Broadcasting
TitanTrust Bank / 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 ₦3.75 trillion and 2022 revenues surpassing ₦1.74 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 USD 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 USD 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.
1. Why did the Special Investigator go to the media instead of taking the usual investigative or legal route?
2. Is this an attempt to create negative publicity for the Banks, TGI and personalities involved without presenting any evidence?
3. 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?
4. Why is he specifically targeting and harassing legitimate business owners and professionals?
5. 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.
Broadcasting
DG NCC Tasks University Dons on Research Commercialization, IP Management to Build Global Competitive Ecosystems
Dr. John Asein, director-general, Nigerian Copyright Commission (NCC), has charged universities to leverage Intellectual Property (IP), innovation management and research commercialisation to build vibrant, sustainable and globally competitive ecosystems.
The DG stated this while delivering a paper on: ‘’Research Commercialisation, IP Policy and Innovation Management’’ at the Committee of Vice-Chancellors of Nigerian Universities (CVCNU) organised Business Clinic themed: Unlocking University-Driven Business Ecosystems: Innovation, Partnerships and Sustainable Enterprise Models in Abuja.
The programme was targeted at engaging Vice-Chancellors, principal officers and other key officers in Nigerian Universities in a practical dialogue on how to transit their institutions into thriving business ecosystems through innovation, enterprise development and strategic partnerships.
In his presentation, Dr. Asein, disclosed that Universities are now recognised as engines of national development and innovation hubs that must connect scholarship to business.
He noted that with over 300 Universities in Nigeria, there is need for structured pathways to turn ideas into commercial outcomes while attention should be focused on IP assets in our universities in order to harness them in a safe, sustainable and satisfactory manner.
The DG NCC speaking further on leveraging resources from the creativity locked up within the university system, harped on the need to harness the soft power of our youth as Nigeria’s most valuable natural resources are its people.
Drawing demography from Nigeria youthful population, he observed that over 70 percent of Nigerians who are under the age of 30 are mostly in the university system studying. These youths, he noted, shape cultures, technology and innovation through creativity and digital skills.
He tasked universities to become innovation factories where young people can explore ideas, protect their IP and grow startups by integrating innovation culture, entrepreneurship training and IP awareness into its learning environment.
He equally urged Universities to look beyond the sciences to commercialize traditional knowledge-based innovations and harness the potentials in the creative arts disciplines like music, visual arts, theatre arts and others for commercial outcomes.
Dr. Asein, recommended that universities as centres of learning, should take the lead in using the IP system for promoting education and learning, wealth creation, revenue generation and institutional development.
Underscoring the need for all universities to have an IP Policy, he noted that the Model developed by the Nigerian Copyright Commission in partnership with the CVCNU is a good starting point.
The Secretary-General, CVCNU, Prof. Andrew Haruna, presented the welcome address at the event while the Director, Technology Innovation and Commercialisation, NOTAP, Mrs. Adah H.N. Mokolo-Oladunke represented the Director-General, NOTAP at the event.
The 2025 CVCNU Business Clinic witnessed attendance from representatives of Public and Private Universities across the 36 States in Nigeria.
Drone
The US Department of Homeland Security (DHS) will invest $115 million in counter-drone technology to safeguard the 2026 FIFA World Cup and events marking America’s 250th independence anniversary, creating a dedicated office for rapid drone system deployment.
Homeland Security Secretary Kristi Noem described drones as “the new frontier of American air superiority,” stressing the need to counter threats from drug cartels using unmanned aircraft for smuggling and surveillance, alongside incidents like a 2025 NFL stadium drone flight and 2024 New Jersey sightings.
The funding supports 11 World Cup host cities expecting over one million visitors, building on FEMA’s $250 million grants to those states and addressing risks heightened by cartels’ advancing tech, including a reported FBI tracking plot in Mexico.
DHS has conducted over 1,500 counter-drone missions since 2018, with the new Program Executive Office accelerating acquisitions amid President Trump’s border security push.
Broadcasting
Youth Talent Takes Center Stage as T2 Ignites High-Octane Rap Battles @ Carnival Calabar
The energy at the Carnival Calabar Music Concert reached a new high as T2 introduced a first-ever rap battle platform, giving young Nigerians an electrifying stage to showcase their talent, creativity, and self-expression while competing for exciting prizes.
Held at the U.J. Esuene Stadium, the activation blended pulsating music, vibrant culture, and youthful energy into a dynamic celebration that kept thousands of carnival-goers fully engaged from start to finish.
Eight fearless contestants stepped into the spotlight, going bar for bar in an intense lyrical showdown. Rappers fused local languages, pidgin, and sharp punchlines, creatively weaving the T2 brand into their verses.
Anchored by the energetic hosting duo MC Double I and MC Princess, the rap battles thrilled over 16,000 attendees, including the Governor of Cross River State, Senator Bassey Otu, delivering an unforgettable showcase of youth talent and cultural expression.
With prizes including fridges, gas cookers, sound systems, and airtime top-ups, the competition remained fierce throughout the night. After two high-energy rounds narrowed the field to a five-man final duel, Emmanuel Eye emerged as the overall winner, taking home the grand prize — a fridge.
“I never expected this at all,” Emmanuel said. “I came to the concert like anyone else, and hearing about the T2 rap battle was a surprise. When I got the chance to perform, I just went for it. Being named the overall winner is amazing, and I’m grateful to T2 for creating this platform to showcase our talent.”
Beyond the stage performances, T2’s presence added a digital layer to the carnival experience. As part of its role as Digital Technology Partner of Carnival Calabar, the brand introduced the MyT2 App as a lifestyle companion, while also enabling line reactivations, airtime top-ups, and instant rewards for hundreds of attendees, blending technology seamlessly into the live celebration.
Commenting on the activation, Chinelo Manefo, Specialist, Events and Sponsorship at T2, said:
“The energy from both the rappers and the crowd was incredible. This platform reflects exactly what T2 aims to create — a celebration of youth, creativity, and culture, enhanced by technology that connects people and experiences. Seeing the audience so immersed shows how music and performance can empower the next generation.”
The Carnival Calabar Music Concert, headlined by Tiwa Savage, Timaya, and top local performers, was further energized by T2’s interactive rap battle platform. By blending music, culture, youth expression, and digital innovation, T2 reinforced its commitment to championing Nigeria’s next generation, giving young creatives a stage to shine while enriching how they experience the festival.
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