Titan Trust Bank denies illegal acquisition of Union Bank
Tamarauemi Ebimini
Titan Trust Bank has debunked the allegation of illegally acquiring Union Bank.
A report by a special investigator had alleged that former Central Bank of Nigeria (CBN), Governor Godwin Emefiele, used proxies to acquire Union Bank of Nigeria.
The report also indicted a late ally of former President Buhari, Ismaila Isa Funtua, in the acquisitions of Keystone and Polaris banks.
These bank purchases occurred over time and were detailed in a memo submitted to Tinubu on December 20, 2023.
The memo, titled “Report of the Investigation of the Acquisition of Union Bank of Nigeria by Titan Trust Bank,” outlines the specific steps allegedly taken to secure Union Bank.
But the Titan Trust Bank in a statement reacting to the investigation, said the acquisition was transparent and legal.
The statement detailed the acquisition process involving reputable firms such as PwC and Norton Rose Fulbright, as well as regulatory approvals reportedly obtained from the Central Bank, Securities and Exchange Commission, among others.
