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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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KongaFM 103.7 Garners Thousands of Listeners, Gets Rave Reviews

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KongaFM 103.7, the 24/7 innovative hit music and commerce radio station, has taken the airwaves by storm since its recent launch.

KongaFM 103.7 Garners Thousands of Listeners, Gets Rave Reviews

Operating on terrestrial frequencies in Lagos on 103.7 and streaming online for listeners globally at www.kongafm.com, KongaFM has quickly become a favourite among audiences.

The radio station blends entertainment, inspiration, and commerce in a way that is both refreshing and impactful.

Despite being in its test run phase, the station has already garnered thousands of listeners, with many praising its professionalism, unique programming, and commitment to delivering value.

The station kicked off with an exciting mix of hit music, motivational content, and commercial activities, setting itself apart as a trailblazer in the radio industry.

True to its promise, KongaFM has been inspiring listeners while offering exclusive deals and opportunities.

One of the standout features of the station is its daily exclusive deals segment, broadcast from 7:00 to 8:00 AM.

Listeners have lauded the genuineness of these deals, with many expressing their satisfaction with the quality and affordability of the products promoted.

Feedback from listeners has been overwhelmingly positive. During a recent show on Thursday afternoon, the station was inundated with calls from enthusiastic listeners eager to share their thoughts.

While not all calls could be taken, the feedback received was nothing short of astounding, especially for a newcomer in the radio industry.

One listener, Grace Yusuf, mentioned how the station has positively impacted her daily routine.

“KongaFM is my go-to station every morning while commuting to work. The gospel music is great, while other content and inspiring discussions keep me motivated throughout the day,” she said.

Tunde Obaposh, currently pursuing his PhD in Robotics in Kansas, shared his experience streaming Konga FM online.

“I believe KongaFM is going to redefine the standard in the radio space. I love how they incorporate AI into their broadcasts, making the experience seamless and engaging,” he noted.

Another enthusiastic listener, Michael Arinze, described KongaFM as “a breath of fresh air in the radio space.

They’ve not only delivered on their promise of hit music but have also created a platform where businesses can thrive. I’ve already taken advantage of two deals they promoted, and I can confirm they’re genuine.”

What truly sets KongaFM apart is its commitment to inspiring and motivating its audience. From the best gospel hits from 5:00 – 7:00 AM to thought-provoking discussions and hit music throughout the day, the station has created a unique listening experience that resonates with a wide range of audiences.

As the station continues gaining momentum, one thing remains certain — KongaFM 103.7 has carved a niche for itself in the industry.

With a unique blend of entertainment, business empowerment, and audience engagement, it is no surprise that many have hailed it as a game-changer in the Nigerian radio landscape. For those yet to tune in, KongaFM promises an exciting and rewarding experience.

 

 


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TikTok Deletes over 2m Videos in Nigeria for Policy Violations

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TikTok, social media giant, has reaffirmed its commitment to online safety by removing more than two million videos in Nigeria between July and September 2024 for violating its Community Guidelines.

TikTok Deletes over 2m Videos in Nigeria for Policy Violations

According to its Q3 Community Guidelines Enforcement Report, 99.1 percent of these videos were taken down within 24 hours of being posted.

With millions of videos uploaded daily by its over one billion users worldwide, TikTok has continued to improve its content moderation efforts through advanced technology.

The platform’s proactive detection rate has now reached 98.2 percent globally, allowing it to identify and remove harmful content before it reaches viewers.

 

Between July and September 2024, TikTok removed over 147 million videos worldwide, with 118 million taken down through automation.

In Nigeria, 92.1 percent of all removed videos were taken down before any user reported them, reflecting the platform’s proactive moderation strategy.

The report highlights the most common policy violations that led to content removal in Nigeria.

These include sensitive and mature themes, where 99.4 percent of flagged videos were removed before any user report.

Content related to regulated goods and commercial activities, including scams and the illegal sale of items such as firearms or explosives, accounted for 99.1 percent of removals before user reports.

Additionally, content categorized under mental and behavioral health, which could negatively impact users, particularly younger audiences, saw a 99.9 percent removal rate before any user reports.

TikTok maintains that its mission to inspire creativity and bring joy is built on a foundation of user safety and content integrity.

The platform continues to invest in Trust and Safety professionals who work alongside advanced technology to enforce its Community Guidelines, Terms of Service, and Advertising Policies.

By prioritising a positive and secure digital space, TikTok aims to ensure that users can create, connect, and be entertained without exposure to harmful content.

 


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Nigeria’s Brightest Young Minds to Compete in Spelling Bee Finals

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The highly anticipated finals of the Spellingbee in Nigeria (SpIN) will take place on Saturday, February 15, 2025, at the U.S. Consulate’s Residence in Lagos.

This milestone event will see 64 outstanding finalists from Abuja, Lagos, Osun, and Taraba States competing for the championship title, marking a historic moment as Nigeria makes its debut in the prestigious Scripps National Spelling Bee, USA.

The winner of SpIN ’25 National Finals receives an all-expense-paid trip to represent Nigeria at the 100th edition of the Scripps National Spelling Bee in the United States, a centennial celebration of academic excellence that has shaped young minds for generations.

Beyond crowning a champion, the National Finals underscores SpIN’s core mission: cultivating academic excellence, linguistic mastery, and a commitment to fostering educational and leadership opportunities for young learners.

Speaking on the upcoming event, Eugenia Tachie-Menson, Convener of Spelling Bee in Nigeria, an affiliate of the Scripps National Spelling Bee, USA, emphasized the competition’s transformative impact on young learners.

“This competition is more than just spelling—it builds confidence, public speaking skills, and critical thinking, preparing students for global opportunities.

“We are thrilled by the enthusiasm it has received and the doors it will open for Nigeria’s brightest young minds.”

The event, which is set to attract members of the diplomatic corps, C-Suite executives, high net worth parents and educational leaders, is made possible through the support of key partners: Indomie Noodles (Title Sponsor), Checkers Custard (Co-Sponsor), and partnerships with Lucid Education Initiative, the U.S. Consul-General Lagos, the American Business Council of Nigeria, the Rotary Club of VI East, and AT3 Resources – The Muvmnt Agency (PR Partner).

Spellingbee in Nigeria is a prestigious competition affiliated with the globally renowned Scripps National Spelling Bee, USA. It is dedicated to promoting literacy, vocabulary development, and critical thinking among Nigerian students, equipping them with skills to compete on a global stage.


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