Nigerian Bank Allegedly Owned By Emefiele Opens up on Relationship With Union Bank

Nigerian Bank Allegedly Owned By Emefiele Opens up on Relationship With Union Bank

  • Titan Trust Bank has debunked reports that its acquisition of Union Bank and Keystone Bank was fraudulently made
  • The bank said it followed due process and obtained relevant regulatory approvals for the purchase of the banks
  • Jim Obazee, the special investigator appointed by President Tinubu, had accused Emefiele of using proxies to acquire the two banks

Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.

Titan Trust Bank, on Saturday, December 23, 2023, reacted to the special investigative report by the Jim Obazee-led panel into the activities of the Central Bank of Nigeria (CBN) under Godwin Emefiele, stating that there was no fraud in the acquisition of Union Bank.

Obazee submitted the report of his investigation into acquiring Union Bank and Keystone Bank to President Bola Tinubu in two letters dated December 20, 2023.

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Emefiele, Titan Trust Bank
Former CBN Governor, Godwin Emefiele Credit: Bloomberg/Controibutor
Source: Facebook

Investigation report accuses Emefiele of fraud in acquiring Union Bank

The investigation report had accused the former CBN boss of using fronts to acquire Union Bank for Titan Trust Bank Limited and Keystone Bank without evidence of payment.

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Obazee revealed in his letter that he had completed his investigation into the illegal acquisition of Union and Keystone banks and was about to recover the two banks for the Nigerian government.

Obazee said:

"Otherwise, we are on the verge of recovering these two banks for the federal government."

Titan Trust Bank reacts to investigative report

But, in a reaction, Titan Trust Bank said in a statement issued on Saturday, December 23, 2023, by its Corporate Communications Department that the bank's acquisition was professional, open, and transparently done.

The bank added that the deal was funded by a combined debt of $300 million and an additional equity investment of about $190 million contributed by two major shareholders, Magna International DMCC and Luxis International DMCC.

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“They are not allowed”: Tinubu’s govt to seize 2 Nigerian banks sold under Emefiele, gives reasons

ThisDay reports that Titan Trust Bank noted that it sought and got all the required regulatory approvals from CBN and the Securities and Exchange Commission (SEC), the Nigerian Exchange Limited (NGX), and the Federal Inland Revenue Service (FIRS), among others.

The bank stated that it was imperative to clarify happenings to set the records straight.

It said that on December 18, 2021, it signed a Share Sale and Purchase Agreement (SPA) with five firms to acquire the bank,

It said the bulk shareholders owned a combined share of 93.41% of Union Bank's issued ordinary share capital.

“They are not Allowed”: Tinubu's govt to seize 2 Nigerian banks sold under Emefiele, gives Reasons reported that The federal government has been asked to seize two Nigerian banks sold during Godwin Emefiele's tenure as Governor of the Central Bank of Nigeria.

The banks are Union Bank of Nigeria and Keystone Bank.

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The decision comes after nearly six months of a probe into the activities of the CBN under Emefiele by a special investigator, Jim Obazee, appointed by President Bola Tinubu, alleged gross corruption.


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Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner.

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