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 Adedapo Adesanya
The Central Bank of Nigeria (CBN) has reaffirmed Mr Kamaldeen Adekilekun as the substantive Chairman of Living Trust Mortgage Bank Plc, easing recent uncertainty about the bank’s leadership.
In an official letter dated March 27, 2026, addressed to the Osun State Government, the banking sector regulator stated that Mr Adekilekun’s appointment remains valid and binding.
The CBN explained that once board nominations and appointments are approved by the regulator, they are tenured and guided by the Code of Corporate Governance for Primary Mortgage Banks in Nigeria, adding that such appointments cannot be withdrawn arbitrarily without clear regulatory grounds.
The CBN noted that its earlier communication (reference number OFI/DOL/CON/PLI/001/213) highlighted that the appointment was tenured in line with Sections 2.4.5 and 2.4.6 of the Code.
The apex bank also stated that there was no regulatory breach of relevant provisions of BOFIA 2020 or any CBN regulation that would disqualify him or prevent him from completing his term.
Rejecting the request for his removal, the CBN directed that the current board structure be maintained, stating, “Based on the foregoing, we therefore decline your request to withdraw Dr Adekilekun’s appointment.”
The development followed an earlier request seeking the withdrawal of the chairman’s appointment. The CBN said it had previously communicated the same position in a letter dated January 19, 2026.
The development reaffirms the central bank’s commitment to regulatory discipline, corporate governance, and institutional stability in Nigeria’s financial sector.
The clarification is expected to bring confidence to stakeholders, investors, and customers of Living Trust Mortgage Bank as operations continue under the existing leadership.
Incorporated on March 9, 1993, the bank converted from a Private Limited Liability Company to a Public Limited Liability Company on January 25, 2013 and subsequently listed on the Nigerian Exchange (NGX) on December 11, 2013, where its shares are being publicly traded.
By Adedapo Adesanya
Nigerian business-banking unicorn, Moniepoint, is eyeing a considerable foothold in East Africa as it completed the acquisition of a 78 per cent stake in Kenya’s Sumac Microfinance Bank.
The deal was finalised on Thursday and provides Moniepoint with a deposit-taking licence, an essential requirement for its credit-led expansion strategy.
The acquisition of Sumac allows Moniepoint to bypass the Central Bank of Kenya’s (CBK) policy to halt new licences to new foreign players. It will also ease worries after its move to buy payments firm Kopo Kopo failed.
By securing a majority stake in the 20-year-old institution, Moniepoint gains the regulatory infrastructure needed to deploy its high-velocity lending model to Kenya’s small and medium -sized enterprises (SMEs).
Sumac is a tier-three lender, and with its existing branch network and regulatory standing, the lender offers Moniepoint one of the ways to scale in a region increasingly shaped by digital-first credit.
The move also signals the company’s ambition to build a cross-border ecosystem that captures the entire merchant value chain, rather than solely on transaction fees.
Moniepoint’s entry into Kenya follows its acquisition of Orda, a cloud-based restaurant software provider for an undisclosed sum earlier this week, in a push to tap into the billion-dollar restaurants’ economy.
The company plans to export its business-in-a-box strategy, which integrates inventory management, payroll, and working capital by combining Orda’s vertical Software as a Service (SaaS) capabilities with Sumac’s banking infrastructure.
Orda will be rebranded Moniebook for Restaurants and integrated into Moniebook, Moniepoint’s business management platform. Orda will continue to operate as a standalone business until the full integration is completed in the coming months.
Orda currently operates in Nigeria and Kenya, but the acquisition only covers its Nigerian operations. However, with its presence in Kenya, it may set the tone for the acquisition of that subsidiary.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, said the central bank would now focus on a five-point policy agenda aimed at consolidating recent macroeconomic gains and steering the country toward sustained stability.
Mr Cardoso, while speaking at the 2026 Monetary Policy Forum held in Abuja on Thursday, set out the lender’s next phase of reforms anchored on inflation control, exchange rate stability, stronger reserves, deeper financial markets, and improved policy effectiveness.
The forum, themed Strengthening Nigeria’s Macroeconomic Stability Through Effective Monetary Policy: The Roles of Critical Stakeholders, brought together fiscal authorities, financial institutions, private sector players, and development partners.
He said the CBN will be positioning its five-point agenda as the cornerstone of the next phase of economic management.
Mr Cardoso said while recent reforms had delivered measurable improvements across key indicators, the focus had now shifted to consolidation.
He identified the five priorities as anchoring inflation firmly on a downward path to single-digit levels, sustaining exchange rate stability, strengthening external reserves through organic inflows, deepening interbank market development, and enhancing the transmission of monetary policy.
According to Mr Cardoso, the priorities reflect a deliberate strategy to entrench stability and improve the efficiency of the monetary framework. “The journey is far from complete. Our next phase is focused on consolidation,” Cardoso said, stressing that maintaining discipline and consistency would be critical to achieving durable outcomes.
He noted that the bank’s tightening measures and foreign exchange reforms had already begun to yield results, with inflation moderating, reserves strengthening, and market confidence improving.
However, he cautioned that sustaining these gains would require strong coordination between monetary and fiscal authorities.
Mr Cardoso emphasised that macroeconomic stability could not be achieved in isolation, describing it as a shared responsibility among policymakers, financial institutions, and the broader economic system.
He said disciplined fiscal operations, aligned policy actions, and continuous stakeholder engagement would be essential in delivering on the Bank’s objectives.
The CBN governor also highlighted the importance of deepening the interbank market to improve liquidity distribution and enhance the effectiveness of policy signals across the financial system.
He added that strengthening monetary policy transmission mechanisms would ensure that policy decisions translate more efficiently into real sector outcomes, including price stability and economic growth.
On external buffers, Mr Cardoso said the bank would continue to prioritise reserve accretion through sustainable sources, including improved foreign exchange inflows and enhanced market confidence. He explained that stronger reserves would provide a critical cushion against external shocks and support exchange rate stability.
The CBN chief further stressed that the success of the consolidation phase would depend on sustained collaboration across institutions.
He reaffirmed the apex bank’s commitment to orthodox monetary policy, transparency, and institutional credibility, noting that the reforms undertaken so far were necessary to correct past distortions and lay the foundation for long-term economic resilience.
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