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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.

See also  Titan Trust Bank acquires 89.39% stake in Union Bank

 

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.

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

 

“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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Good morning! Nigerian Newspapers Headlines: NDC dissociates itself from 59-member presidential campaign council unveiled by Obi-Kwankwaso movement

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1. The leadership of the Nigeria Democratic Congress (NDC) has distanced itself from the 59-member presidential campaign council constituted by OK Movement, a support group for Peter Obi, presidential candidate of the party, and his running mate, Rabiu Musa Kwankwaso.

In a statement on Saturday, Cleopas Moses, NDC national chairman, said the list did not emanate from the party and should be disregarded.


2. Former Senior Special Assistant Media and Publicity to the late President Muhammadu Buhari, Mallam Garba Shehu, said yesterday that the litigation instituted against Nigeria by Sunrise Power and Transmission Company at the International Chamber of Commerce (ICC) tribunal in Paris was doomed from the outset. 
Garba, who personally attended the January 15, 2025 sitting of the tribunal in the French capital, said it was clear from day one that Sunrise and its promoter Leno Adesanya “would lose this case following the failure of all the witnesses they invited, including, of course, a beautiful lady from Senegal allegedly providing comfort to one of their government contacts.

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3. The Presidency yesterday knocked back economic proposals by the presidential candidate of the African Democratic Congress (ADC), Alhaji Atiku Abubakar. It asked him to take the proposals to Nigerians on his campaign trail rather than seeking to dictate how President Bola Tinubu should govern the country.

4. The Nigeria Hydrological Services Agency (NIHSA) has forecast a high risk of riverine flooding across 15 states between September 19 to 25.
In its national flood advisory issued on Friday, the agency said rising river levels could trigger flooding in communities located on floodplains during the seven-day period.
The affected states are Imo, Cross River, Ebonyi, Benue, Anambra, Akwa Ibom, Lagos, Rivers, Edo, Kogi, Taraba, Delta, Bayelsa, Enugu and Abia.

5. Delta State Police Command has arrested a suspect after its personnel intercepted a vehicle conveying military camouflage uniforms, boots and hats, as well as cartons of suspected Tramadol and other illicit drugs. The vehicle, a green Toyota Sienna with registration number KP 527 AAA, was intercepted by operatives of the command’s Anti-Cult Unit, Asaba, along the Onitsha-Ondo route on Friday.

See also  Titan Trust Bank acquires 89.39% stake in Union Bank

6. Police in Rivers State have begun an investigation into the killing of a father of four, Kamadioye Krama, by gunmen in Emulation community, Abua/Odual Local Government Area. The spokesperson for the State Police Command, Blessing Agabe, confirmed the incident, stating that an investigation was ongoing to apprehend the culprits and bring them to book.

7. President Bola Tinubu has said that, from October 1, commuters across Nigeria must begin to see measurable reductions in transportation fares, as he has directed all 36 states to accelerate the National Affordable CNG Transit Programme. In a statement personally signed and released on Saturday, September 19, Tinubu said the push followed his August 27 meeting with state governors.

8. The Nigeria Security and Civil Defence Corps, NSCDC, has deployed Abdulhamid Kabara as the new commandant of its Niger State Command following the deaths of 37 suspected illegal miners in custody. Kabara replaces Suberu Aniviye, who was suspended as Niger NSCDC commandant after the 37 suspects died in Minna, the state capital, on Thursday.

See also  BREAKING: Special investigator, Obazee concludes investigation on CBN

9. The Northern Senators Forum on Saturday called for an immediate, transparent and independent investigation into the deaths of 37 young Nigerians in the custody of the Nigeria Security and Civil Defence Corps, NSCDC, in Minna, Niger State. It described the circumstances surrounding the occurrence as “deeply disturbing and unacceptable.”

10. The Minister of Interior, Olubunmi Tunji-Ojo, has suspended the Niger State Commandant of the Nigeria Security and Civil Defence Corps (NSCDC), Suberu Aniviye, and 20 other officers following the deaths of 37 suspected illegal miners in the Corps’ custody. The officers were suspended pending the outcome of an independent investigation into the deaths, which occurred on Thursday, September 17, 2026. The Ministry of Interior announced the development in a statement signed by Tunji-Ojo on Saturday

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Keyamo, Sunday Dare knock Atiku for addressing President Tinubu as ‘Bola’

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  The minister of aviation, Festus Keyamo, and the special adviser to President Bola Tinubu on media and public communication, Sunday Dare, have criticised former Vice-President Atiku Abubakar for referring to the President as “Bola”.

