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

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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.

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Senate Fails to Meet Quorum Again as Akpabio Warns on 2027 Campaigns

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For the second time in one week, Senate proceedings suffered a delayed start after lawmakers failed to assemble in the numbers required to form a constitutional quorum.

The development has renewed concerns over legislative attendance. Senate President Godswill Akpabio warned senators against allowing political activities ahead of the 2027 general elections to undermine their parliamentary responsibilities.

The plenary, scheduled to begin at 11 a.m., did not commence until 12:19 p.m., after the arrival of Senator Abdul Ningi brought the number of lawmakers to the constitutionally required quorum.

Under Section 54(1) of the 1999 Constitution, the quorum for either chamber of the National Assembly is one-third of all its members.

With the quorum secured, Akpabio urged lawmakers not to abandon their legislative duties under the guise of preparations for the 2027 elections.

He advised senators to use weekends to travel to their constituencies and engage in political campaigns without disrupting legislative business.

The Senate then proceeded with the adoption of the votes and proceedings of its previous sitting.

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Blackout: DisCos Apologise Over Weeks of Power Outages

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Electricity distribution companies have publicly apologised to Nigerians for the prolonged and erratic power outages that have plagued households and businesses across the country in recent weeks.

Sunday Oduntan, Managing Director and Chief Executive Officer of the Association of Nigerian Electricity Distributors (ANED), tendered the apology on Monday during an appearance on Channels Television’s Sunrise Daily.

“I’d like to first of all start by apologising to Nigerians. An apology is needed; it is essential because Nigerians have been taken through this problem over the past few weeks,” Oduntan said.

He acknowledged the hardship caused by the sustained blackouts and criticised a return to the “blame game” among operators in the power sector — a pattern last seen between 2016 and 2019, when DisCos, the Transmission Company of Nigeria (TCN), generation companies and gas suppliers routinely pointed fingers at one another instead of solving problems.

Oduntan specifically questioned conflicting explanations from the Nigerian Independent System Operator (NISO) and the Nigerian National Petroleum Company Limited (NNPC) over the causes of the shortfall. While NISO cited low water levels and inadequate gas supply, NNPC maintained that gas was available. He urged greater transparency on whether payment issues were affecting gas deliveries to power plants.

The ANED chief called on the Minister of Power, Joseph Tegbe, to convene all stakeholders to identify the real causes of the shortages and halt the cycle of mutual accusations.

The apology comes amid widespread frustration, with even Band A customers — who are supposed to receive a minimum of 20 hours of electricity daily — reporting inadequate supply. The situation has been made worse by intense dry-season heat.

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JAMB Issue Advisory For 2027 UTME Candidates

The board said the checklist was intended to help candidates stay organised, prepare effectively and avoid common mistakes during the registration and admission process.

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The Joint Admissions and Matriculation Board(JAMB) on Monday released six important steps prospective candidates should know ahead of the 2027 Unified Tertiary Matriculation Examination.

In a video shared on its official platforms on Monday, the board advised candidates to ensure their personal information with the NIMC was correct, obtain a registered phone number and maintain an active email address before beginning their UTME registration.

JAMB also urged prospective candidates to decide on their preferred courses and institutions and ensure they selected the appropriate subject combinations.

The board said the checklist was intended to help candidates stay organised, prepare effectively and avoid common mistakes during the registration and admission process

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