BREAKING: CBN investigator summons Lemo over acquisition of Union Bank PLC

The Jim Obazee-led investigative panel probing activities of the Central Bank of Nigeria has summoned the former Deputy Governor of the Central Bank, Mr. Tunde Lemo to appear before it in connection with the acquisition of Union Bank of Nigeria Plc.

The premier bank was acquired by Titan Trust Bank, TTB which the former CBN Deputy Governor is the Chairman.

Lemo was asked in a letter to report at the Department of Force Intelligence opposite the Force headquarters, Shehu Shagari Way, Abuja on Thursday where he is expected to be interrogated over acquisition of Union Bank believed to have been reflected in a report submitted to President Bola Ahmed Tinubu by the Special Investigator.

The TTB Chairman was further instructed to bring along the promoters of TTB, Messrs Cornelius Vink and Mr Rahul Savara, to meet with the team of special Investigators.

The summon was in connection with the discovery that the acquisition of Union Bank was done by the former Central Bank Governor, Godwin Emefiele through proxies and the letter further instructed Lemo to appear before the panel with promoters of TTB which were named as Messrs Cornelius Vink and Mr. Rahul Savara.

Can of worms have been opened following the submission of report to President Tinubu by the Obazee-led team of investigators who were appointed in July 2023.

The two reports submitted separately showed that Union Bank and Keystone Bank were acquired by the embattled apex bank governor, Emefiele through proxies and in a questionable manner, particularly there were no evidence of receipts of payment.

Earlier, Lemo had replied media reports, insisting that Union Bank was acquired in line with due process, claiming that all regulatory process and requirements were met. According to him, Titan Trust Bank and the subsequent acquisition of Union Bank were transparent and duly verified by the relevant regulatory bodies.

In a follow-up letter, the Office of the Special Investigator expressed surprise at Lemo’s defense and instructed him to bring along Messrs Cornelius Vink and Mr Rahul Savara for a meeting. Failure to attend the meeting and provide the requested documents would result in the forfeiture of their purported shareholdings in TTB and Union Bank of Nigeria.

The invitation is aimed at ensuring that the Federal Government of Nigeria provides a fair hearing to all parties involved. However, it remains unclear whether the Special Investigator’s Office has the authority to make investors lose their shareholding without a court ruling.