NEWS
TTB/Union Bank: A Call for Transparency By Investigators

By Azubike Ugwu
In the last three days, we have seen a storm of allegations regarding the ownership of Titan Trust Bank Limited (TTB) and Union Bank of Nigeria Plc (“Union Bank”), and this has captured public attention. These claims, reportedly stemming from a report submitted to the President by a Special Investigator, Mr Jim Obaze, have initiated a critical discussion around transparency. However, the lack of access to the report begs for an open dialogue to clarify the unfolding narrative. The core accusation revolves around the former Central Bank Governor’s alleged use of intermediaries in acquiring Union Bank and doubts about whether Titan Bank met the reported purchase price. To understand the gravity of these claims, it’s imperative to grasp the financial magnitude of the investors steering these banks. TGI Group, with assets exceeding ₦3.75 trillion and 2022 revenues surpassing ₦1.74 trillion, emerges as a financial powerhouse. To underscore this, the sale of its subsidiary “Chivita” to Coca-Cola Group companies in 2020 for more than USD 500 million, a figure nearly three times the alleged equity element in the Union Bank acquisition, speaks volumes about the group’s financial robustness. TGI Group’s financial resilience, underscored by concrete figures, paints a picture of stability. Contrary to these allegations, documents availed necessary parties indicate that payment for Union Bank shares was indeed made, raising questions about the accuracy of claims suggesting non-payment and highlighting the importance of verifying such financial transactions. Titan Trust Bank’s chairman, Mr Tunde Lemo, has strongly refuted the allegations made by the special investigator, providing details and names that can confirm the transparency and integrity of the transaction. Drawing parallels, it’s akin to questioning a transaction’s legitimacy while the receipts stand as concrete evidence. The news of Mr. Lemo being summoned by the special investigator once again has been making waves in the business community. The investigator has written a letter in reaction to the rebuttal made by Titan Trust Bank. The letter stated that Mr Lemo and TTB’s rebuttal was offensive. The letter is filled with many allegations, and it has raised questions about the independence and bias of the investigation. Many wonder whether Mr Obaze is singling out Mr Lemo for unknown offences or if the investigation is truly unbiased and objective. It is important to note that Mr. Lemo is a respected figure in the business community, and many have lauded his efforts. He has always been known for his dedication and hard work. Therefore, the allegations made against him have come as a surprise to many. The scrutiny extends to Luxis and Magna, the UAE-based holding companies accused of lacking a physical presence in Dubai. Yet, in the global business landscape, such corporate structures are commonplace. TGI’s financial fortitude backing these entities accentuates their credibility, emphasising the need for context in evaluating business practices. TGI, in its statement, categorically affirmed that “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. A USD 300 million loan was sourced from the African Export-Import Bank (Afrexim), and the rest of the capital was sourced from the proceeds of TGI’s sales of its Chi Ltd business to Coca-Cola, all to finance the acquisition of Union Bank.” Another layer to the controversy involves a “mysterious shareholder” supposedly providing interest-free long-term loans. Examination of the financial records reveals that these loans were granted within the TGI Group, illustrating a standard business practice. Parallels can be drawn to global corporate scenarios, where loans within a closely-knit business ecosystem are considered normal. The allegations surrounding Mr. Cornelius Vink, the founder of TGI Group, necessitate a balanced perspective. As a distinguished Dutch national, his cooperation in providing requested documents to the investigator showcases a commitment to transparency. Analogously, it mirrors other reputable figures in international business who willingly subject themselves to scrutiny. Turning our attention to the alleged recommendation for the government to take over Union Bank, the financial stability of Union Bank and Titan Bank, coupled with the investigator’s apparent lack of statutory powers for such recommendations, raises questions about the credibility of this assertion. It’s akin to questioning the legitimacy of a referee’s call beyond the established rules of the game. Mr Obaze lacks the necessary statutory powers to make such calls and appears once again to be arrogating powers to himself that are not legal. Perhaps we should remember and question his many ‘allegations’ against corporate entities and individuals that were just him bloviating. Amidst this uncertainty, the call for transparency echoes louder. TGI Group’s financial resilience, fortified by concrete evidence, underscores the importance of a candid dialogue to address the swirling allegations surrounding the Union Bank/Titan Trust Bank transaction. The figures presented and the parallels drawn serve as signposts guiding the need for clarity in this complex financial tapestry. The business community eagerly awaits the outcome of this investigation and hopes the truth will come out. Until then, these questions must be answered. 1. Why did the Special Investigator go to the media instead of taking the usual investigative or legal route? 2. Is this an attempt to create negative publicity for the Banks, TGI and personalities involved without presenting any evidence? 3. If the Special Investigator believes that Mr Godwin Emefiele owns the bank as he has alleged, why hasn’t he provided any evidence after such a lengthy investigation? 4. Why is he specifically targeting and harassing legitimate business owners and professionals? 5. Is the Special Investigator suggesting that the government is willing to face significant consequences by seizing private investments, especially when the nation is actively trying to attract foreign investments? It is prudent for Mr Obaze to remember that rather than this media trial that he has embarked on, “affirmanti non neganti incumbit probation” – the burden of proof lies on him, who asserts.
