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.
By Aduragbemi Omiyale
President Bola Tinubu has showered praises on Wema Bank Plc for standing strong in the financial services industry in Nigeria at 80.
On Friday, May 2, 2025, the lender rolled out drums to celebrate its eight decades of existence, having been established in 1945 Agbonmagbe Bank Limited to pave the way for indigenous banking to thrive in Nigeria, challenging colonial monopoly of the banking industry to become a provider of financial services tailored to the needs of indigenous Nigerians and businesses.
In his message, Mr Tinubu commended Wema Bank for its unwavering resilience and technological innovations, which have set it apart among Nigeria’s banks.
“Over the last eight decades, the bank has focused on the vision of its founding fathers to support Nigerian businesses across all the key economic sectors with strategic business advisory and financial support, which are vital for sustainable growth,” he remarked.
Further commending the bank’s leadership for staying the course and steering the ship in the right direction, the President underscored the company’s 80 years of impact in the Nigerian financial services sector, expressing his confidence in the lender’s brighter future.
Also, the Governors of Ogun, Oyo, and Ondo States, Mr Dapo Abiodun, Mr Seyi Makind, and Mr Lucky Aitedatiwa, respectively, lauded the financial institution for remaining strong in the industry after 80 years.
In his remarks, the chief executive of Wema Bank, Mr Moruf Oseni, pledged the continued commitment of the firm to digital innovation, inclusive banking, and customer-focused service.
He thanked the government, as well as the bank’s partners, customers, shareholders, employees and other stakeholders, for their support and contributions to Wema Bank’s 80-year journey of transformation.
“Corporate longevity in Nigeria is not very common. Many banks, institutions and household names from the 1900s are no longer in existence, and now only live in our memories and industry folklore.
“Against this bleak backdrop, Wema Bank’s story shines. The fact that this great bank is even older than our beloved nation and is still thriving at 80, is a thing of pride and worthy of celebration,” he stated.
“Wema Bank is 80 years strong—and still driven by purpose, innovation and people. We have a big and bold vision for the bank.
“The most imminent milestone is our return to the top tier of banking in Nigeria, and as we look to the future of possibilities ahead, we will remain committed to the time-tested principles that have brought us this far—creativity, innovation and an incurable obsession with our customers,” Mr Oseni said.
By Aduragbemi Omiyale
This news will surely excite small business owners in Lagos State as the state government has concluded plans to sign a Memorandum of Understanding (MoU) with the Bank of Industry (BOI) and Sterling Bank to enable them have access to funds to scale up their ventures.
It was learned that the deal would be signed on Wednesday, May 7, 2025, at the Adeyemi Bero Hall in Alausa, Ikeja, Lagos, as part of activities for the launch of a new initiative tagged Lagos State Access to Finance for SMEs through Co-operatives (LASMECO).
The Commissioner for Commerce, Cooperatives, Trade and Investment in Lagos, Ms Folashade Ambrose, described LASMECO as a first-of-its-kind public-private financing platform that aims to deliver low-interest, risk-mitigated loans to Small and Medium Enterprises (SMEs) across strategic sectors, including healthcare, agriculture, creative industries, manufacturing, and circular economy clusters.
She noted that the Access to Finance for SMEs initiative, which is to be launched by Governor Babajide Sanwo-Olu at the event, would be witnessed by key stakeholders in both public and private sectors, including the Managing Director of BoI, Mr Olasupo Olusi; his counterpart at Sterling Bank, Mr Abubakar Suleiman; the president of the Manufacturers Association of Nigeria (MAN), Mr Francis Meshioye; and the president of the Lagos Chambers of Commerce and Industry (LCCI), Mr Gabriel Idahosa, among others.
The Commissioner stated that this initiative is a game changer that will accelerate access to finance for SME business owners in the state by providing a loan of up to N10 million at a 9 per cent interest rate for two to three years without a collateral, with 50 per cent guaranteed by Sterling Bank.
By Modupe Gbadeyanka
A gamified banking platform known as GenFi, coined from Generation Finance, has been launched by Unity Bank Plc to bridge the financial literacy gap among children from 8 and 18 years old.
The new digital banking platform will empower kids and teenagers by teaching them how to manage money effectively, aggregate and track allowances or income, set and achieve savings goals, and develop smart spending habits with parental guidance.
Unity Bank in a statement explained that it introduced this app following a report by the Central Bank of Nigeria (CBN), which found that only 38 per cent of Nigerian adults are financially literate.
The acting chief executive of Unity Bank, Mr Ebenezer Kolawola, while speaking at the official launch event in Lagos, said Genfi was inspired by the desire to nurture a financially savvy generation, and empower them to make smarter financial choices.
He stated that Genfi App represents a significant milestone since Unity Bank’s foray into retail banking started several years ago, adding that “as the bank continues to evolve, the institution is constantly innovating with technology to enable us drive more financial inclusiveness in different segments of the market.”
“With this app, the bank is pioneering solution designed to empower children, teenagers, particularly Gen Z and Gen Alpha, with essential financial literacy skills and a personal finance management solution.
“GenFi is a market proposition that helps us address a critical knowledge gap among our kids and teens as it also connects with the strong passion of parents desirous to empower their wards with financial literacy,” Mr Kolawole added.
Similarly, the Divisional Head of Retail and SME Banking at Unity Bank, Mrs Adenike Abimbola, described GenFi as a financial product that goes beyond banking: hence a financial literacy ecosystem designed to inculcate financial literacy skills amongst Nigerian children through an engaging and gamified platform.
“Financial literacy is not a luxury. It’s a life skill. And like most life skills, the best time to learn is from childhood. That’s why we created GenFi, not just as a banking app, but as an interactive experience that nurtures discipline, planning, and financial independence from an early age,” Mrs Abimbola explained.
The Genfi platform leverages behavioural science and gamification to make financial learning fun and practical. Parents can monitor transactions, guide financial behaviours, and initiate real-life conversations around money management, thereby promoting not just financial skills, but also stronger family bonds.
“Imagine a 12-year-old setting a goal to save for a bicycle, not only are they learning to save, but they are also learning patience, discipline, and the value of delayed gratification. That’s the GenFi advantage,” Mrs Abimbola added.
Speaking after the launch, one of the students who attended the launch event, Master Ajayi Favour of Victoria Island Junior Secondary School, described Genfi as an “innovative banking solution that will equip children and teenagers with financial intelligence, management, and independence.”
Also, a guest at the launch and school proprietor, Sylvia Ezeora, described the Genfi app as “user-friendly, educational, and motivational for children”. She noted that beyond teaching financial literacy, “the app empowers parents to reinforce positive behaviour through rewards for completed tasks and promotes responsibility”.
Another guest and parent, Genevieve Adindu, commended Unity Bank for the innovative solution, tailored for children aged 8 to 18, and noted that Genfi “provides a modern, engaging approach to instilling saving habits early in life, replacing traditional methods like the kolo with a more effective digital tool, thereby becoming a powerful companion for children’s financial education”.
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