, son of former Vice-President Atiku Abubakar, has promised to deliver Adamawa, his father’s state, for President Bola Tinubu in the 2027 elections.

He spoke on Friday at the All Progressives Congress (APC) national secretariat in Abuja during the Haske Bola Tinubu Organisation (HBTO) unveiling and the launch of its subsidised public transportation support scheme.

Abubakar, HBTO founder, said his decision to back Tinubu is not an attempt to antagonise his father, the African Democratic Congress (ADC) presidential candidate.

“I recognise that political decisions, particularly those that differ from the positions of individuals with whom one shares personal and family relationships, often attract considerable public attention,” he said.

“However, political conviction is a matter of personal judgment, conscience, and the freedom of every individual to make independent choices.

“My decision to establish and lead the HBTO is a deliberate political choice made with a firm belief in the direction we have chosen.”

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He said democracy is strengthened when individuals can make independent political choices, engage in constructive dialogue, and support the leadership and political platforms they believe best represent their aspirations.

“It is within this spirit that HBTO was established,” he said.

He commended the economic reforms introduced by the Tinubu administration, citing the Nigerian Education Loan Fund (NELFUND), national infrastructure investments, increased statutory allocations to state governments, and transport support schemes as some of the key social intervention programmes.

Asked whether he would ensure the president gets maximum votes in Adamawa, Abubakar said: “Yes, yes, yes. We are going to deliver Adamawa state.”

He, however, said his decision should not be seen as a betrayal of his family ties or his father’s political aspiration.

“I’ve always supported my father since I started acting in politics, and I supported him because of what he has done for the country,” he said.

“But I believe that whenever a government comes out with policies that will help the people, I will join them.

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“It’s not just because it’s my father. I don’t think I am antagonising him; I simply believe in the current government’s policies and the reforms taking place.”

Abubakar joined the APC in January 2026, vowing to mobilise support for Tinubu’s re-election.

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Good morning! Nigerian Newspapers Headlines: How AI-generated photos entered voter register, by INEC

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1. The Independent National Electoral Commission (INEC) yesterday  blamed some of its registration officers across the country  for the appearance of suspected artificial intelligence (AI)-generated photographs and other irregularities in its preliminary voters’ register.

The commission alleged  that some officials  exploited their authorised access to its registration system to introduce questionable records into the database.

2. Rising temperatures, compounded by erratic electricity supply, are forcing residents in many states to sleep outdoors, take repeated night-time baths and spend more on alternative power sources as households struggle to cope with the heat. While many Nigerians who spoke with Saturday PUNCH reported prolonged blackouts and inadequate water supply, others said the conditions had made nights uncomfortable.

3. Troops conducting internal security operations across the country killed more than 217 terrorists and other armed criminals in October, the Defence Headquarters, DHQ, has said. The operations, conducted between September 30 and October 30, also led to the rescue of hundreds of kidnapped victims, the arrest of suspected terrorists and their collaborators, and the surrender of more than 50 terrorist fighters and their family members.

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4. A businessman, Akinbolusere Kayode, popularly known as Tolufe, has allegedly committed suicide at Igba town in Ondo State, after lamenting his personal and business challenges in a video that has gone viral on social media. Akinbolusere, 46, reportedly died in his office beside BOVAS Petrol Station, Igba Town, at about 3 pm on Thursday. The State Police Command confirmed his death in a statement issued by its spokesperson, Jimoh Abayomi, in Akure on Friday evening.

5. Omoyele Sowore, presidential candidate of the African Action Congress, AAC, and the Ekiti State Police Command have given conflicting accounts of an incident at a restaurant in Ado-Ekiti, Ekiti State, on Friday. While Sowore insisted that he and members of his team were violently attacked, the police described the incident as an altercation with some individuals, saying the activist sustained a minor injury.

6. The Federal Capital Territory Police Command has arrested a pastor, Edwin Nwabueze, and another suspect, Sadiq Jamiu, over the alleged theft of a Toyota Camry in Abuja. The vehicle was reportedly stolen at UTC Plaza in the Garki area of the Federal Capital Territory. The police said Nwabueze, who identified himself as a pastor with Salvation Power Bible Ministry in the North Bank area of Benue State, was arrested, following investigations into the theft.

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7. Kemi Badenoch, leader of Britain’s Conservative Party, says “racist attacks” against her are “not going to work”, after Raheem Kassam, a former aide to Nigel Farage, called her a “Nigerian scammer”. Badenoch spoke during an interview on ITV’s Good Morning Britain on Thursday, following a series of posts by Kassam criticising her.



8. Senator Adams Oshiomhole has defended President Bola Tinubu’s decision not to attend every campaign rally ahead of the 2027 general elections. He insisted that there is no contradiction between the President’s religious activities and his responsibility to govern the country. Oshiomhole said Tinubu’s decision to limit his participation in campaign activities was a matter of choice and the prerogative of the ruling All Progressives Congress.

9. The Nigeria Security and Civil Defence Corps, Kano State Command, has busted an illegal diesel refining site at Panisau, Ungoggo Local Government Area of Kano State, leading to the arrest of five suspects. This was disclosed on Friday in a statement signed by the command’s Public Relations Officer, Ibrahim Abdullahi.

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10. A 15-year-old Ghanaian boy, Javits Frimpong, has been shot and killed in the Bronx, New York, while on his way to school, with his father alleging that bullying at school may have contributed to the incident. Frimpong was shot in the stomach near East 171st Street and Third Avenue shortly after 9 a.m. on Thursday, according to law enforcement officials. The shooting happened just steps from his home. 

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