NEWS
Glo Foundation Organises Rest and Relaxation Day for Sanitation Workers

… promises skill acquisition programme soon
More than 1,000 sanitation workers have been celebrated at a special event tagged, rest and relaxation day, organised by Glo Foundation, at the headquarters of the Lagos Waste Management Authority, (LAWMA), Ijora, Olopa.The event was a break off work, and dedicated for rest and fun for the workers, featuring music, games, food, and bonding activities, aimed at reducing stress and promoting the health and wellness of the workers.The Foundation also promised a four-week skill acquisition training for 200 workers or their dependents in bead making, barbing, fashion design, digital skills and more, to equip them with permanent vocations.Speaking at the event, the Managing Director/CEO of LAWMA, Dr. Muyiwa Gbadegesin, lauded the initiative as a well thought-out idea, to shield the workers from health risks and boost their wellness status.According to him: “This gesture falls squarely within the frame of the THEMES+ agenda of the Governor Babajide Sanwo-Olu’s Administration, which prioritizes health and wellness of the people. No doubt that we are used to the culture of working round the clock, and hardly finding the time for intentional rest, during which to recuperate and rejuvenate our tired minds and bodies, to reduce stress and prevent health risks. This much needed occasional relief is at the heart of today’s event. And we thank the Glo Foundation for the kind gesture and encouragement”.Speaking further, the LAWMA boss thanked the foundation for its planned skill acquisition programme for some sanitation workers, aimed at equipping them for financial stability.He said, “The foundation has assured us of a planned skill acquisition programme for no less than 200 workers or their dependents, during which they would learn skills such as bead making, hair dressing, dress designing, digital skills and lots more. It is scheduled to run for four whole weeks. As the saying goes, when you teach a man to fish, you have succeeded in feeding him for the rest of his life. That is exactly what Glo Foundation is set to achieve with that programme, and we are eternally grateful for the kind gesture”.He urged the workers to enjoy the relaxation day to the fullest, by having enough fun and interacting freely with one another.In her address, the head of CSR Globacom Foundation, Mrs. Jumobi Mofe-Damijo, commended the sanitation workers’ hard work and dedication to duty, adding that a skill acquisition package would soon be unveiled to the sweepers to celebrate and honour their contributions.“Today is about celebrating our mummies and daddies. You are our real heroes. The amazing energy you are devoting in your line of duty on a daily basis is worth celebrating”“In anticipation of Mother’s Day tomorrow, we are making today extra special just for you. We appreciate your tireless efforts and dedication to our environment and the well-being of Lagos State. We have created a wonderful experience for you, featuring vocational training sessions in hairdressing, bead making, dress making and more. So sit back, relax and enjoy every moment of this special day” she said. Some sanitation workers expressed heartfelt gratitude to Glo Foundation for organizing the event, promising to continue their diligent work to keep Lagos State clean.“It’s been a while since I have had this much fun, I am truly grateful to LAWMA and the Glo Foundation for organizing this amazing event. I am looking forward to enjoying every moment of it,” said Iyabo Joseph.Another sweeper, Lateefat Alabi said: “I am very happy today. I appreciate our Glo Foundation and LAWMA for this event. This will motivate me to keep doing my job diligently always”Other highlights of the event included dance competition, raffle draw, and gift presentation, where two sweepers won a microwave and a grinding machine, bringing joy to the winners.In attendance were LAWMA management staff, the Bobakeye of Ijora, Iganmu & Apapa kingdom, Prince Adekemi Ojora, and several Glo Foundation officials, who engaged directly with the workers and freely shared in the fun and pageantry.The event enthroned a joyous and hilarious atmosphere at the LAWMA headquarters, with the workers freely exchanging banter, playing games and dancing to the latest tune in town.As the sun slowly set and the music wound down, there was a lingering sense of fun and humour, suggesting that the event was actually more than just a corporate gesture — it was a statement that every worker matters.For many attendees, it was a much-needed break. For others, it was the beginning of something new — a good opportunity to grow, thrive, and be seen beyond the orange uniforms and daily street sweeping schedules.
