The Central Bank of Nigeria (CBN)  has assumed control of the Boards of Polaris, Titan, Union, and Keystone Banks, following through on its threat to seize all assets from the financial institutions after Babatunde Lemo and other bank executives failed to appear for questioning last December.

This was contained in a statement signed by its acting director of corporate communications, Sidi Hakama.

 “This action became necessary due to the non-compliance of these banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act, 2020,” the statement read.

President Bola Tinubu, in March, appointed CBN Special Investigator Jim Obazee to investigate financial misconduct at the apex bank under the leadership of disgraced former CBN governor Godwin Emefiele.

Upon investigation, Mr Obazee determined that Babatunde Lemo, a former CBN deputy governor, had used ill-gotten funds to set up Titan Trust and acquire Union Bank. Thus, Mr Lemo was asked to report to the Department of Force Intelligence in Abuja on December 28 for questioning but the invitation was disregarded.

Mr Lemo, through his lawyer Gbolahan Elias, asked that the meeting be postponed till January 2024, but the CBN investigator declined, saying he was aware Mr Lemo was in the UK to celebrate his birthday and that his previous commitment to show up for questioning must be honoured.

Failure to do so was tantamount to forfeiting all assets and interests of the banks, Mr Obazee stressed in a letter signed by Eloho Okpoziakpo, head of operations, office of the special investigator.

Still, Mr Lemo failed to show up. Cornelis Vink and Rahul Savara, listed as executives of Titan Trust, similarly failed to honour an invitation sent to them on August 28, 2023 and did not submit the requested documents to the State Security Service (SSS) as instructed.

“In fact, Cornelius Vink and Rahul Savara have never presented themselves to the Special Investigator since 28th August 2023 when they were first invited for interview,’’ read the letter by the CBN SI on December 27, 2023.

“We want to put it on record that neither you (Babatunde Lemo) nor Cornelius Vink nor Rahul Savara ever submitted any of these requested documents to the investigating team at the Department of State Service or anywhere else before now.”