News
CBN sacks mgt. of Union Bank, Titan Trust, two other banks

President Bola Tinubu has started the implementation of the report of the Special Investigator on Central Bank of Nigeria (CBN) and related entities, Jim Obazee with the dissolution of the board and management of Titan Trust Bank and three others.
The others are Union Bank of Nigeria Plc, Polaris Bank, and Keystone Bank.
A report by Insidebusiness online disclosed that the decision to dissolve the boards was taken after a meeting between Yemi Cardoso, Obazee, and the board and management of the four banks.
Recall that the investors in Titan Trust Bank refused to honour the invitation to a meeting with the Special Investigator.
Obazee, a special investigator, says his team has uncovered how Godwin Emefiele, the former CBN governor, set up Titan Trust Bank (TTB) to acquire Union Bank of Nigeria.
Obazee, the head of the special investigation panel on the CBN and related entities, revealed that Emefiele used two Dubai-based companies — Luxis International DMCC (Luxis) and Magna International DMCC (MAGNA) — owned by Vink Corporation Middle East FZC, to set up Titan Trust Bank as proxies.
With the help of the Nigerian embassy in UAE, the panel report said the two companies do not have a physical presence in Dubai as claimed in their acquisition documents.
The panel also said such discovery contravenes section 3 subsection 5 of the Banks and Other Financial Institutions Act, 2020, adding that Luxis and Magna are not “supposed to be allowed to operate or acquire a bank in Nigeria”.
During the investigation, according to the panel, it was discovered that there is a mysterious shareholder who has issued interest-free, long-term loans to TTB with no fixed repayment plan.
The report said the mysterious shareholder was traced to be Emefiele.
From one financial scandal to another, Emefiele has been languishing in prison and facing a plethora of court charges concerning corruption since the beginning of Tinubu’s administration.
The former CBN governor was locked in the Kuje correctional facility after he was arraigned on a six-count charge bordering on procurement fraud valued at N1.2 billion from November 22 to December 12 because he failed to meet the N300 million bail granted him by a high court.
The Obazee-led panel said TTB had in a letter of October 25, 2021, sought CBN’s no-objection to its proposed consolidation with Union Bank excluding its UK operations.
This, the letter noted, should be in four phases: the acquisition of 91.5 percent of the issued shares of the UBN; mandatory tender offer (MTO) for the remaining shares of the UBN; buyout of any share not voluntarily sold to TTB on the MTO; and merger of TTB and UBN with UBN as the surviving entity.
According to the panel, the letter also stated that the consolidation was to be funded via a combination of debt and equity, and CBN via letters dated March 3 and 9, 2022, which granted no objections to TTB’s request to obtain a $300,000,000 facility from Afrexim Bank, as well as capital injection of $175,000,000 from two existing shareholders of TTB: Luxis and Magna.
The TTB, via a letter dated June 3, 2022, informed the CBN that it had made the payment of the purchase consideration to the selling shareholders on June 1, 2022, and had, thus, completed the acquisition of 93.4 percent of the issued shares of the Union Bank.
The report said the “ultimate goal of acquiring UBN hinged on the ongoing court-ordered scheme of arrangement between the TTB and the holders of the balance of 5.95%”
Obazee has asked the federal government to take over the Titan Trust and Union banks by strengthening it for a lucrative future sellout.
News
BREAKING: Tinubu to meet Obasa, Lagos Assembly members in Abuja

President Bola Tinubu is scheduled to meet with the Lagos State House of Assembly, at the Presidential Villa, Abuja.
Already, the Speaker, Mudashiru Obasa, arrived at about 2:50 pm, while his colleagues had earlier arrived in two coaster buses.
The meeting may not be unconnected with the recent leadership crisis in the State House of Assembly.
The Speaker, Rt. Hon. Obasa was impeached by some of his colleagues but he was later reinstated after the intervention of the political leaders especially the Governing Advisory Council, GAC.
Despite the Speaker’s reinstatement, it was gathered that the bad blood as a result of his impeachment is yet to be over.
Details later…
International
UK, Nigeria launch creative industries technical Working Group