Keyamo described Atiku’s use of Tinubu’s first name as “disrespectful and discourteous”.

“The continuous reference to President Bola Ahmed Tinubu by His Excellency, ex Vice-President Atiku Abubakar in his press conference earlier today as ‘Bola’ is very disrespectful and discourteous,” he wrote on X.

He said Atiku should recognise that the office of the president deserves to be accorded dignity despite political differences.

“He should know better that no matter your differences with Mr. President, for the sake of the country, that office should be accorded all the dignity it deserves,” Keyamo said.

Keyamo also described the tone of Atiku’s remarks as reflecting “pain and bitterness”, while referring to the former vice-president’s recent comment about Tinubu’s age.

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“After all, he made the outlandish claim the other day that Mr. President is older than himself. It is therefore a contradiction that he would also refer to an ‘elder’ by his first name,” he said.

Also, Dare, in a post on X on Saturday,  reacted to Atiku’s call for Tinubu to reduce petrol and electricity costs.

Atiku had on Friday asked Tinubu to use the remaining eight months of his administration to reduce the burden of petrol and electricity costs on households, workers and businesses.

He said the removal of petrol subsidy in May 2023 had contributed to higher transportation, food, logistics and energy costs. He also warned against phasing out electricity subsidies without addressing the impact on households and businesses.

Dare described Atiku’s manner of addressing the president as “the height of insolence”, accusing the former vice-president of political desperation.

“Alhaji Atiku’s manner of addressing President Bola Tinubu as Bola is the height of insolence. It is a clear descent into the abyss of unbridled desperation and an unraveling mind,” Dare wrote.

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“To seek to lecture a sitting president with the unbridled insolence of dropping his first name, petulantly barking instructions, and dictating how governance should be run within a truncated timeline is the height of political hubris.”

Dare defended the Tinubu administration’s economic policies, saying the president was undertaking reforms to address structural problems in the economy.

Dare also questioned Atiku’s criticism of government intervention in the economy.

“Atiku’s sudden conversion to the gospel of interventionism rings hollow,” he said.

He accused Atiku of using Nigerians’ economic difficulties for political purposes ahead of the 2027 elections.

“This is a desperate strategy by a perennial seeker of power who weaponizes transient national discomforts for electoral mileage,” Dare added.

“Nigerians do not need lectures on fiscal management from a political wanderer whose decades-long pursuit of the presidency has been defined by perpetual opportunism.”

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South Africa-based Nigerian lecturer found dead at her residence

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A Nigerian lecturer at the University of Fort Hare, South Africa, Ayodele Odularu, has been found dead at her residence in Eastern Cape Province of South Africa.

According to reports, Gbadebo Odularu, the brother of the deceased, said she died on August 16 at the age of 51.

A family member, who spoke on condition of anonymity, told Punch’s Diaspora Tales that the lecturer’s death was not natural and the circumstances remained unclear to the family.

The family had asked for an investigation into her death.

In a GoFundMe statement published by Gbadebo on behalf of the family, the lecturer was described as someone who “dedicated her life to knowledge, discovery, and creating a better future for communities”.

The family said “although her journey on earth ended too soon, the impact of her life continues through the people she inspired, the knowledge she shared, and the communities she hoped to serve”.

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

“Ayodele was far more than a sister. She was a cherished daughter, aunt, friend, mentor, scholar, and a source of encouragement, compassion, wisdom, and strength to everyone blessed to know her,” the statement reads.

“Her presence brought warmth into every room. She was known for her kindness, infectious laughter, generosity, resilience, and unwavering commitment to uplifting others. She had a rare ability to make people feel valued, heard, and inspired.

“Dr. Ayodele Odularu dedicated her life to knowledge, discovery, and creating a better future for communities.

“As an Independent Senior Researcher at the University of Fort Hare Community, she contributed meaningfully to academic research and the advancement of knowledge through her scholarly work.”

On Thursday, University of Fort Hare organised a memorial service in honour of the lecturer.

The lecturer died amid the violent attacks against Nigerians and other Africans in South Africa.

To date the Federal Government has 
facilitated the evacuation of 1,716 Nigerians from South Africa over Xenophobic attacks in the former apartheid country.

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