NEWS
AGRA, Nestlé, and TechnoServe Launch Groundbreaking Climate-Smart Agriculture Initiative in Nigeria

L-R: Alhaji Nuhu Aminu, Chairman, All Farmers Association of Nigeria, Kaduna State Chapter, Alhaji Mohammed Rili, GM, Kaduna Agricultural Development Agency, Mrs. Adesuwa Akinboro, Country Director of TechnoServe Nigeria, Mr. Alidu Amadu, Head of Agricultural Services, Central West Africa, Mr Bege Dutse Bungwon, Kaduna State Ministry of Agriculture and Dr. Rufus Idris, AGRA’s Country Director for Nigeria, at the launch of the Strengthening Farmers’ and SMEs’ Resilience through Climate Smart Grain Production and Accessing the Structured Markets (StreFaS) initiative in Zaria, recently.
Zaria, Kaduna State | May 06th, 2025 — In a bold step towards building a climate-resilient agricultural sector, AGRA, Nestlé Nigeria, and TechnoServe have launched the Strengthening Farmers’ and SMEs’ Resilience through Climate Smart Grain Production and Accessing the Structured Markets (StreFaS) initiative in Nigeria.StreFaS is a three-year initiative, funded by AGRA and Nestlé, that will run from June 2024 to October 2027. The program aims to support 25,000 smallholder farmers and eight aggregators across Kaduna and Nasarawa States, promoting sustainable production of maize, soybean, rice, and sorghum.

L-R: Dr. Rufus Idris, AGRA’s Country Director for Nigeria, Mrs. Adesuwa Akinboro, Country Director of TechnoServe Nigeria and Mr. Alidu Amadu, Head of Agricultural Services, Central West Africa, Nestle at the launch of the Strengthening Farmers’ and SMEs’ Resilience through Climate Smart Grain Production and Accessing the Structured Markets (StreFaS) initiative in Zaria, recently.
It focuses on integrating regenerative agriculture into every step of the value chain, with particular emphasis on empowering youth and women. StreFaS will help improve soil health, lower greenhouse gas emissions, increase biodiversity, and strengthen economic resilience. Furthermore, the program connects smallholder farmers to formal markets, including Nestlé’s supply chain, enabling them to receive premium prices for climate-smart produce. The launch event, held in Zaria, Kaduna State, brought together high-level representatives from the government, development partners, private-sector stakeholders, and members of the media. The event featured keynote speeches from implementing partners, a case study from a climate-smart farmer, and a powerful project overview underscoring the initiative’s role in transforming Nigeria’s grain value chains.In her welcome address, Mrs. Adesuwa Akinboro, Country Director of TechnoServe Nigeria, described the STREFAS initiative as a transformative step for Nigeria’s agricultural sector. “This project represents a bold commitment to supporting smallholder farmers and agribusinesses with the tools, knowledge, and market access they need to thrive in the face of climate change. STREFAS is not just about boosting yields—it’s about regenerating our soils, restoring dignity to farming, and creating a more inclusive and sustainable future for communities across Kaduna and Nasarawa States,” she said.“We are proud to co-lead this initiative that puts farmers first — not just by introducing new practices, but by rebuilding the very ecosystems that sustain farming — core to AGRA’s approach to sustainable and resilient food systems transformation,” said Dr. Rufus Idris, AGRA’s Country Director for Nigeria.Speaking on Nestlé’s commitment, Mr. Wassim Elhusseini, CEO of Nestlé Nigeria, added:“At Nestlé, we believe that good food starts with high-quality ingredients and the well-being of the people who produce them. Our partnership in this initiative underscores our commitment to sustainable sourcing and decarbonizing our value chain. Globally, we aim to source at least 50% of our key ingredients from farmers practicing regenerative agriculture by 2030. With an investment of over $1,000,000 in this project over the next three years, we aim to contribute towards establishing regenerative agriculture as the standard in the food industry, addressing both environmental and social priorities holistically.”Speaking at the event, the Commissioner, Ministry of Agriculture, Kaduna State, Honourable Murtala Muhammad Dabo stated “This launch marks a significant milestone in our journey towards a more sustainable agricultural future. I commend TechnoServe and its partners for their dedication to promoting climate-smart agriculture practices in Kaduna State. Let us continue to work together to empower farmers, improve food security, and build a climate-resilient agricultural sector. I wish you all the best in this endeavor.”On the sidelines of the launch, MAGGI celebrated the Soya Bean farmers who were part of the regenerative agriculture pilot project. One of the farmers Engineer Lawan Abdul, shared a compelling testimonial.