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CBN Governor, Godwin Emefiele revealed as owner of Titan Trust Bank

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Central Bank of Nigeria, CBN, Governor, Godwin Emefiele, has been revealed as the alleged owner of controversial Titan Trust Bank, TTB, which acquired Union Bank.

This was disclosed on Thursday in a report by ENigeria Newspaper.

 

Titan Trust Bank, or TTB, is a relatively new banking brand with only two active offices in Lagos, Nigeria’s metropolis as at the time is acquired Union Bank Plc.

 

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Agreeably, miracles still happen in this ‘wonderful’ part of the world, however, it is also a fact that Titan Trust Bank’s sudden rise to the point of acquiring Union Bank Plc, a massive banking brand with a whopping significantly large asset size of about $4.9 billion (N2.59 trillion) according to its FY 2021 audited financial statements, remains a mystery and an algebra without mathematical solution.

 

Union Bank disclosed the anticipated transaction in a corporate disclosure filed with the Nigerian Exchange on December 23rd, 2021, after its main investors decided to sell their 93.41 percent holdings.

 

Titan Trust Bank is barely three years, more so, the bank is just finding its feet in the highly competitive Nigerian banking industry. As such, some people wondered where it could possibly get funds to facilitate the planned acquisition, while others keenly waited to see whether the acquisition could actually come to fruition.

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On June 6 2022, the African Export Import Ban (Afreximbank) announced that it had disbursed the sum of $300 million to help complement the total amount needed by Titan Trust Bank to finalise the acquisition of Union Bank. Afreximbank noted that the said fund was disbursed under its ,

 

 

Investment Financing Facility.

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But from all calculations, it appears as if all the companies involved in acquisition have not exactly disclosed how much it had actually cost Titan Trust to acquire Union Bank. As we pointed out earlier, Union Bank had a total asset value of $4.9 billion as of December 2021.

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So, even with the $300 million from Afreximbank, a lot more money would have still been needed to facilitate the deal. And it’s most likely that Titan Trust secured funding from other sources besides Afreximbank which it deliberately refused to mention.

It was gathered that among a number of other factors corroborates public opinion that obviously Titan Trust Bank is favoured by an influential individual or persons whose vested interest is covertly hinged to the success of the bank.

 

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The fact that Titan Trust Bank’s National Banking License is the first National Banking License that the Central Bank of Nigeria has granted in the last ten years since former Central Bank Governor Chukwuma Soludo enacted the N25 billion capitalization funds directive for National banks in Nigeria, is one of such factors that also warrants further investigation.

 

Who Owns Titan Trust Bank?
The above is a question most netizens including those in the banking industry have been asking since Titan Trust Bank miraculously acquired Union Bank.

 

However, according to an ongoing investigation, current Central Bank Governor Godwin Emefiele is the owner of Titan Trust Bank and has allegedly put it in the hands of his cronies to run.

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Also, there are also strong indications that the CBN Governor who is also allegedly among the highest shareholders in Union Bank Plc may have played major role in the acquisition of the bank’s shares by TTB.

 

Titan Trust Bank – TTB is reportedly majority-owned by Tropical General Investment (TGI) Group, an investment firm allegedly linked to the CBN Governor with interests in a variety of businesses including FMCG, commodities, agriculture, Agric processing, pharmaceuticals, and oil field services, as well as real estate and trading.

 

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According to reports, CHI Limited, the creator of the iconic Chivita products, was one of TGI’s most notable enterprises, which was finally sold to Coca-Cola in 2019.

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Titan Trust Bank: Other compelling factors and unanswered questions raised by pundits:
Union Bank was stabilized and recapitalized thanks to a N300 billion injection by FGN. This position can be confirmed by the Federal Ministry of Finance and the Central Bank of Nigeria (CBN). AMCON injected another N239 billion into the bank to purchase out the bank’s bad assets.

