The Chairman of Titan Trust Bank Limited, Tunde Lemo, and two of the bank’s largest ultimate investors, Cornelius Vink and Rahul Savara, have been invited by the Special Investigator to explain how they acquired Titan Trust Bank and sourced $500 million to acquire Union Bank Plc. However, the trio did not appear for interrogation despite being given a deadline. They claimed that they could not attend due to family reasons and requested more time through their lawyer. In response, the Special Investigator accused them of obstructing his assignment and threatened to recommend to the Central Bank of Nigeria (CBN) to ask the Federal Government to take over the two banks. The Special Investigator rejected the excuse given by the investors’ lawyer and directed them to appear before him. He also stated that documents submitted through proxies shall not be accepted and that the conditions on paragraphs 6 to 8 in his earlier letter dated 24th December 2023 remain effective and shall be triggered if the investors fail to attend the meeting as scheduled.
CBN investigator warns Titan Trust and Union Banks investors, considering potential government intervention
