Probe into $500m Union Bank acquisition widens as Special Investigator invites ex-CBN dep gov, others – Newstrends
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Probe into $500m Union Bank acquisition widens as Special Investigator invites ex-CBN dep gov, others

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Probe into $500m Union Bank acquisition widens as Special Investigator invites ex-CBN dep gov, others

The dust over the probe of Central Bank of Nigeria (CBN) is yet to settle.

Titan Trust Bank Chairman, Mr. Babatunde Lemo, and two others have been invited by the Special Investigator on CBN, Mr. Jim Osayande Obazee.

The other invited shareholders are Mr. Cornelius Vink and Mr. Raul Savara.

Lemo, who was CBN deputy governor between 2004 and 2014, is expected to appear with the shareholders for further grilling on Thursday.

It was learnt that the big stick might be wielded should those invited fail to honour the invitation to enable the investigator to unravel other details on the $ 500 million acquisition of Union Bank by Titan Trust Bank (TTB).

A conglomerate, the Tropical General Investment Group (TGI), on Sunday, said the USD500 million capital used to pay for the transaction was transparent and unimpeachable.

TGI insisted that it is the majority owner of TTB and Union Banks.

Obazee and his team of crack detectives alleged that their findings proved otherwise.

In a report to President Bola Ahmed Tinubu, the Investigator alleged that the two banks were owned and bought by the proxies of the former CBN Governor, Mr. Godwin Emefiele, who has denied the claim.

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But attempts by the investigators to interact with the Chairman of TGI, Vink, since August have not succeeded.

TGI said Vink, who has been in Nigeria since 1978, is an elderly person and has recently been medically advised to limit his movement.

The Special Investigator insisted that since TGI assured his team that the two shareholders would “soon” honour the invitation, it was time for them to come for interaction.

In a December 24 letter, the Special Investigator asked Lemo and the two others to appear before his team on Thursday.

The letter, titled: RE: CBN INVESTIGATION ACTIVITIES INVITATION FOR A FOLLOW-UP MEETING WITH THE SPECIAL INVESTIGATOR, said Obazee has not heard from the two shareholders or received the requested documents from them.

The letter was signed by the Head of Operations, Office of the Special Investigator, Eloho Okpoziakpo, a deputy commissioner of police (DCP).

The letter, which was addressed to Lemo, reads in part: “Please refer to your discussion with the Special Investigator earlier today regarding the offensive defence that your good self-issued in Punch newspapers, on behalf of TTB which you chair, as well as the email you sent to the Special Investigator today wherein you tried to provide clarification on your reaction to the report on TTB.

“The defence seems contrary to the statements, made under caution, by the persons connected with these transactions, including your good self, before the Special Investigator at the Department of State Service (DSS) in August.

“In the said newspapers, you referred to both Cornelius Vink and Rahul Savara as ‘prominent global entrepreneurs and having thriving businesses in Nigeria.’

“In your email as well as your earlier discussion with the Special Investigator, you suggested that both of them be invited to provide clarification on their share ownership and given seven days to make such clarification; failure which they will forfeit their shares to the Federal Government of Nigeria.

“We are surprised at your request with regard to these two shareholders. They were given this opportunity via a letter to them dated 28th August 2023.

“Instead of honouring the invitation and providing the requested documents, we received a letter from the Company Secretary of Union Bank, Somuyiwa Sonubi, dated 15 September 2023, informing the Special Investigator that Mr. Cornelius Vink was out of the country on medical grounds and that both ‘Messrs Vink and Savara will be available for the meeting as soon as they are in Nigeria which will be soon’.

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“Up until this offensive defence that you put in the public domain, the Special Investigator has neither heard from them nor received the requested documents.”

Obazee said he and his team have decided to give a timeline for Lemo and others to come for interaction.

The letter added: “Accordingly, you are hereby invited to come along with Messrs Cornelius Vink and Mr. Rahul Savara to meet with the team of Special Investigators by 2pm on 28th December 2023 without fail or excuse.

“Please inform them to come along with all the documents /information requested from them by the letter to Mr. Cornelius Vink dated 28th August 2023.

“You will also be required to make additional statements to your earlier statement on that day.”

The Special Investigator said if Vink and Savara refused to honour the committee’s investigation, they may forfeit their shares in the Titan Trust Bank and Union Bank.

The letter said: “Kindly note that if Messrs Cornelius Vink and Rahul Savara refuse to attend this meeting and provide/defend the requested documents /information, it will be construed that they have decided to forfeit the purported shareholdings in TTB and Union Bank of Nigeria, irrespective of which vehicle that they are using to own the purported shares.

“Should you also refuse to attend the meeting to provide additional statement to your earlier statement made in August 2023, it will be construed that you misled the Nigerian public with your reaction in The Punch Newspapers today which has gained wide publicity in both electronic and print media.