How did FGN end up with 21% of the bank and Union Global Partners (a foreign investment entity) with 64% when it only invested N78 billion ($500 million At N155/$) in 2011?

 

Is the National Aeronautics and Space Administration (NASS) aware of these concerns?
During the deal, Tunde Lemo was the CBN’s vice governor. Is he allowed to be linked with the acquisition of this same intervening Bank as a benefactor under corporate governance provisions?

 

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“In 2011, Union Bank was a group of seven firms, but it has since been reduced to only one commercial bank. Without recourse to the FGN, an entity. Where did all of the subsidiaries and/or other assets go? Who got what claim and on what conditions/approvals?,”

 

Faruk Gumel is the current Chairman of the National Security Agency (NSIA), a government agency, as well as a Group Executive Director with TGI, the majority stakeholder in Titan Bank, the new owners of Union Bank. Is this a transaction that falls under the definition of “arm’s length” as defined by Nigerian corporate governance?

 

Perhaps the President and Commander in Chief, as well as the NASS leadership, should raise these and other questions. The answers should come from the CBN, AMCON, the Federal Ministry of Finance, and Mr. Emeka Emuwa, the former Managing Director of Union Bank.

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Clearly, the fact that Titan Trust Bank, a small bank with only two bank branches in Lagos, can almost effortlessly swallow up Union Bank, a 104-year-old bank, in a transaction valued in the region of about $1 billion dollars or above, defies common sense and suggests a case of “the hand of Esau, but the voice of Jacob.”

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Only Two weeks ago, it was announced that Atlas Mara and other core investors in Union have successfully finalised their proposed sale of 93.41% stake.

 

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Following the acquisition, Titan Trust Bank quickly took over the 105-year-old bank, appointed new board members and replaced some top executives. And some people were really interested in knowing how the 3-year old bank pulled it off. Where did it get the money? Many had asked.

 

TheNewsGuru.com (TNG) learned that Emefiele, through one of his closest ally, Adaeze Udensi, perfected the groundworks for the establishment of Titan Trust Bank as well as its acquisition of Union Bank.

“Adaeze is positioned as the face of TTB for a reason. She was there from inception in 2019 and she has been a tool in the hand of Emefiele even right from her days at Zenith bank”, a source said.

 

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Adaeze Udensi was the only Executive Director of Titan Trust Bank and wielded so much influence; more than the former Managing Director, Mudassir Amray, who stepped aside after the complete acquisition of Union Bank days back.

 

TheNewsGuru.com (TNG) gathered that Adaeze Udensi is the current Acting Managing Director of Titan Trust Bank as of the time of filing this report, and some insiders said that they were not surprised, “after all, that was the grand plan from the start,” the source said.

 

Emefiele’s camp has continued to deny his participation with Titan Trust, but their evasive denial without adequate explanation is reminiscent of a similar situation that occurred when the CBN Governor’s desire to run for President in 2023 became exposed.

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OmegaPro Spearheads The Biggest Event In The History Of Maldives

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OmegaPro took over Maldives for one whole week and organized the biggest event the island has ever seen.

Over 1,000 people from the OmegaPro community, founders, celebrated football legends like the Spanish and Barcelona great Carles Puyol, French wizard Eric Abidal, Colombian icon Faryd Mondragón, Bollywood superstars, Indian cricketers and more congregated on the supremely exotic Siyam World in Maldives.

Celebration, Education, live-mentoring & group brainstorming sessions, football tournaments, and life-transforming self-empowerment seminars – this one-of-a-kind event will go down as the biggest event in the history of Maldives for a long time to come.

“I alone cannot change the world, but I can cast a stone across the waters to create many ripples.” – Mother Teresa. This was the prime motive that saw the dawn of the greatest event in the history of Maldives, spearheaded by global marketing leader OmegaPro.

