NEWS
EXPLOSIVE: How Titan Trust Bank allegedly used Union Bank’s assets to secure $300m takeover deal
What was sold to Nigerians in May 2022 as a clean and powerful takeover is now looking like something far more troubling. When Titan Trust Bank announced it had acquired Union Bank of Nigeria, a 100+ year-old institution, the story was simple: a young bank buying a legacy giant. But fresh documents are now pointing to a shocking twist that raises serious questions about how the deal was actually done.
According to findings, Titan Trust Bank allegedly secured a $300 million loan from African Export-Import Bank (Afreximbank) to fund the acquisition of Union Bank of Nigeria. On paper, Titan Trust Bank was the borrower. But in reality, the collateral reportedly included shares, treasury bills, and assets belonging to Union Bank itself.
Let that sink in: the bank being acquired was allegedly used to secure the loan that bought it. Titan Trust Bank—linked to Rahul Savara and Cornelius Vink— is believed to have engineered a scheme so bold it’s almost unbelievable. The plan? Have Union Bank allegedly repay the very illegal loan used to purchase it—using depositors’ funds! If allowed to succeed, the outcome is stark: TitanTrust Bank’s shareholders would end up owning one of Nigeria’s oldest banks for free!
Even more alarming is the alleged complicity of Godwin Emefiele, then Governor of the Central Bank of Nigeria (CBN), who is said to have turned a wilful blind eye to a deal that flew in the face of the CBN’s strict rules against using borrowed funds to acquire Nigerian banks.
It is unbelievable that Godwin Emefiele would allow an inconsequential bank like Titan Trust Bank to plunge a legacy and systemically important bank like Union Bank into a huge and needless debt – just to satisfy the greed of the owners of Titan Trust Bank.
The Afreximbank loan is reportedly structured in a manner that will force Union Bank to keep using its depositors’ funds to repay the unlawful loan.
By the third quarter of 2025, the situation had reportedly worsened. Exchange rate shocks and rising interest costs pushed the total exposure to over ₦500 billion. What started as a $300 million facility ballooned into a massive financial burden.
It gets deeper. An audit later allegedly described the acquisition/loan arrangement as “unethical financial engineering.” The audit allegedly pointed to possible misuse of foreign loans, questionable financial reporting and improper withdrawals from customer funds.
The fallout has already begun. Following leadership changes at the CBN, the board and management of Union Bank were removed in January 2024. That decision is now being contested in court, adding another layer of controversy to an already explosive situation.
Behind the scenes, ownership of Titan Trust Bank also raises eyebrows. The bank, incorporated in 2018, is largely owned by Dubai-based firms linked to powerful business interests, including individuals such as Rahul Savara and Cornelius Vink.
This is no longer just a banking story. It is a test of transparency, regulation and accountability. If these allegations hold true, then one question refuses to go away: Who really paid for the takeover of Union Bank and at what cost to depositors?
NEWS
EID EL-ADHA 2026: Governor Dauda Lawal Urges Increased Prayers for Peace, Hails Return of Displaced Communities
As Muslims across the world celebrate Eid al-Adha 2026 yesterday, Zamfara State Governor Dauda Lawal has called on the faithful to intensify prayers for lasting peace in the state and Nigeria at large. The governor made the appeal in a statewide broadcast on Wednesday, ahead of the Eid prayers.
Eid al-Adha, known as the “Festival of Sacrifice,” is observed annually by Muslims on the 10th day of Dhulhijjah, the final month of the Islamic lunar calendar. The festival commemorates the unwavering obedience and devotion of Prophet Ibrahim (A.S.), who was willing to sacrifice his son Isma’il in submission to Allah’s (SWT) command an act replaced by divine intervention with a ram.
In his address, Governor Lawal reflected on the spiritual significance of the season, noting that the sacrificial rite not only honours Prophet Ibrahim’s submission but also forms an essential part of the Hajj rituals for pilgrims currently in the holy cities of Mecca and Medina.
“I felicitate with the Muslims on the occasion of Eid al-Adha 2026,” the governor said. “The sacrifice performed during Eid is symbolic of Prophet Ibrahim’s submission and is also part of the Hajj rites for pilgrims.”
The governor specifically called on residents of Zamfara, particularly those undertaking the pilgrimage, to remain steadfast in prayers for the state and the nation.
“We have made significant progress in the fight against banditry, which is why dispersed communities are now returning to their homes,” Lawal stated. He cited a recent milestone: “Last week, we successfully returned thousands of internally displaced persons (IDPs) to their ancestral community of Fegin Kanawa Village in Gusau Local Government Area after over a year of displacement.”
According to officials, the village had been abandoned due to repeated bandit attacks, forcing residents to seek refuge in overcrowded camps or host communities. The successful return of the IDPs marks one of the administration’s key achievements in its ongoing security and reconstruction efforts.
Governor Lawal expressed gratitude to Allah for enabling the state to witness what he described as a “historic” achievement the airlift of pilgrims from Gusau International Airport, which has now resumed full operations after previous disruptions.
“We are committed to ensuring the safe return of all displaced persons to their homes. Such successes are only possible due to our collective prayers. I urge us to pray more, especially during sacred religious festivals,” he added.
The governor concluded his message with warm wishes: “I wish everyone a peaceful Eid celebration.”
