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CBN Governor, Emefiele Revealed As Titan Bank Owner

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Godwin Emefiele, CBN Governor

Speculations surrounding the ownership of Titan Trust Bank which acquired Union Bank has continue to stir up dust in every imaginable quarter like a whirlwind with the mentioning of Central Bank of Nigeria Governor, Godwin Emefiele as the owner of the new financial institution and has allegedly put it in the hands of his cronies to run.
Titan Bank, with only two active offices in Lagos, was established in December 2018, and started operating fully as a commercial national bank after obtaining its license in April 2019.​
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, still remains a mystery but from all indication Emefiele is believe to be the owner of the bank.
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 Intra-African Investment Financing Facility.
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.
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.
Emefiele, a former GMD/CEO of Zenith Bank is speculated to either onw the new outfit or co-own with Jim Ovia, the founder and chairman of Zenith Bank Plc. Instructively, many of the executive directors of TTB were former Zenith Bank staff. Dr. