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TitanTrust Bank / Union Bank: A Call for Transparency by Investigators

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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.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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SERAP, Editors Sue Niger Governor over Badeggi FM Shutdown Threat

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Socio-Economic Rights and Accountability Project (SERAP) and the Nigerian Guild of Editors (NGE) have filed a lawsuit against Umar Bago,  Niger State Governor, and the National Broadcasting Commission (NBC) over what they described as “the ongoing intimidation” of Badeggi FM Radio, Minna, and the threat to shut down the station.

This was contained in a statement on Sunday by Kolawole Oluwadare, deputy director,  SERAP, accusing NBC of failing to stand in defence of the local station.

PUNCH Online had reported that Bago ordered the closure and the revocation of the licence of Badeggi Radio 90.1 FM in Minna over alleged public incitement.

However, in suit number FHC/L/CS/1587/2025, filed last Friday at the Federal High Court, Lagos, SERAP and NGE are seeking to determine “whether by Section 22 of the Nigerian Constitution 1999 (as amended) and section 2(1)(t) of the NBC Act, the NBC has the legal duty to protect Badeggi FM from the ongoing intimidation from the governor.”

They are also seeking “an order of perpetual injunction restraining the Niger state governor and NBC from further harassing, intimidating and/or threatening to shut down Badeggi FM radio, revoke its licence and profile the station’s owner.”

The groups argued, “The ongoing intimidation and threat by Mr Bago to strip Badeggi FM station of its licence, further threat to demolish the station’s premises and profile its owner is unlawful and a violation of the rights to freedom of expression, access to information, and media freedom.”

They described allegations of inciting violence against the station and its owner as “vague, unfounded and unsubstantiated and apparently made to silence the radio station.”

The suit, filed on behalf of SERAP and NGE by lawyers Kolawole Oluwadare, Oluwakemi Agunbiade, and Andrew Nwankwo, read in part, “The media plays an essential role as a vehicle or instrument for the exercise of freedom of expression and information – in its individual and collective aspects – in a democratic society.

“Intimidating, harassing and silencing critical or dissenting voices under the guise of vague and unsubstantiated national security concerns is a fundamental breach of the Nigerian Constitution and Nigeria’s international human rights obligations.

“The ongoing intimidation and harassment of Badeggi FM and its owner is capable of discouraging participation of the press in debates over matters of legitimate public concern ahead of the 2027 general elections.”

SERAP and NGE are therefore asking the court for the following reliefs, “A declaration that by the combined provisions of Section 22 Nigerian Constitution and section 2(1)(t) of the National Broadcasting Act, the NBC is obligated by law to protect Badeggi FM station and other broadcasting outlets in Nigeria from undue interference from unauthorised persons or entity.

“A declaration that the failure and/or neglect of the NBC to protect and defend the independence of the radio station against arbitrary executive interference constitutes a breach of its statutory duty to ensure fair, independent, and lawful broadcasting practices in Nigeria.

“A declaration that the ongoing intimidation and threat issued by Mr Bago to strip Badeggi FM station of its operational licence and further threat to demolish the station’s premises is unlawful and a violation of the rights to freedom of expression, access to information, and media freedom.

“A declaration that the threat issued by the Bago to strip Badeggi FM radio station of its operational licence encroaches upon the statutory powers of the NBC as provided for under section 2 of the National Broadcasting Commission Act.

“An order of perpetual injunction restraining the governor and NBC, its agents and privies from harassing, intimidating and/or threatening to revoke the operating licence of Badeggi FM station or any other broadcasting outlet in Niger State.”

It was said that no date has been fixed for the hearing of the suit.


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Amaarae Crowned Spotify’s EQUAL Africa Artist for August

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Spotify has named Ghanaian trailblazer Amaarae as the EQUAL Africa artist for August, spotlighting her as one of the continent’s artists who continues to push creative and cultural boundaries with every beat, lyric, and look.

Amaarae, born Ama Serwah Genfi, raised between Ghana and the U.S.A often pulls her musical inspiration from the cultures and genres she grew up with. She has consistently pushed the boundaries of sound and identity, with her unique fusion of alternative, pop, R&B, and Afrobeats cementing her place as a singular voice in modern music.

Her musical journey took a turn in a computer lab in Ghana in 2009, where she taught herself to make beats on a cracked version of FL Studio. That moment sparked the fire for a career that would go on to produce game-changing projects like “The Angel You Don’t Know” and global hits such as “SAD GIRLZ LUV MONEY”.

Amaarae’s inclusion on Spotify’s Global Impact List for the first half of the year, highlighting the most-exported Ghanaian songs, was no surprise. She has become a symbol of how African music is travelling further, faster, and louder than ever before.

With her latest album BLACK STAR she returns to her Ghanaian roots with bold energy, crafting what she calls a “rallying cry for youth culture around the world. This album is bringing the alternative community to the forefront and being fearless about that.”

“I navigate the music world with balance, willpower, and strength. The challenges are real, don’t get me wrong, but I put my blinders on, lock into tunnel vision, and get to work. And when I come across another woman on the journey, especially a Black woman, I do my best to share knowledge, create opportunities, and lighten the load where I can,” says Amaarae.

As part of Spotify’s EQUAL programme, which amplifies women’s voices worldwide, Amaarae joins a growing list of African women shaping the future through sound and self-expression.

“Amaarae embodies the spirit of boundary-pushing creativity that EQUAL stands for,” says Phiona Okumu, Spotify’s Head of Music for Sub-Saharan Africa. “Her artistry is bold, distinct, and unapologetically authentic – qualities that continue to inspire a new generation of artists across the continent and beyond.”

We sat down with Amaarae to learn more about her and her music:

1. What is that one surprising thing your fans might not know about you?

Amaarae: I’m one step away from being legally blind! My vision is a -7 and I have astigmatism!!

2. When did you realise that making music was in your destiny and what is your WHY for pursuing this craft?

Amaarae: When I moved back home to Ghana in 2009, I was learning how to make beats and record myself at the back of the computer lab. Someone had installed a cracked version of FL.

3. Which African songs or artists did you grow up listening to?

Amaarae: The list goes on and on. Daddy LUMBA (RIP), Terri Bonchaka, MzBel, Abrewa Nana, Obrafour’s legendary album Pae Mu Ka, Sarkodie, Kwadwo Antwi. I could go all day.

4. To someone who has never heard your music, how would you describe the sound, tone, and style?

Amaarae: Let’s encourage listeners to be curious and adventurous! If you’re reading this and you’ve never heard my music, I dare you to go listen! And tell me how YOU would describe my sound.

 5. Any advice for someone dreading following their dreams?

Amaarae: The regret does more damage than the effort.


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Humans + Machines: Building the workforce of the future

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Ursula Fear, Senior Talent Program Manager, Salesforce
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By Ursula Fear, Senior Talent Programme Manager | Salesforce

Is AI coming for your job, or is it already working beside you? As its use becomes more routine, artificial intelligence is looking less like a threat and more like a teammate: answering queries, making decisions, chasing leads, processing invoices, and drafting content around the clock.

Ursula Fear, Senior Talent Program Manager, Salesforce

This new class of digital labour is changing how teams function, how targets are met, and how people spend their time at work. From now on, almost every job, team, and company will involve AI agents – systems that can analyse vast datasets, apply human-like reasoning, and act independently. Their presence is set to influence workflows, increase productivity, support innovation, and redefine roles across the organisation.

Rather than replacing people, AI is tilting the workload. Salesforce research shows that 23% of HR teams plan to redeploy employees into roles that make better use of their uniquely human strengths. At the same time, agentic AI adoption is projected to surge by 327% over the next two years (from roughly 15% adoption today to about 64% by 2027).

This shift is tied to anticipated productivity gains of 30% per employee and labour cost reductions of 19%, equating to about $11,000 in savings per employee annually, based on Organisation for Economic Co-operation and Development (OECD) wage averages. Rather than replacing people, organisations are preparing to reskill and redeploy workers, enabling humans to focus on higher-value roles that emphasise creativity, strategy, and interpersonal skills.

A recent Gartner poll further found that 95% of customer service teams intend to retain human agents to help define and guide the role of AI, reinforcing the value of a “digital first, not digital only” approach. Gartner further says that by 2027, half of the organisations that planned to significantly reduce their customer service workforce will abandon those plans, highlighting the limits of going fully “agentless”.

For African countries, the rise of digital labour presents an opportunity to build modern, inclusive workforces without being bound by outdated development models. But realising this potential depends on sustained investment in skills training, digital infrastructure, and equitable access to AI tools.

Train for tomorrow

Africa has the world’s youngest population. It’s bursting with entrepreneurial energy. But many young people still don’t have access to the tools and skills that will define the next era of work. If the continent wants to lead in the digital labour revolution, it should act now by investing in digital infrastructure, prioritising skills development, and forging partnerships that make future-focused training widely accessible.

Yes, the skills gap is real and broadband internet is still a luxury in many communities. But on the upside, AI training doesn’t require a university degree. Much of it is free, online, and accessible to anyone with a smartphone and a curious mind.

That opens the door to governments, educators, businesses, and civil society to step up to update school curricula, expand digital infrastructure, and support public-private training partnerships. All of this matters: not just for economic growth, but for social inclusion, too.

If these foundations are put in place, African countries could not only meet the needs of their growing population but also leapfrog outdated development models.

From entry-level to in-demand

When AI begins to handle the simpler tasks, it’s easy to worry about what’s left for those starting out. Entry-level jobs aren’t disappearing though. Instead of doing routine work, newcomers will now need to build skills in oversight, collaboration, and using AI tools effectively from day one. The ladder still exists; it just starts in a different place.

This will require a different kind of training – not just technical know-how, but in soft skills like empathy, adaptability, ethical judgement, and communication, which are all human traits that help teams thrive.

AI’s presence in the workplace may be concerning, with reports of job cuts due to its adoption (here, here, here, and here), but all is not as it seems.

Research suggests a more balanced perspective: One of the most comprehensive studies, from the National Bureau of Economic Research, tracked 25,000 workers across 7,000 Danish firms using AI chatbots. It found no significant changes to jobs, wages, or working hours. Productivity rose by around 3%, without leading to layoffs.

The St. Louis Fed found something similar. Based on large-scale surveys in the US, researchers reported one in four workers now use generative AI weekly, saving on average just over two hours a week. Spread across the entire labour market, that translated into a 1.1% productivity gain. Crucially, there was no sign this efficiency came at the cost of jobs.

Adding to this, a 2024 study by Mäkelä and Stephany analysed over 12 million US job listings and revealed that demand is surging for “AI-complementary” skills such as resilience, teamwork, digital literacy, and analytical thinking. These are the very human capabilities that help people work effectively with AI. The study found AI-focused roles are nearly twice as likely to list these skills, and they command wage premiums of 5–10%. Even more telling: the positive impact of these complementary skills outweighs the substitution effects of AI by up to 70%.

These findings all suggest that AI isn’t replacing workers; it’s helping them work smarter and more efficiently. To thrive in this blended future, we need to prepare today, by building the right skills, expanding access, and embracing AI not as a threat, but as a partner in progress.

Because the future of work won’t be entirely human, nor entirely automated – it will be a blend of both.


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