Banking
TTB/Union Bank: A Call for Transparency By Investigators

By Azubike Ugwu
In the last three days, we have seen a storm of allegations regarding the ownership of Titan Trust Bank Limited (TTB) and Union Bank of Nigeria Plc (“Union Bank”), and this has captured public attention.
These claims, reportedly stemming from a report submitted to the President by a Special Investigator, Mr Jim Obaze, have initiated a critical discussion around transparency.
However, the lack of access to the report begs for an open dialogue to clarify the unfolding narrative.
The core accusation revolves around the former Central Bank Governor’s alleged use of intermediaries in acquiring Union Bank and doubts about whether Titan Bank met the reported purchase price. To understand the gravity of these claims, it’s imperative to grasp the financial magnitude of the investors steering these banks.
TGI Group, with assets exceeding N3.75 trillion and 2022 revenues surpassing N1.74 trillion, emerges as a financial powerhouse. To underscore this, the sale of its subsidiary “Chivita” to Coca-Cola Group companies in 2020 for more than $500 million, a figure nearly three times the alleged equity element in the Union Bank acquisition, speaks volumes about the group’s financial robustness. TGI Group’s financial resilience, underscored by concrete figures, paints a picture of stability.
Contrary to these allegations, documents availed necessary parties indicate that payment for Union Bank shares was indeed made, raising questions about the accuracy of claims suggesting non-payment and highlighting the importance of verifying such financial transactions.
Titan Trust Bank’s chairman, Mr Tunde Lemo, has strongly refuted the allegations made by the special investigator, providing details and names that can confirm the transparency and integrity of the transaction. Drawing parallels, it’s akin to questioning a transaction’s legitimacy while the receipts stand as concrete evidence.
The news of Mr Lemo being summoned by the special investigator once again has been making waves in the business community. The investigator has written a letter in reaction to the rebuttal made by Titan Trust Bank. The letter stated that Mr Lemo and TTB’s rebuttal was offensive.
The letter is filled with many allegations, and it has raised questions about the independence and bias of the investigation. Many wonder whether Mr Obaze is singling out Mr Lemo for unknown offences or if the investigation is truly unbiased and objective.
It is important to note that Mr Lemo is a respected figure in the business community, and many have lauded his efforts. He has always been known for his dedication and hard work. Therefore, the allegations made against him have come as a surprise to many.
The scrutiny extends to Luxis and Magna, the UAE-based holding companies accused of lacking a physical presence in Dubai. Yet, in the global business landscape, such corporate structures are commonplace.
TGI’s financial fortitude backing these entities accentuates their credibility, emphasising the need for context in evaluating business practices. TGI, in its statement, categorically affirmed that “the entire transaction was managed by highly reputed global financial institutions, including Rothschild and Citibank. And like most major acquisitions, the process took years to complete.
A $300 million loan was sourced from the African Export-Import Bank (Afrexim), and the rest of the capital was sourced from the proceeds of TGI’s sales of its Chi Ltd business to Coca-Cola, all to finance the acquisition of Union Bank.”
Another layer to the controversy involves a “mysterious shareholder” supposedly providing interest-free long-term loans. Examination of the financial records reveals that these loans were granted within the TGI
Group, illustrating a standard business practice.
Parallels can be drawn to global corporate scenarios, where loans within a closely-knit business ecosystem are considered normal.
The allegations surrounding Mr Cornelius Vink, the founder of TGI Group, necessitate a balanced perspective. As a distinguished Dutch national, his cooperation in providing requested documents to the investigator showcases a commitment to transparency. Analogously, it mirrors other reputable figures in international business who willingly subject themselves to scrutiny.
Turning our attention to the alleged recommendation for the government to take over Union Bank, the financial stability of Union Bank and Titan Bank, coupled with the investigator’s apparent lack of statutory powers for such recommendations, raises questions about the credibility of this assertion.
It’s akin to questioning the legitimacy of a referee’s call beyond the established rules of the game. Mr Obaze lacks the necessary statutory powers to make such calls and appears once again to be arrogating powers to himself that are not legal. Perhaps we should remember and question his many ‘allegations’ against corporate entities and individuals that were just him bloviating.
Amidst this uncertainty, the call for transparency echoes louder. TGI Group’s financial resilience, fortified by concrete evidence, underscores the importance of a candid dialogue to address the swirling allegations surrounding the Union Bank/Titan Trust Bank transaction. The figures presented and the parallels drawn serve as signposts guiding the need for clarity in this complex financial tapestry.
The business community eagerly awaits the outcome of this investigation and hopes the truth will come out. Until then, these questions must be answered.
- Why did the Special Investigator go to the media instead of taking the usual investigative or legal route?
- Is this an attempt to create negative publicity for the Banks, TGI and personalities involved without presenting any evidence?
- If the Special Investigator believes that Mr Godwin Emefiele owns the bank as he has alleged, why hasn’t he provided any evidence after such a lengthy investigation?
- Why is he specifically targeting and harassing legitimate business owners and professionals?
- Is the Special Investigator suggesting that the government is willing to face significant consequences by seizing private investments, especially when the nation is actively trying to attract foreign investments?
It is prudent for Mr Obaze to remember that rather than this media trial that he has embarked on, “affirmanti non neganti incumbit probation” – the burden of proof lies on him, who asserts.
Banking
PremiumTrust Bank Meets N200bn Recapitalisation Target