“Since I started adopting the strategies, we were taught in this project, my yields have increased by 100%. This was very surprising and encouraging for me. I am very happy with the outcome and thank the project partners and MAGGI for bringing this opportunity to us.” The StreFaS initiative is aligned with AGRA’s 3.0 Country Strategy, Nestlé’s 2030 Climate resilience sourcing goals, and TechnoServe’s proven expertise in building market-driven solutions for rural prosperity.By connecting smallholder farmers to better tools, markets, and capital, StreFaS will scale regeneration in ways that are profitable and empowering. As implementation continues, the program will deepen collaboration with government, private sector, and civil society partners to sustain scalable change across Nigeria’s grain value chain.About STReFaSFunded by AGRA and Nestlé, StreFaS is a three-year initiative running from June 2024 to October 2027. The program aims to support 25,000 smallholder farmers andeight aggregators across Kaduna and Nasarawa States, promoting sustainable production of maize, soybean, rice, and sorghum.By embedding regenerative agriculture into every step of the value chain, StreFaS restores soil health, reduces greenhouse gas emissions, increases biodiversity, and builds economic resilience — particularly for youth and women. The program also links smallholder farmers to formal markets, including Nestlé’s supply chain, where they can access premium pricing for climate-smart produce.Impact So FarSince inception, StreFaS has:• Engaged 12,373 farmers, with 40% youth participation• Established 270 demonstration farms showcasing regenerative practices• Aggregated 74,223.53 metric tons of produce from SHFs• Supported smallholders in dedicating 1,853 hectares to regenerative agriculture practicesWith structured training, SME engagement, and market linkage strategies in place, the project is poised to scale to 25,000 farmers, while contributing meaningfully to Nigeria’s climate resilience agenda and food systems transformation.
Media Contact:Gloria AuduSenior Communications Specialist, TechnoServe Nigeriagaudu@tns.orgMs. Jessie Regional Communications Officer- AGRAjlafourcade@agra.org
NEWS
Court Rules FCCPC Lacks Power to Regulate Prices in Free Market Economy

A Federal High Court in Abuja has ruled that the Federal Competition and Consumer Protection Commission (FCCPC) does not have the legal authority to regulate or question how companies determine the prices of their products or services in Nigeria’s free market economy.The ruling, delivered by Justice James Omotosho, came in a suit filed by Multichoice Nigeria—operators of DStv and GOtv—challenging the FCCPC’s interference in its pricing structure. The company also sought protection from an earlier legal challenge filed by lawyer Festus Onifade, which sought to restrain Multichoice from increasing subscription prices on its pay-TV platforms.Although Justice Omotosho dismissed the case as an abuse of court process—given that a similar suit involving the same parties was already ongoing—he offered a decisive interpretation of the FCCPC’s regulatory authority.The judge held that under Nigeria’s current economic system, which is based on free market principles, the FCCPC lacks the power to set or control prices. Citing Section 88 of the Federal Competition and Consumer Protection Act (FCCPA), Justice Omotosho emphasized that only the President of Nigeria is legally empowered to regulate the prices of goods and services—and only under specific circumstances.According to the court, such presidential powers can only be applied to essential goods or services within regulated industries. Furthermore, any delegation of this power to another body, such as the FCCPC, must be done through a formal, gazetted instrument—something the court said does not exist in this case.“The power to fix prices cannot be exercised by any other person or agency except the President. If delegated, it must be by an instrument and published in the gazette,” Justice Omotosho said. “There is no such delegation before this court; therefore, any action taken by the FCCPC in this regard is beyond its legal authority.”The judge added that in an open market economy like Nigeria’s, price controls can only apply across an entire industry and not be targeted at a single company unless there is clear evidence of monopoly or dominant market power.He criticized the FCCPC’s actions as discriminatory, pointing out that other operators in the same market segment have not faced similar scrutiny. “The defendant failed to show any proof that Multichoice holds a dominant position in the market or that the price increases were excessive,” he said.Justice Omotosho also highlighted that consumers have the freedom to choose from multiple service providers. He noted that the theory of “willing seller, willing buyer” applies in this context, and therefore the FCCPC’s attempt to limit Multichoice’s pricing decisions was unjustified.“The FCCPC’s responsibility is to monitor and act against anti-competitive practices. It is not compulsory for Nigerians to subscribe to Multichoice’s services,” the judge ruled.The court also aligned with an earlier decision by the Competition and Consumer Protection Tribunal (CCPT), which ruled similarly in favor of Multichoice, describing that ruling as “well-considered.”In conclusion, the court reinforced the principle that in a free market economy, companies are at liberty to determine their prices, and any attempt to intervene must follow due legal and constitutional process.
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