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TTB/Union Bank: A Call for Transparency By Investigators

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TTB/Union Bank: A Call for Transparency By Investigators

TTB/Union Bank: A Call for Transparency By Investigators

 

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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.

 

TTB/Union Bank: A Call for Transparency By Investigators

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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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Egbe Obaneye Okunrin Earmarks #15m To Empower Members At SME Business Seminar

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Egbe Obaneye Okunrin Earmarks #15m To Empower Members At SME Business Seminar

Egbe Obaneye Okunrin Earmarks #15m To Empower Members At SME Business Seminar

 

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SAHARA WEEKLY Reports That One of the fastest growing age-groups, otherwise known as Regbregbe in Ijebuland, Egbe Obaneye Okunrin Akile-Ijebu will on Tuesday, May 28, 2024 hold the second edition of its SME Business Seminar.

 

 

 

 

 

Egbe Obaneye Okunrin Earmarks #15m To Empower Members At SME Business Seminar

 

 

 

The event which promises to be business friendly and educative has been scheduled for Chinese Hall, of the upscale Conference Hotel, Ijebu-Ode, the heartbeat of Ijebuland.

 

 

 

 

 

 

 

 

 

 

 

According to a statement by the headship of the Regberegbe, Giwa Oluseye Yusuf, the group through its Baba Egbe has earmarked #15m for the empowerment of 10 members during the SME business seminar to be anchored by Mr Bola Bhadmus, CEO WelthBrifge Asset Management Limited.

 

 

 

 

 

 

 

 

 

 

‘You are cordially invited to the Idokowo Egbe Obaneye 2.0 SME seminar, where industry experts and thought leaders will share insights and strategies for small and medium-sized enterprises to thrive in today’s dynamic business landscape. Join us for a morning of networking, learning, and growth’.

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How RealtorMax became one of the fastest-growing real estate companies in Nigeria – Mike Adeyemi

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How RealtorMax became one of the fastest-growing real estate companies in Nigeria - Mike Adeyemi

How RealtorMax became one of the fastest-growing real estate companies in Nigeria – Mike Adeyemi

Nigeria’s real estate industry has witnessed significant growth in recent years, with many companies battling for a stake in the market.

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How RealtorMax became one of the fastest-growing real estate companies in Nigeria - Mike Adeyemi

However, RealtorMax, owners of Urbanmax Estate, Owode Obafemi, Ogun State and Aje: The Wealthy Residence, in Ibeju Lekki area of Lagos stood out to emerge as one of the fastest-growing real estate companies in the country.

Based in Lagos and founded a few years ago by Mike Adeyemi, an innovative young entrepreneur, Realtormax has achieved success in a relatively short period.

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The company’s vision to redefine affordable housing in Nigeria and across Africa has been the driving force behind its operations, and it has remained committed to this mission since its inception.

According to Adeyemi, its commitment to developing new towns around the metropolis by not just selling lands but holding buyers by their hands and guiding them towards owning their dream homes whether luxury or affordable set apart the ambitous and fast growing firm from other real estate companies in Nigeria.

The company is not just a facilitator of land purchases; it takes a hands-on approach by engaging in project management, providing critical infrastructure, offering building materials at highly doscounted rates, providing amenities such as internet, banks and road, as well as consulting. This approach ensures that clients receive fully realised and developed their choice properties with minimal stress.

Adeyemi’s emphasis on integrity, quality, innovation and attention to detail have set a standard that has become the hallmark of RealtorMax ’s projects.

According to the CEO, RealtorMax has a line up of more innovative solutions that will redefine the landscape of real estate in Nigeria powered by technology and new thinking.

“With our plans which we shall be rolling out in due course, we will deploy technology to make not just home ownership smooth and worry free but will help many more become smart investors who will partake in amazing global real estate ventures, maximise profits and benefit from joint investment platforms,” he noted.

He added: “One of the notable projects currently being undertaken is the almost 500-acre Urbanmax Estate, located in the Owode Obafemi area of Ogun State, near the Shagamu Express Interchange, which sells for N1.3million per plot (500 SQM). The eco-friendly estate offers a range of residential and commercial options with modern amenities, providing residents with a comfortable and convenient lifestyle.

“In addition, RealtorMax Limited is also developing Aje: The Wealthy Residence, in the vibrant Ibeju Lekki area. This luxurious residential development showcases our commitment to delivering high-quality and prestigious homes for discerning buyers at N32millon per plot (500 SQM). So, we offer dream homes to all our customers whether their choice is luxury or affordability.

Both estates offer opportunities to enjoy eco-friendly homes with close proximity to Lagos metropolis.

