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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7 years of force has failed, try amnesty for bandits — Gumi tells FG

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7 years of force has failed, try amnesty for bandits — Gumi tells FG
Kaduna-based Islamic cleric Sheikh Ahmad Abubakar Mahmoud Gumi

7 years of force has failed, try amnesty for bandits — Gumi tells FG

Kaduna-based Islamic cleric Sheikh Ahmad Abubakar Mahmoud Gumi has called on the Federal Government to grant amnesty to armed bandits, arguing that Nigeria should adopt the same rehabilitation and reintegration approach used for repentant Boko Haram members who surrendered to the military.

Speaking during a press conference at his residence in Kaduna on Monday, May 25, 2026, Gumi said Nigeria’s prolonged reliance on military force had failed to end banditry and insurgency after nearly two decades. The cleric questioned the effectiveness of the government’s continued reliance on a kinetic approach, noting that the country had spent years battling insecurity without lasting success since the Boko Haram insurgency escalated in 2009.

“If the kinetic approach is not working for 17 years, why don’t you change the approach? Let’s change the method,” Gumi said.

Gumi argued that previous attempts at negotiation in states such as Katsina and Zamfara failed because authorities focused mainly on financial settlements without establishing long-term rehabilitation programmes. “Because what Katsina did is to bring the bandits, give them money, and let them go. Why don’t we change the method? Let’s engage them,” he said.

The cleric proposed a broader strategy centred on dialogue, rehabilitation, education and amnesty for repentant bandits willing to surrender their weapons. He called for a comprehensive approach that would involve removing armed groups from forests, educating their children, and creating sustainable rehabilitation programmes. “Let’s dislodge them from the forest. Let’s take their children and put them in school. Let’s do something different,” Gumi said.

The cleric argued that relying solely on military operations would not end insecurity, claiming that several military officers had privately admitted that force accounts for only a fraction of the solution. “The kinetic approach is just about 25 percent of solving this kind of problem,” he stated, calling for government action to address poverty, ignorance and social injustice, which he described as root causes of violence.

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According to Gumi, some bandits have expressed willingness to lay down their arms if they are guaranteed protection from arrest or retaliation after surrendering. “These people told us they are ready to lay down their arms, but what are their conditions? Has anybody listened to them?” he queried. He said many fighters fear arrest or reprisals if they surrender, insisting that a structured amnesty programme would encourage more militants to disarm voluntarily.

“They said they fear when they lay down arms, they will then be pursued and arrested. So give them the amnesty so that they don’t need to fear putting down their arms,” Gumi said. Drawing parallels with the rehabilitation programme for repentant Boko Haram members, he maintained that similar measures could produce better results than years of military confrontation. “From the number of Boko Haram repentants, which are in thousands, you can see that the same approach can be applied to the bandits,” he stated.

Gumi also used the briefing to deny allegations that he supports terrorism or violent groups, accusing what he described as “ethnic-interest groups,” individuals driven by prejudice, and online content creators of deliberately twisting his public comments and media interviews to portray him as a supporter of insecurity.

“I hereby state unequivocally that any video clip, written statement, or message attributed to me, whether directly or by innuendo, suggesting support for, justification of, protection of, or advocacy for banditry or terrorism in Nigeria or anywhere else does not emanate from me,” he declared. The cleric warned that anyone circulating “fake, manipulated and doctored materials” against him would face legal action, stating that such falsehoods are being spread to attract viewership at the expense of human suffering and sacrifice.

“I have no association with insecurity in Nigeria. On the contrary, I am a peaceful citizen who loves this country more than anything,” he said. Defending his controversial meetings with bandits in the past, he said the engagements were carried out with the knowledge of authorities and were intended to persuade fighters to surrender their weapons. “I made them swear before God that they would stop stealing, stop killing and lay down their arms, and some of them did,” he said.

The cleric linked insecurity to poverty, social injustice and corruption, urging leaders to pursue reforms capable of addressing the root causes of violence. “We need sanity in governance. We don’t want to hear stories of government officials swallowing billions of naira while talking about fighting criminals. Crime is crime,” he said.

He expressed hope that Nigeria would eventually overcome insecurity through collective efforts aimed at addressing poverty, ignorance and social injustice, which he identified as underlying drivers of violence. “I sincerely hope that our great nation will heal, and that all victims affected by this violence will find comfort in the collective determination of the nation and the international community to achieve a lasting solution to the insecurity fueled over time by ignorance, poverty, and widespread social injustice,” he added.