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Eric Worre conducting an intensive training session to more than 1,000 people at Diamond Trip Maldives

Community – The focal point of human experience

OmegaPro sees these events to promote its ideology – “Grow as One”

One aspect of OmegaPro’s community-centric approach is to increase self-esteem and cultivate a sense of belonging & oneness among the community members. It enables people to share personal relatedness and support the perpetual growth of each other, ourselves and our environment.

Leadership – The crux of success

“Leaders instill in their people a hope for success and a belief in themselves. Positive leaders empower people to accomplish their goals.”

As the OmegaPro organization is breaking ceilings and scaling newer heights, having the right people with the right mindset and drive is a critical component, not just for the benefit of the organization but also for the ever growing community’s happiness and the business’s overall culture.

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OmegaPro believes that when building a business, a leader and their team set out on a journey together. Part of building a strong relationship with the people who work with you is knowing how their goals align with the organization. Through this event, OmegaPro, transformed many followers into truly inspirational leaders to shape a better tomorrow for their respective communities.

In Maldives, OmegaPro, with the help of its official strategic coach Eric Worre, set the direction and goals to help people converge toward a common goal, and empower them to reach their full potential and stay motivated.

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Eric Worre even put forth strategies to push the horizon and seek innovative ways to achieve unparalleled success.

The other aspect of the community-centered approach of OmegaPro is to inculcate a sense of ownership in people. OmegaPro is a firm believer of the fact that one must feel personally and positively impacted by the success of the mission. “Leadership is the cornerstone of a strong community.”

OmegaPro’s vision to “Breaking Barriers Through Education, Shaping Leaders Of Tomorrow” is being carried out through extensive training with unique and effective skill development programs. With resources customized to perfection by the greatest legends of the respective industries, OmegaPro is on its way to become the one-stop destination for accessing fundamental tools, special materials, dedicated coaches and once-in-a-lifetime experiences.

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Gideon Adebisi, an OmegaPro Diamond Executive in Maldives

An ode to the OmegaPro community

Celebrating victories and milestones is just as important as achieving and accomplishing them. Diamond Trip Maldives was all about honoring the phenomenal grit and determination shown by the diligent members of the community and to get them ready for the road forward.

screenshot 2022 11 18 at 08 24 01 carles puyol and mario yepes omegapro.jpg.webp (webp image 790 × 367 pixels)

Legendary footballers Carles Puyol and Mario Yepes snapped on arrival at the OmegaPro Diamond Cup in Maldives

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Beloved community members acknowledging OmegaPro

About OmegaPro

OmegaPro is a global marketing leader with a massive education platform offering the best skill development training to empower the OmegaPro Community. With resources customized to perfection by the greatest legends of the respective industries, OmegaPro is a one-stop destination for accessing fundamental tools, special materials, dedicated coaches and once-in-a-lifetime experiences.

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OmegaPro is on a mission to Break Barriers Through Education To Create Leaders Of Tomorrow. Through education, OmegaPro has become the home and benchmark of new opportunities that are always ahead of the curve and supported by an elaborate team dedicated to your ambition and your success.

OmegaPro houses an extensive array of relevant educational tools, renowned personnel and acclaimed resources as one of the most beloved and trusted learning platforms of its kind with a firm focus on the priceless mantra – Mentorship for the best can only be delivered by the best. With our community’s faith at the epicenter of OmegaPro’s operations combined with over five decades of cumulative expertise acting as the perfect catalyst, we are here to deliver a first-class learning environment as we keep marching on.

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Since our inception in 2019, OmegaPro now proudly has a massive community of over 2,500,000 active members and is growing by the blink of an eye as we scale greater heights every single day. And, we like to believe that this is only the very beginning of an incredible journey that awaits us and our community. Welcome to the revolution of tomorrow as we aim to orchestrate a better future. Visit www.omegapro.network

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Funmilayo Falola quits Wema Bank, joins ENGIE Energy Access as Global Head Of Communications

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The leading Pay-As-You-Go solar and mini-grids solutions provider in Africa, ENGIE Energy Access, has appointed consumer marketing professional, Funmilayo Falola as its Global Head of Communications.