Following the broadcast, Governor Lawal joined thousands of worshippers at the Gusau Central Eid prayer ground, where he observed the two-unit Eid prayer and listened to the customary sermon (khutbah). Security was notably heightened across the state, with checkpoints and patrols deployed to prevent any attacks during the celebrations.
Zamfara, like much of Nigeria’s North-West region, has faced years of insecurity fueled by banditry, kidnapping, and communal clashes. The governor’s emphasis on prayer reflects a broader strategy that combines military offensives, community dialogue, and spiritual advocacy to restore normalcy.
NEWS
Wema Bank’s One-Day MD/CEO, Chinmamanda Ozoakpata, Unveils New Benefits for Children
At Wema Bank, we have spent the last few years reimagining what Children’s Day can look like for Nigerian children.What started as a celebration has evolved into an intentional platform designed to build confidence, encourage leadership, promote financial literacy and create meaningful opportunities for children across different age groups.This year, we have raised the bar even higher. At Wema Bank’s Children’s Day Special Event held on Monday, May 25, 2026, our One-Day MD/CEO, Chinmamanda Diamond Ozoakpata, used her first official act in office to unveil a series of new initiatives designed to reward, educate and empower children through our Royal Kiddies account and ALAT Xplore platform.From year-long cash rewards and celebrations of academic excellence to financial literacy materials and STEM challenges, here are the new incentives that were announced and how to qualify:1. Birthday Cash Gift (Royal Kiddies Account Holders)Wema bank is putting real money behind milestone birthdays. Active Royal Kiddies account holders turning 5 will receive ₦5,000, while those turning 10 will receive ₦10,000 automatically, as a birthday cash gift. The initiative runs from May 2026 to May 2027. Importantly, active account holders who already turned 5 or 10 before May 2026 this year will also receive their reward this month.To qualify: Your child must hold an active Royal Kiddies account and be turning (or have turned) age 5 or 10 within the qualifying window.2. ₦100,000 Reward for Top Common Entrance Students (Royal Kiddies Account Holders)In a move that directly ties financial reward to academic achievement, Wema Bank will reward the top 100 students in the National Common Entrance Examination (NCEE) with ₦100,000 each. This initiative commences in June 2026.To qualify: Your child must be among the top 100 performers in the NCEE and hold a Royal Kiddies account.3. Financial Literacy Book Launch – Money Adventures (Royal Kiddies Account Holders)Wema Bank officially launched Money Adventures, a financial literacy book created for children aged 6 and above, at the Children’s Day event. Designed to make money conversations simpler and more engaging for young readers, the book introduces children to foundational concepts around saving, money management and responsible financial habits in a fun, age-appropriate way. To qualify: To receive a copy of this book, your child must hold an active Royal Kiddies account or have their Royal Kiddies account newly activated.4. Evolve School Tour STEM Challenge (ALAT Xplore Account Holders)The Bank also unveiled the Evolve School Tour STEM Challenge. Designed for secondary school students aged 13–17, the programme will run across six schools nationwide with existing STEM programmes. Through hands-on STEM competitions and school engagements, the initiative aims to promote innovation, technology awareness, financial literacy and responsible savings culture. There will also be monetary prizes to be won at the end of the challenge.To qualify: Your child must be an ALAT Xplore customer, aged 13–17, and attend one of the participating schools with an active STEM programme.Over the last four years, Wema Bank has consistently treated Children’s Day as more than a calendar moment. From the One-Day MD/CEO initiative to school tours, leadership experiences and child-focused financial literacy campaigns, the Bank has continued to expand how it supports children meaningfully.Yet, this is the first time the bank has included a Children’s Day initiative that runs for an entire year. Combine that with a six-figure academic reward, a published financial literacy resource, and a nationwide school tour, and it becomes clear: this is the most comprehensive, most impactful package of benefits Wema Bank has ever delivered to its youngest customers. It signals a growing commitment by Wema Bank to create experiences for children that extend far beyond celebration and leave a lasting impact long after Children’s Day is over.
NEWS
Zamfara State Approves Enhanced Pension Payouts for Retired Public Workers
In a decisive move aimed at alleviating the economic burdens of retired public servants, Zamfara State Governor, Dr Dauda Lawal, has officially approved increased monthly pension payments for all former workers from both state and local government offices. The approval follows an extensive financial review of retirees’ living conditions, with particular attention to those in lower-income brackets who have been disproportionately affected by the prevailing cost-of-living crisis.The decision was precipitated by the findings and recommendations of a special committee empaneled to evaluate the welfare situation of pensioners across the state. The committee’s report highlighted acute financial distress among aging retirees and called for immediate remedial action. In response, the state government has authorized a substantive upward adjustment in monthly pension stipends.This increment aligns seamlessly with the Federal Government’s Minimum Wage Act of 2024, which explicitly recommended an additional monthly sum of at least N32,000 for pensioners. Governor Lawal has opted for full implementation of this advisory for all retired state and local government employees a policy intervention expected to benefit thousands of households across Zamfara. The state government has subsequently issued binding directives to all relevant agencies to ensure the expeditious and seamless disbursement of the enhanced payments without procedural delays.Speaking on the development, the Honorable Commissioner for Information and Culture, Mahmud Muhammad Dantawasa, characterized the policy as a tangible demonstration of Governor Lawal’s unwavering commitment to improving the quality of life for both active and former government workers. According to the Commissioner, the administration operates on the principle that dignified retirement includes access to basic necessities and financial comfort. Beneficiaries across all local government areas have been assured of prompt payment once implementation commences.