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Nigeria Breweries-Felix Ohiwerei Education Trust Fund flags off 10th edition of Maltina Teacher of the Year Competition

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Nigeria Breweries-Felix Ohiwerei Education Trust Fund flags off 10th edition of Maltina Teacher of the Year Competition

Nigeria Breweries-Felix Ohiwerei Education Trust Fund flags off 10th edition of Maltina Teacher of the Year Competition

 

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The Nigeria Breweries-Felix Ohiwerei Education Trust Fund has announced the call for entries for the much-anticipated 10th edition of the Maltina Teacher of the Year competition.
Entries for the competition open on Thursday, May 16, 2024, and will close on Friday, July 19, 2024. The competition remains a platform to appreciate and reward teachers for their significant contribution towards the development of the education sector in Nigeria, while inspiring excellence in teaching.
To participate, eligible teachers can visit the dedicated website (www.maltinateacheroftheyear.com) to complete the entry form online. Alternatively, they can download the form, complete it, scan it, and email the completed form to maltinateacheroftheyear@heineken.com
Speaking at the flag-off ceremony held in Lagos today, Managing Director, Nigerian Breweries Plc, Hans Essaadi who was represented by the Human Resource Director, NB Plc, Grace Omo-Lamai explained that the flag-off of this year’s edition represents the beginning of another journey to appreciating and celebrating the tireless efforts and dedication of teachers.

Essaadi stated that the company through the Felix-Ohiwerei Education Trust Fund remains unwavering in its commitment to supporting teachers in shaping future leaders and changing the lives of students for the better in Nigeria.

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Nigeria Breweries-Felix Ohiwerei Education Trust Fund flags off 10th edition of Maltina Teacher of the Year Competition

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“The Maltina Teacher of the Year competition presents an opportunity to express our gratitude to teachers for the sacrifices they make, the extra hours they invest, and the guidance and mentorship they provide to ensure the success of our youth. Through this competition, we aim to recognize the efforts of teachers in the countless ways they have shaped our future. We acknowledge their selflessness, their passion for teaching, and their relentless pursuit of the growth and development of our nation,” he said.

 

 

 

He stated that it was exciting to note that other corporate organizations have come on board to be part of this transformative initiative, adding that Union Bank of Nigeria Plc and Woodhall Capital Foundation have been enlisted as main partners while First City Monument Bank and Alert Group are supporting partners for the competition.
In her keynote address, the Corporate Affairs Director, Nigerian Breweries Plc, Sade Morgan, disclosed that the competition remains a veritable platform to reward and inspire teachers for their invaluable contribution to the development of education and society at large.

 

 

 

Morgan stated that the platform aims to recognize and appreciate teachers for the stewardship of our most precious national resource – the youth.
“Indeed, our teachers continue to play their role effectively and, as such, deserve to be appreciated, recognized, and celebrated for what they have done, and what they continue to do, to make society what it is today, particularly in the human and national development,” she said.

 

 

 

She disclosed that secondary school teachers in both public and private schools are eligible to participate in the 10th edition of the Maltina Teacher of the Year competition.
Speaking on the reward earmarked for the winners, she noted that the overall winner for the 2024 edition would receive a trophy, a total cash prize of N10 million, and a capacity development training opportunity abroad while his/her school receives either a block of classrooms or a computer laboratory.
“The first runner-up of the competition will equally receive a trophy and a total sum of N3,000,000, while the second runner-up receives a trophy and a total sum of N2,500,000. All State Champions will be rewarded with recognition plaques and a cash prize of N1, 000,000 each”, she added.
In her remarks, Winner of the 2023 Maltina Teacher of the Year Competition, Adeola Adefemi while praising NB Plc for the competition stated that her emergence as winner has attracted pride, fame, and fortune.
According to Adefemi, the success has become a confidence booster and attraction to several global opportunities in the teaching profession.
Goodwill messages of support were delivered by representatives of the corporate partners and key stakeholders in the education sector, such as representatives of the Nigeria Union of Teachers (NUT), All Nigeria Confederation of Principals of Secondary Schools (ANCOPSS), and the Teachers Registration Council of Nigeria (TRCN).
The Maltina Teacher of the Year competition was established in 2015 and funded through the Nigerian Breweries-Felix Ohiwerei Education Trust Fund, which was set up in 1994 to facilitate an active contribution to the development of the education sector in Nigeria in line with the United Nations Sustainable Development Goal, SDG No.4.
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ABOUT THE MALTINA TEACHER OF THE YEAR COMPETITION
In 2015, Nigerian Breweries-Felix Ohiwerei Education Trust Fund introduced the Maltina Teacher of the Year, a national competition, to identify, honor, and reward outstanding teachers in Nigeria.
Maltina Teacher of the Year is proudly endorsed by the Federal Ministry of Education and other education stakeholders including the Nigeria Union of Teachers (NUT), All Nigeria Confederation of Principals of Secondary Schools (ANCOPPS), and Teachers Registration Council of Nigeria (TRCN).

ABOUT NIGERIAN BREWERIES-FELIX OHIWEREI EDUCATION TRUST FUND
The Nigerian Breweries-Felix Ohiwerei Education Trust Fund was set up in 1994 with a startup capital of 100 million Naira to enable sustained quality education through structured intervention in the sector.
The Fund has footprints across the six geographical zones in Nigeria at primary, secondary, and tertiary levels of education. Through the Fund, NB Plc has constructed and furnished over 400 classrooms, sanitary facilities, and libraries in 74 communities across the country. The Fund has also granted scholarships to deserving students in tertiary institutions

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