By Adedapo Adesanya
One of Nigeria’s youngest banks, Premium Trust Bank, said it has met the N200 billion minimum capital requirement for commercial banks with national reach in the country.
The bank, which was founded in 2022, achieved the feat ahead of the March 2026 deadline set by the the Central Bank of Nigeria (CBN) under Governor Yemi Cardoso.
The threshold was met by Premium Trust following a successful capital raise of rights issue and private placement offerings.
Commenting on the achievement, the chief executive of Premium Trust Bank, Mr Emmanuel Efe Emefienim, described the development as a watershed for the bank.
“Exceeding the N200 billion capital requirement is a defining moment in the bank’s journey,” he said in a statement.
“This achievement coming in just three years of the bank’s existence is a reflection of our superior financial performance since inception, unwavering commitment to operational excellence, and the trust reposed in us by our shareholders, customers, and regulators.
“As Nigeria’s fastest-growing bank, we are uniquely positioned to not only lead the sector but to continue delivering outstanding value and growth for our stakeholders,” he added.
Mr Emefienim said with this feat, the lender is better positioned to expand its operations, deepen its market share, and continue to deliver cutting-edge banking solutions that cater to the diverse needs of individuals, businesses, and corporate clients across Nigeria.
The bank noted that it is positioned to further broaden its footprint, deepen financing in critical sectors such as infrastructure and agriculture, and remain at the forefront of innovation in Nigeria’s financial sector.
The bank said its growth is a testament to its clear strategic vision, strong leadership, and unwavering commitment to advancing Nigeria’s economic development.
Building on its strengthened capital base, Premium Trust will continue to anticipate and meet the evolving needs of its customers while consolidating its position as an emerging leader in the Nigerian Banking Industry.
In just three years of operations, the bank had expanded its business across all the country’s geo-political zones, reflecting its rapid growth and commitment to accessibility.
By setting new benchmarks in service delivery and leveraging technology-driven solutions, the bank hopes to shape the future of banking in the country.
Banking
Stanbic IBTC Insurance Hosts Second Annuitant Forum

By Modupe Gbadeyanka
Stakeholders in the underwriting sector are currently discussing how the working group of Nigeria can plan for the rainy days, especially when they no longer have the strength to run around to make ends meet.
They are attending the second edition of Stanbic IBTC Insurance Annuitant Forum being held virtually with the theme Making the Most of Life in Retirement.
Retirement is often viewed as a new beginning, an opportunity to enjoy the fruits of one’s lifetime work.
The subsidiary of Stanbic IBTC Holdings Plc organised this programme in line with its mission to support clients through every stage of life.
The virtual format ensures wider access, allowing retirees and those planning for retirement to engage in meaningful, interactive discussions on topics that matter most, ranging from health and wellness, estate planning, and expert insights on securing a fulfilling retirement.
Participants can look forward to discussions on long-term income strategies, the vital role of insurance in maintaining financial stability and how organisations can better support their staff’s retirement journeys. The event will also touch on lifestyle aspects such as wellness, leisure, and personal growth; reinforcing the idea that retirement is a time to thrive.
“Retirement is a significant milestone that should be embraced with purpose, security and fulfilment. Unfortunately, many are unprepared for the realities that come with this phase.
“Our goal with this forum is to provide both retirees and employers with practical guidance and holistic advice, helping them navigate this new chapter confidently,” the chief executive of Stanbic IBTC Insurance, Mr Akinjide Orimolade, stated.
The Stanbic IBTC Insurance Annuitant Forum has become an important platform for the organisation to connect with its retirees, strengthen relationships, and reaffirm its leadership in retirement planning solutions.
By hosting the event virtually, the company is committed to making this resource accessible to retirees nationwide, ensuring that no one is left behind in planning for a rewarding retirement.
Banking
PenCom Blacklists First Trust Mortgage Bank, AG Mortgage Bank, 5 Others

By Aduragbemi Omiyale
Seven mortgage banks operating in Nigeria have been blacklisted by the National Pension Commission (PenCom) over non-compliance with housing loan guidelines.
In a circular dated August 11, 2025, signed by the Head of Benefits and Insurance Department, Obiora Ibeziako, the regulator directed the Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) to immediately stop accepting or processing equity contribution applications from the real estate banks.
It was learned that the lenders failed to generate the loans for which pension funds had been approved.
According to the notice, the affected institutions as Jigawa Savings & Loans Limited, FHA Mortgage Bank Limited, Delta Trust Mortgage Bank Limited, AG Mortgage Bank Limited, Infinity Trust Mortgage Bank Plc, First Trust Mortgage Bank Limited, and Mutual Alliance Mortgage Bank Limited.
“Following the cited letter, the commission instructs that Pension Fund Administrators, including Closed Pension Fund Administrators and Pension Fund Custodians, immediately stop accepting or processing equity contribution applications submitted by the following Primary Mortgage Banks,” a part of the disclosure stated.
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