Newsfront Online …Telling the Public as it is
Tropical General Investment Group, the majority owner of Titan Trust and Union Banks has denied any wrongdoing in the acquisition of the latter by the former.
This was as it stated that the purported investigative report recommending the takeover of the banks by the Federal Government portrayed Nigeria negatively. The company’s explanation was in response to the report of the special investigation into the activities of the CBN and other related entities by the Special Investigator, Jim Obazee.
The final report, submitted to President Bola Tinubu on Wednesday, accused the immediate past Governor of the CBN, Godwin Emefiele, of using ill-gotten wealth to acquire Union Bank and Keystone Bank through proxies.
But the Head of Corporate Communications, Rafiat Gawat, in a statement on Sunday, said the $500m capital used to pay for the transaction was transparent and unimpeachable and was managed by highly reputed global financial institutions including Rothschild and Citibank. She added that the process took years to complete.
The statement read in part, “We want to categorically state that some of the assumptions made in the purported document were incorrect, thereby resulting in a conclusion that may not necessarily reflect the actual reality.
“The purported investigation report recommended that the Federal Government should take over the banks. Such declarations based on incorrect assumptions portray Nigeria negatively, especially when the President is tirelessly seeking and courting foreign investments into the country.
(punchng.com)