“This invitation is to further ensure that it is beyond reasonable doubt that the Federal Government of Nigeria has given you a fair hearing.”

Earlier in a 28th August 2023 letter to Vink and the Managing Directors of Titan Trust Bank and the Union Bank, the Special Investigator made a seven-point demand from them.

In the letter, signed by Dr.Ojogbe Rueben U, some of these requests included the documentation on the licensing of Titan Trust Bank, minutes of Board meetings and foreign exchange dealings transacted with the CBN.

The August letter read in part: “The Federal Government of Nigeria is currently investigating some activities of the CBN and Related Entities as well as some key Government Business Entities (GBEs).

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“The investigation is led by a ‘Special Investigator’ appointed by the President, Federal Republic of Nigeria. They have since commenced the assignment.

“To this end, kindly avail the Special Investigator with the under-listed documents/ information:

“The details of the under-listed entities which should include company registration, ownership, shareholding structure, profile, particulars of directors and related entities:

· Luxis International DMCC, Unit 1141, DMCC Business Centre, Level No. 1, Jewellry & Gemplex 3, Dubai, UAE (Magna).

· Magna International DMCC, Unit 1024, DMCC Business Centre, Level No.1, Jewellry & Gemplex 3, Dubai, UAE Magna.

“Further details of the said companies should include the documentation that led to the licensing of Titan Trust Bank and the acquisition of controlling shareholding of Union Bank of Nigeria by these entities, proof of funds, internationally verifiable bank statements (from the incorporation of the entities to date) and the shareholder that gave interest-free loans to the two entities separately (names, nationality, source of the fund, proof of such funds, bank statements as well as the relationship of the entities with Mr. Andrew Chukwudi Ojei, Jerome Olagunju Shogbon, Rahul Savara, Winston Odeh, Adaeze Udensi, Ekene Samuel Louis, Godwin Emefiele, Macombo Omoile, Tunde Lemo, Mudassir Amry, Faruk Gumel, Oluremi Oni, Vink Corporation Middle East FCZ (together with the details of the shareholder that also gave Vink Corporation interest-free loan) and your good self.”

Other demands were:

· Details of how Trust receipts (from Standard Chartered Bank), Zenith Nigeria Plc and Zenith Bank (UK) were involved in the entire arrangement.

· Minutes of the Board meetings, copy of the audited financial statements and management letter that arose from the Audit of the financial statements of the two entities listed in (1) above as well as those of TTB and UBN from 2018 to date.

· Details of any forbearance received from the CBN for UBN (before acquisition by TTB) and why. “Should you not know, please come along with anyone who knows about it (with evidence).”

· Details of the loan capital from Afrexim Bank (Egypt), collaterals thereto and the involvement of the CBN in the entire arrangement.

· Any Foreign Exchange dealings that transacted with the CBN as a retail or wholesale facilitator with TGI, TTB, UBN, Luxis, Magna and other related entities no matter how remotely connected.

· Any other document(s) that can assist the Special investigator in arriving at an informed decision on the investigation of TTB, UBN, CBN and any person(s) of interest in the entire arrangement.

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“You are to come along with Mr. Rahul Savara (in person) along with the requested documents to the National Headquarters of the Department of State Services (DSS) in Abuja by 4pm on Friday, 1st September 2023 for interaction in connection with this investigation. Accept the assurances of the utmost regards of the Special Investigator.”

The Investigator also showed that he gave the Union Bank of Nigeria ample time to prevail on Vink to appear before it.

He said although the bank complained of a “short notice period,” it said “Messrs. Vink and Savara will be available for the meeting as soon as they are in Nigeria.”

The bank’s response was contained in a September 1st, 2023 letter to the Special Investigator by the Company Secretary of the Union Bank of Nigeria, Mr. Somuyiwa Sonubi.

It said due to Vink’s medical condition, he was unable to make the appointment as proposed.

The letter was titled “CBN INVESTIGATION ACTIVITIES: INVITATION FOR A MEETING WITH THE SPECIAL INVESTIGATOR.”

The letter said: “We write in response to your letter dated 28″ August 2023 on the above subject matter and to submit the documents/information requested in printed and electronic formats for ease of your review and analysis.

“Furthermore, and with all due respect to your office, we wish to inform you that Mr. Cornelius Vink is currently out of the country on medical grounds.

“Given the short notice period in the said letter and Mr. Vink’s medical condition, he is unable to make the appointment as proposed and craves your indulgence in this regard.

“Please find attached copies of Mr. Vink’s medical report for your kind review. Messrs. Vink and Savara will be available for the meeting as soon as they are in Nigeria which we hope will be soon.

“Mr. Vink sends his sincere apologies in this regard, whilst assuring you of his commitment to support your mandate. Please accept the assurances of our highest regards.”

