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.
“The true facts of the case are as follows: Tropical General
Investment Group is the majority owner of Titan Trust and Union Bank. We have
been doing business in Nigeria for close to 45 years and have evolved into one
of the largest companies in West Africa and the acquisition of Union Bank by
Titan Trust Bank followed all the laid down rules and regulations.
“The approximately $500m capital used to pay for the
transaction was transparent and unimpeachable. 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.”
According to her, the rest of the capital was sourced from
the proceeds of TGI’s sales of its Chi Limited business to Coca-Cola, all to
finance the acquisition of Union Bank.
“A $300m loan was sourced from African Export-Import Bank
and the rest of the capital was sourced from the proceeds of TGI’s sales of its
Chi Limited business to Coca-Cola, all to finance the acquisition of Union
Bank.”
Debunking claims that the bank didn’t respond to enquiries,
Gawat explained, “The investigator’s claim that Union Bank did not respond to
his request for information was misleading as all the information requested was
submitted on September 1, 2023. It’s a
well-known fact that Mr Vink, who has been in Nigeria since 1978, is an elderly
person and has recently been medically advised to limit his movements. This was
duly communicated to the investigator with supporting documents.
“TGI’s capital, ownership and selling of Chi to a
multinational such as Coca cola is proof that Mr Vink is not a proxy. The
group’s ability to engage and work with reputable international financial
advisors and bankers attests to the group’s global credibility. Union Bank was
not owned by government and no government money (CBN or AMCON) was used to buy
it. The process was diligently followed as captured in the report of the
investigator.”
The bank urged its customers, shareholders, and stakeholders
to remain calm as it would do everything legal to ensure that the current
misunderstanding was clarified.
“As responsible corporate citizens, we are always willing,
ready, and able to support stakeholders including regulators to learn and
understand our Group and its operations,” the statement concluded.