Gumi has repeatedly canvassed amnesty for bandits over the years. In 2021, he argued that if those involved in Nigeria’s civil war and past military coups were pardoned, repentant bandits should also be considered for forgiveness. His position has remained controversial, with critics arguing that granting blanket amnesty could embolden criminal groups and undermine justice for victims of terrorism and banditry.

7 years of force has failed, try amnesty for bandits — Gumi tells FG

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Iru Ekun: I’ve submitted documents, awaiting FG’s approval — Igboho

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Iru Ekun: I've submitted documents, awaiting FG's approval — Igboho
Yoruba Nation activist Chief Sunday Adeyemo, popularly known as Sunday Igboho

Iru Ekun: I’ve submitted documents, awaiting FG’s approval — Igboho

Yoruba Nation activist Chief Sunday Adeyemo, popularly known as Sunday Igboho, on Monday disclosed that he was still awaiting the Federal Government’s approval for the takeoff of his security outfit, Iru Ekun Security Network, as part of moves to dislodge criminal elements from South-West forests.

In a statement issued in Ibadan on Monday, May 25, 2026, Igboho revealed that all necessary documents and procedural requirements needed for the approval of Iru Ekun Security Network had been submitted to the Federal Government. He expressed optimism that the approval would be granted soon, allowing his outfit to commence operations aimed at tackling the growing insecurity plaguing the region. Igboho also expressed his readiness to comply with the executive order recently issued by the Oyo State Government, under the leadership of Governor Seyi Makinde, to regulate activities of private security firms in the state.

The PUNCH reports that Makinde, on Wednesday, May 20, 2026, signed into law Executive Order 001 of 2026, regulating associations, groups, and organisations offering security and allied services in the state. Makinde said the move was necessary to ensure that all groups and associations involved in security-related activities, such as vigilante and other community-based security networks, operate within a clear legal and operational framework that supports peace, order and the rule of law in the state. The governor noted that the executive order became necessary in view of the growing security challenges confronting communities and the increasing number of groups engaging in security-related activities without proper coordination.

Igboho emphasized that his security network is fully prepared to work alongside existing security agencies to flush out criminal elements terrorizing rural communities across the South-West. “We are absolutely ready to collaborate with the police, Department of State Service (DSS), Nigerian Army, Nigeria Security and Civil Defence Corps (NSCDC), and other relevant stakeholders in the security sector to flush out terrorists, kidnappers, bandits, and other hoodlums who are threatening the peace and safety of our people, most especially in rural communities,” Igboho stated. He explained that the security initiative was designed to complement the efforts of existing security agencies in tackling kidnappings, banditry and other violent crimes affecting communities in the region, especially rural areas. The outfit’s proposed areas of operation include forests across Yorubaland, which have become hideouts for bandits and kidnappers.

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Igboho lauded President Bola Tinubu for his resolve and commitment to rejig security architecture in the South-West and Nigeria at large. “It is obvious that President Bola Tinubu’s administration is resolutely committed to tackle criminalities not only in the South-West but also in all other regions plagued by insecurity,” he said. This marks a notable shift from Igboho’s previous confrontations with the Federal Government, during which he was declared wanted by the Department of State Services (DSS) in 2021 over his agitation for Yoruba Nation and possession of prohibited firearms. His current approach appears to favor legal registration and collaboration with state authorities rather than unilateral action.

Igboho also expressed his readiness to comply with the Executive Order recently issued by Governor Seyi Makinde. “Besides, I want to state that we are also ready to comply with the new Executive Order issued by Governor Seyi Makinde to regulate the activities of private security concerns. We are ready to support and cooperate with measures aimed at strengthening the security and peace in Oyo and other states in Yorubaland,” Igboho affirmed. The executive order, signed last week, seeks to establish a legal and operational framework for groups involved in security-related activities amid growing insecurity and concerns over unregulated operations. Igboho said his organisation was willing to comply fully with the directive and support efforts aimed at strengthening security coordination in the state and across Yorubaland.

