Jim Obazee, the investigator appointed by President Tinubu to probe the Central Bank of Nigeria (CBN), has encountered resistance from Babatunde Lemo and other top officials of Titan Trust Bank (TTB) Ltd amid questions about his authority to summon individuals for questioning.
Lemo, who serves as Titan Trust’s chairman, and Cornelis Vink, its chief executive, were summoned to appear on December 28, 2023, to address concerns regarding Titan Trust’s acquisition of Union Bank of Nigeria. Obazee’s office alleges that former CBN governor Godwin Emefiele used Lemo and others as proxies to establish Titan Trust Bank, which subsequently acquired Union Bank.
Although the bankers initially agreed to attend the meeting, they attempted to withdraw at the last minute. In response, Obazee threatened to confiscate Union Bank and other assets of Titan Trust and has also targeted Rahul Savara, another executive of Titan Trust, in connection with allegations of misusing state funds via CBN under Emefiele’s leadership.
However, Obazee has faced challenges in his investigation as he lacks the power to compel the cooperation of suspects in a criminal investigation. While he was appointed by President Tinubu with a focus on financial mismanagement at CBN under Emefiele, he was not granted prosecutorial authority as required by the Nigerian Constitution.
Unlike law enforcement agencies such as the police, EFCC, and ICPC, which have statutory powers to prosecute, Obazee’s appointment was ad-hoc and did not include the authority to bring charges independently. Additionally, he did not seek subpoenas from federal courts to compel individuals like Lemo and Vink to appear before him.
When asked about the matter, Lemo’s lawyer, Gbolahan Elias, declined to comment on whether his client had received any court order to appear before Obazee. Obazee stated that his investigative authority was derived from the president but did not provide further details.
The situation surrounding Obazee’s investigation has raised concerns about the limits of his authority and the legal basis for his actions, highlighting the complexities of conducting high-profile financial probes in Nigeria.
Controversial Headline 1: Titan Trust Bank Acquisition Investigation Sparks Legal Debate
Controversial Headline 2: Special Investigator’s Tactics Questioned in Titan Trust Bank Probe
Source: Peoples Gazette