The UK and Nigeria have officially launched the Creative Industries Technical Working Group, marking a pivotal development in the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP).
This partnership aims to deepen bilateral ties and create a robust framework for growth within the creative sectors of both nations.
A statement by the UK High Commission in Lagos said the launch of this working group and a match-making event for UK-Nigeria creative industries leaders today in London represents a milestone in the UK-Nigeria relationship, designed to boost innovation, cross-border creative collaborations, and sustainable economic growth and development.
It said both events provided a dynamic platform to explore new opportunities and form commercial alliances within key creative subsectors such as Film and TV, Music, Fashion & Design, Architecture, Advertising, and Gaming.
The initiative is poised to foster long-term growth, enhance job creation, and unlock new pathways for creativity and innovation in both countries by prioritising collaboration and cultural exchange.
Speaking on the significance of the launch, Florence Eshalomi MP, the UK’s Trade Envoy to Nigeria and Co-Chair of the UK-NG Creatives Technical Working Group, said: “Today marks a significant moment as we launch the UK-Nigeria Creatives Working Group.
Our nations share a rich cultural bond and a deep belief in the transformative power of creativity, through music, film, fashion, and the arts.
“This initiative, rooted in our landmark Enhanced Trade & Investment Partnerships (ETIP), will drive stronger trade ties, foster deeper collaboration, and unlock the full potential of our creative industries.
“By enhancing market access and investing in skills, we are opening doors to new opportunities that will create jobs and boost economic growth in the UK and Nigeria.”
Emphasising the need for deeper creative and cultural ties, Mr Obi Asika, Director General of the National Council for Arts and Culture and Co-Chair of the UK-NG Creatives Technical Working Group in Nigeria, said: “Nigeria’s creative economy is a global force, driven by our storytellers, musicians, designers, and digital innovators.
From Nollywood to Afrobeats, fashion to gaming, our industries are reshaping global culture and commerce.
“However, to unlock the full potential of this sector, we need strategic investment and support not just in talent, but in the institutions and infrastructure that will sustain long-term growth.”
Representing Mr., Obi Asika from the Nigerian side, Prince Baba Agba, Special Assistant to the President of Nigeria on Creativity, underscored the importance of leveraging UK expertise for impactful collaborations, adding:
“The UK’s creative industries stand as a global benchmark for institutional excellence, market distribution, and innovation.
We are eager to tap into your expertise for meaningful partnerships.
“This Working Group isn’t just about discussions – it’s about taking concrete actions that will yield tangible outcomes for creators, businesses, and industry stakeholders on both sides.”
News
BREAKING: Fubara denied access to present budget, locked out of Rivers Assembly complex (Video)

Rivers State Governor, Siminalayi Fubara was on Wednesday denied access to the Rivers State House of Assembly quarters, where lawmakers currently hold plenary sessions.
ohibaba.com gathered that the governor arrived at the Assembly quarters on Wednesday morning to present the state 2025 budget but was met with a locked gate, preventing his entry.
Fubara had earlier pledged to implement the Supreme Court judgment, which includes the formal presentation of the 2024 budget.
The budget was initially presented to a four-member Assembly faction in December 2023.

Last week, the Assembly issued a 48-hour ultimatum for the governor to present the 2025 budget.
In response, Fubara stated that he was awaiting the Certified True Copy, CTC, of the court judgment before proceeding.
On Sunday, in a letter signed by the Secretary to the State Government, Tammy Danagogo, and addressed to Speaker Martins Amaewhule, Fubara invited lawmakers for discussions on the Supreme Court ruling.
The discussions were expected to cover issues such as the budget presentation and the payment of outstanding salaries to the legislators, amongst other issues to chart a way forward for the state.
Watch video below:
Video source: ChannelsTV
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