The company, which aims to remain the leading clean energy company operates in nine countries across Africa (Benin, Cote d’Ivoire, Kenya, Mozambique, Nigeria, Rwanda, Tanzania, Uganda, and Zambia) with more than 1.5 million customers and over 8 million lives impacted so far.

At ENGIE Energy Access (Africa), she will oversee the communication strategies including the brand, image, and product, while providing support for the company across the region.

Before joining ENGIE Energy Access (Africa), Falola was the Head, Marketing Communications & Investor Relations at Wema Bank Plc.

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Prior to pitching her tent with Wema Bank, she worked at First Bank of Nigeria Ltd as the Head, Internal Communications & Merchandising & Warehousing where she developed and implemented the year-on-year internal communications strategy in alignment with the overall marketing strategy.

She started her career at CentrespreadFCB (now CentrespreadGREY) in 2005 where she cut her teeth as a Senior Executive – Business Development between 2005 and 2006, and rising through the ranks to the position of Client Service & Strategy in 2009.

Falola holds a Bachelor of Science, Political Science from the University of Lagos, UNILAG, in 2002. She proceeded to earn a Master of Business Administration, MBA in Marketing, from the same institution in year 2020.

She also has a Post Graduate Diploma, Marketing from the University of Leicester, United Kingdom.

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Wema Bank to support SMEs in Port Harcourt with SME Business School 4.0

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Wema Bank Plc, the pioneer of Africa’s first fully digital bank, ALAT, has once again demonstrated its unwavering commitment towards developing the capacity of SMEs in Nigeria to scale by launching the fourth edition of its SME Business School in Port Harcourt.

Designed to help build capacity for SMEs in the country, Wema Bank’s SME Business School was launched in Lagos in 2021. The second edition took place virtually, while the third edition happened in Abuja. Now making its journey to the South-South geopolitical zone of the country, the initiative has helped to equip SMEs in various parts of the country with the business management knowledge and skills required to effectively run their enterprises and respond to the ever-evolving challenges of today’s business world.

According to the Divisional Head, Retail Business at Wema Bank, Dotun Ifebogun, the Wema SME Business School was birthed in a bid to close the critical knowledge gap in the SME space in Nigeria, and each edition of the programme takes place in a different part of the country to ensure that SMEs all around the country participate and benefit.

He mentioned that the 4th edition of the Wema SME Business School, which holds in Port Harcourt and starts on Monday, November 14, 2022, would impart contemporary business management skills and knowledge to growing businesses operating within the South-South region of the country. “We intend to make them champions and successful enterprises, thus supporting the economic growth of the country,” he said.

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He disclosed that the bank has collaborated with top-notch consultants from renowned organizations within and outside Nigeria, including Deloitte, Facebook (Meta), and Nexford University, to serve as facilitators on the programme and ensure that the participants get an immersive and invaluable learning experience.

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Dotun further noted that the initiative would be a meaningful addition to SMEs seeking to scale and strengthen their market positions.

“As an SME-friendly bank, we understand that starting and running a business in Nigeria is no small feat, and there are lots of challenges that SMEs face.

“We started the Wema SME Business School to equip them with relevant and practical knowledge that will guide them in the effective running of their businesses and to surmount any challenges that they encounter.

“Through this, we can tackle problems such as poor access to finance, poor market access, technological disruptions, and macroeconomic uncertainty. All in all, we will equip them with fresh ideas and insights that will help them to take their businesses to a higher level,” he said.

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Businesses interested in leveraging this opportunity and participating in the Wema SME Business School 4.0 can register with the link https://forms.gle/TRj7ACzTQJkWrb3D8.

The Wema SME Business School is one of the various beyond-banking initiatives offered by Wema Bank PLC to complement its bespoke financial offerings for SMEs.

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