According to Igboho, rural communities remain the hub of agricultural production critical to the nation’s food security, making their protection a matter of national importance. “Without peace and security, healthy socioeconomic developments cannot thrive, most especially in the rural communities, which remain the hub of agricultural production critical to the nation’s food security and means of livelihood for farmers,” the statement concluded. This latest statement follows similar appeals Igboho made earlier in May 2026, where he urged the Federal Government and South-West governors to speed up approval for the operation of his security network. Reacting to the abduction of pupils and the killing of a teacher in Ahoro-Esinele community, Igboho had expressed frustration over the growing insecurity.

Igboho’s remarks come amid growing concerns over rising incidents of kidnappings, attacks on rural communities and increasing insecurity across parts of the South-West, particularly in forested areas linking Oyo, Ondo, Ekiti, Osun and neighbouring states. The development also coincides with reports of an Emir escaping a bandits’ attack, highlighting the persistent security challenges facing the region.

As Igboho awaits the Federal Government’s approval, the security situation in the South-West remains tense. His stated readiness to collaborate with security agencies and comply with state regulations suggests a more institutional approach compared to his earlier confrontational stance. Igboho has maintained that he does not want to commence strategic operations without official approval from the Federal Government, South-West governors, and relevant security stakeholders. Whether the Federal Government will grant approval for Iru Ekun Security Network to commence operations remains to be seen. However, Igboho’s repeated appeals and the growing insecurity in the region may put pressure on authorities to act swiftly.

Iru Ekun: I’ve submitted documents, awaiting FG’s approval — Igboho

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Police Arrest Abuja Chef Over Alleged N150m Robbery, Recover Victim’s iPhone

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Police Arrest Abuja Chef Over Alleged N150m Robbery, Recover Victim’s iPhone

Police Arrest Abuja Chef Over Alleged N150m Robbery, Recover Victim’s iPhone

Operatives of the Nigeria Police Force Intelligence Response Team (FID-IRT) have arrested an Abuja-based chef, John Cosmos Govi, over his alleged involvement in a high-profile N150 million robbery targeting a residence in the Federal Capital Territory.

The suspect was arrested following investigations into the alleged theft of luxury items, cash and valuables from the Abuja residence where he was employed as a chef.

In a statement issued by the Force spokesperson, DCP Anthony Placide, the police said the suspect is being investigated for alleged criminal conspiracy, housebreaking, administering harmful substances, malicious damage to property and theft.

According to the police, preliminary investigations revealed that Govi underwent professional training at a catering school in Cotonou, Benin Republic, before securing employment at the residence.

Investigators alleged that after gaining the trust of the household, the suspect allegedly monitored the movement patterns of residents, observed internal security arrangements and studied the operational routine of the residence before carrying out the operation.

Police said the suspect reportedly coordinated with two accomplices identified as Peter and Moses, who are currently at large.

The alleged robbery took place on April 23, 2026, after food prepared within the residence was reportedly laced with a suspected sedative substance intended to incapacitate the occupants and security personnel.

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According to investigators, once the occupants became incapacitated, the suspect allegedly facilitated the entry of his accomplices into the residence.

The police said the gang then vandalised the property’s CCTV surveillance system, thoroughly searched the apartment and made away with cash alongside 20 luxury wristwatches valued at about ₦150 million.

Authorities said the stolen items included several high-value luxury timepieces, making the incident one of the most significant insider-linked theft cases recorded in Abuja in recent months.

Following intelligence-led tracking, police operatives intercepted the suspects while they were allegedly attempting to flee through the Gwagwalada axis on their way to Lagos.

During the operation, investigators recovered an iPhone 17 Pro Max belonging to the victim and a suspected chemical substance believed to have been used in carrying out the crime.

The recovered substance has reportedly been sent for forensic examination to determine its composition and confirm whether it was used to sedate the victims.

Police said efforts are ongoing to arrest the fleeing accomplices and recover the remaining stolen valuables.

The Nigeria Police Force reiterated its commitment to combating organised crime and urged Nigerians to conduct thorough background checks before employing domestic workers or private service personnel.

Security experts say the incident highlights growing concerns over insider-assisted robbery cases and the increasing sophistication of criminal tactics involving trusted domestic staff.

The case has also renewed calls for improved residential security systems and stronger vetting procedures for household employees across the country.

Police Arrest Abuja Chef Over Alleged N150m Robbery, Recover Victim’s iPhone

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