Tropical General Investments (TGI) Group, has denied any allegations that former governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has interests in Union Bank and Titan Bank, both subsidiaries under TGI.
This follows a report in the media tracing Emefiele’s interest in the acquisition of Union Bank Limited.
A statement signed by the head, Corporate Communications of TGI Group, Ms. Rafiat Gawat. said: “our attention has been drawn to media reports emanating from purported documents allegedly submitted to the President by the Special Investigator probing the activities of the Centra Bank of Nigeria (CBN), where he linked our ownership of Titan Trust and Union Banks to former CBN Governor, Godwin Emefiele.
“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.”
It said: “the true facts of the case are TGI is the majority owner of Titan Trust and Union Banks. We have been doing business in Nigeria for close to 45 years and have evolved into one of the largest companies in West Africa.
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“Today, TGI employs over 20,000 people spread through the length and breadth of Nigeria. We have over N3.75 trillion in assets and as of 2022, our annual revenues stood at over N1.74 trillion.
“Our companies and entities are exemplary corporate citizens of Nigeria and pay over N50 billion annually in taxes to the government.”
It added that the acquisition of Union Bank by Titan Trust Bank followed all the laid down rules and regulations, saying “the approximately $500 million 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.”
The company explained that “$300 million loan was sourced from African Export-Import Bank (Afrexim) andthe 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.
“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.”
TGI operates in 13 countries, including Nigeria, India, Morocco, Germany and the United Arab Emirates in agribusiness, industrial chemicals, real estate development and financial services.
. . . As Moghalu Frowns At Media Trial
An economist and former deputy governor at the Central Bank of Nigeria(CBN), Kingsley Moghalu, has frowned at what he described as the media trial of the immediate past CBN governor, Godwin Emefiele, following a report purported to be that of the CBN Special Investigator appointed by President Tinubu, indicting the former apex bank boss.
Moghalu, in a statement, said, though, the report has no signature appended, so can’t assume it is the real and official report, he noted that, “assuming it is in fact the real report, it’s wrong for such a sensitive report to have leaked to the public before the President and his government have reviewed and spoken to it.”
This, he said, is because the report talks of “chargeable offenses” and mentions specific individuals it recommends to be prosecuted in addition to Emefiele, adding that, this is a media trial and prejudices the rights of these individuals named or referred to, stressing that, this is not how a report into the Central Bank of Nigeria should be handled.
“The central bank of any country is a very sensitive institution and confidence (or the lack of it) in the institution has practical consequences on the ground for Nigeria’s economy. As much as the apex bank and its leaders ought to be accountable for their official actions, we must consider the continuing damage this kind of sensationalism (which, knowing our country, nothing much is likely to come of it at the end of the day) does to Nigeria’s economy, image, and the institution of the CBN itself. When it comes to law, allegations are simply allegations unless and until proven in a court of law,” he pointed out.
While assessing Emefiele as a former CBN governor, he said: “Four things support my assessment: a) his performance regarding the stability of the Naira exchange rate, as well as inflation; b) the brazen illegal provisions of Ways & Means lending to the Federal Government of Nigeria; c) Emefiele’s illegal attempt to run for President, in clear contravention of Section 9 of the CBN Act of 2007 which precludes the Governor and Deputy Governors from engaging in activities outside their functions; and d) the incompetent manner in which the Naira Redesign Policy was handled, and its consequent negative, indeed disastrous impact on Nigeria’s economy.”
While the law should certainly take its course, he stated that, it is worth noting that an exclusive focus on the CBN as a ‘fight against corruption’ may come to seem more as vendetta than anything else if other sensitive entities such as the NNPC, Nigeria’s national oil company, are not subjected to a similarly vigorous searchlight.
“Corruption has robbed Nigerian of its destiny and impoverished our citizens while enriching at insane levels a select few. Combating it has to be a holistic affair, not just politically convenient media trials.
“Emefiele’s fame and infamy today certainly calls into question the self-serving attitude of our elected political leaders to sensitive appointments like that of CBN Governor as opposed to a focus on the national interest…..We like theatre in Nigeria, but the thing about entertainment is that it tends to be chimeric, vanishing from view (and even memory sometimes) a little while after we are ‘in the moment.’
“Nigeria’s political leadership culture and governance need a complete overhaul. The current approach to the matter of Emefiele, who undoubtedly deserves his trial, is not quite the optimal path when placed under close scrutiny,” he emphasised.