Probe into $500m Union Bank acquisition widens as Special Investigator invites ex-CBN dep gov, others

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AKAMARA host retracts “ihram for fetish claims”, says conversations staged

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9 hours ago

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April 27, 2025

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AKAMARA host retracts “ihram for fetish claims”, says conversations staged

 

… as Muslim scholars warn against anti-Islamic contents

 

* It’s unfortunate, example of disinformation: Media expert

 

A veteran broadcaster and anchor of the controversial radio programme AKAMARA, Mr. Ibrahim Adesola (popularly known as Akamara), has retracted all the allegations made regarding the use of ihram (pilgrims garment) allegedly for rituals or diabolical means, saying that all the purported phone calls during the conversations were STAGED!

 

Akamara made the retractions in a video recorded during an urgent meeting convened by the Wakeelul Muslimeen of Yorubaland, Edo and Delta, Sheikh Iskeel Lawal Sugar, on Saturday, 26th April to address the topic which has sparked uproar among the Nigerian Muslim community.

 

Held in his office, the meeting was attended by stakeholders from Yewa Land, Owode Idiroko as well as journalists and lawyers.

 

Also in attendance was a representative of the President of League of Imams and Alfas in Ogun State, The Chief Imam of Owode Yewa, The Ad-hoc Chairman of Ogun State Muslims Pilgrims Board, Sheikh Ishaq Olorungbebe, Sheikh Fasasi Akeukanwo among others.

 

In a statement issued on Sunday, 27th April 2025 by Alhaji Lawal Abu Mordiyah, the Administrative Officer at the Office of Wakeelul Muslimeen of Yorubaland, the scholars warned bloggers like the host of Akamara who are attempting to use Islam or Islamic content to trend on social media for quick money to desist or be ready to face prosecution and risk going to jail.

 

The stakeholders, however, urged Muslims across the world to overlook and forgive the misdemeanor of Mr Ibrahim Adesola and continue to be good Muslims that they are.

 

The Beginning

 

Muslim News Nigeria gathered that a man, who identified himself as Najeem Ajisafe appeared on the radio programme alleging that one Alhaji Lukman Owokomago from Owode Onirin was sponsoring people of the area to Hajj only to collect their Ihram (hajj garment) after returning from hajj, supposedly for ritual.

 

The man, in a recorded viral audio, especially on Tiktok, claimed that when it was the turn of his father, Sulaiman Ajisafe, who went for the 2024 hajj under the sponsorship of Alhaji Owokomago, he decided to buy another cloth to give him instead of the one he allegedly used for hajj.

 

“To my father’s surprise, Alhaji Owokomago was able to tell that it wasn’t the original cloth and insisted that he wanted the original cloth used to perform hajj”, the man narrated the incident to the host of Akamara, promising him to release the suspect’s phone number to hear his own side of the story.

 

Follow-up story

 

In a bid to confirm the authenticity of the claim, the Akamara host brought the accused person Alhaji Owokomago to his programme, allegedly through a phone conversation, who confirmed the story, adding that the demand for Ihram was part of their agreement before the trip and it was his right to collect it.

 

“I have a right to demand the Ihram from them. In fact, it was part of the agreement before I sponsored them for Hajj. ₦10m per person isn’t small money. I sponsored five people. I must collect the Ihram. If I didn’t collect it before the next hajj, one soul will give up for another”, Alhaji Owokomago threatened the host of Akamara during their heated conversation.

 

Investigation leads to the truth

 

The audio clip has since sparked uproar on social media with many Islamophobes attacking Islam and hajj institutions, questioning the intentions of many philanthropists who sponsor underprivileged Nigerians to hajj.

 

But as the news got to the Office of Wakeelul Muslimeen of Yorubaland, Edo and Delta, he invited the host of Akamara to his office on Saturday, 26th April 2025 where it was revealed that the whole episode was STAGED!

 

Mr Adesola fondly called Akamara told the leadership of the community who attended the meeting that the story was a hoax, and a fiction, saying all the people involved in the audio recordings, including Owokomago and Ajisafe with his son, Najeem, do not exist in reality. It was all engineered and stage-managed by the host of Akamara himself.

 

In a recorded video shared on the official social media handle of the Wakeelul Muslimeen of Yorubaland, Edo and Delta, the host of Akamara has been mandated to do a two-minute retraction audio to explain what really happened. He was also mandated to dedicate his next radio programme to admit the story was STAGED, which he agreed to.

 

Despite the widespread backlash, the scholars urged Muslims worldwide to forgive the veteran broadcaster for his actions and continue to practice Islam with integrity and righteousness.

 

It’s unfortunate, example of disinformation: Media expert

 

The controversy surrounding Akamara’s staged broadcast drew sharp criticism from notable Nigerians, including Dr. Jamiu Folarin, a varsity lecturer, journalist and fact-checker.

 

Dr. Folarin described the incident as a prime example of disinformation, calling out content creators who prioritize monetary gain over ethical reporting.

 

“It is one thing to make a mistake, but it is entirely another to deliberately fabricate a story for financial profit,” said Dr. Folarin.

 

“What Ibrahim Adesola did – scripting a live broadcast involving false characters and events – is a high level of unprofessionalism. In a more regulated environment, such broadcasters would likely face severe penalties, including having their licenses revoked.”

 

Dr. Folarin also reiterated the urgent need for better regulation of content creation, especially concerning social media and the growing trend of skits, pranks, and satire that often mislead the public. “We must implement proper training for content creators, label satirical content clearly, and invest in media literacy programmes to prevent the spread of disinformation,” he emphasized.

 

The AKAMARA incident highlights the growing need for ethical conduct in media, especially at a time when misinformation and disinformation can easily spread across platforms.

 

As for Akamara, he has been given a chance to make amends and restore his credibility by publicly admitting his mistake and re-aligning his future broadcasts with the values of truth and responsibility.

 

AKAMARA host retracts “ihram for fetish claims”, says conversations staged

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Police arrest 16-year-old boy with gun in Lagos

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10 hours ago

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April 27, 2025

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Police arrest 16-year-old boy with gun in Lagos

The Lagos State Police Command has arrested a 16-year-old boy, Solomon Ibiwoye, after he was found in possession of a firearm in the Ebute-Ero area of the state.

Police Public Relations Officer, SP Benjamin Hundeyin, announced the arrest in a post on X (formerly Twitter) on Sunday, praising alert residents for their role in the incident.

“Kudos to observant Lagosians who noticed 16-year-old Solomon Ibiwoye with a firearm and discreetly alerted Ebute-Ero Police Division,” Hundeyin wrote.

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According to Hundeyin, a subsequent search of the teenager’s home led to the recovery of a locally made firearm and an unexpended cartridge.

“One more firearm off the streets,” he added, assuring that investigations into the case are ongoing.

Hundeyin further emphasized the importance of community vigilance in helping to curb crime, urging residents, “See something, say something!”

While the police spokesperson did not reveal how the teenager came into possession of the weapon or whether he is connected to any criminal gang, he assured the public that a thorough investigation is underway.

 

Police arrest 16-year-old boy with gun in Lagos

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Tinubu tried to silence me with EFCC – Ex-NHIS boss Yusuf

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11 hours ago

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April 27, 2025

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Former Executive Secretary of the National Health Insurance Scheme (NHIS), Professor Usman Yusuf

Tinubu tried to silence me with EFCC – Ex-NHIS boss Yusuf

Former Executive Secretary of the National Health Insurance Scheme (NHIS), Professor Usman Yusuf, has accused President Bola Tinubu’s administration of weaponising the EFCC to silence him, alleging he was treated like a criminal for criticising the government.

Speaking in an interview with Arise Television on Sunday, Yusuf alleged that his recent detention by the Economic and Financial Crimes Commission (EFCC) was part of a deliberate attempt to silence him. “This government deliberately denied me bail to shake me up… all to try and silence me. But I am not someone who can be silenced,” he said.

In February, the EFCC arraigned Yusuf before the Federal Capital Territory High Court on a five-count charge of alleged fraud. He pleaded not guilty.

Recounting the events that led to his detention, Yusuf said EFCC operatives stormed his home on 29 January without presenting an arrest warrant. “They walked into the house and said they wanted to see me, claiming I was expecting them. They only later showed their badges,” he said.

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He described how the operatives prevented him from changing clothes and blocked his wife from providing him with alternative clothing. Yusuf also recounted how, during transport, officers treated him “as if they had captured a notorious criminal like Kachalla Bello Turji,” a notorious bandit leader.

Yusuf spent six days in EFCC custody before his arraignment and was subsequently denied bail, a move he said was unconstitutional. “Bail is a constitutionally guaranteed right for any accused person, except in cases of capital offences or terrorism, and my case was neither,” he said.

The denial of bail forced Yusuf to spend an additional 24 days at Kuje Prison. He characterised his imprisonment as a period of “retreat for rest, prayers, and reflection,” insisting it only strengthened his spirit.

“The whole purpose was for the government of President Bola Tinubu to try to silence any form of dissent,” Yusuf said. “This is coming from a president who himself was once a NADECO activist — someone who fought against the military dictatorship.”

He warned that the current administration is attempting to stifle democratic criticism and create a “one-party dictatorial state.”

Yusuf was appointed executive secretary of the NHIS in 2016 by former President Muhammadu Buhari. He was suspended in 2017 and again in 2018 by the health minister and the NHIS board over allegations of corruption, and was eventually removed from office in 2019.

Tinubu tried to silence me with EFCC – Ex-NHIS boss Yusuf

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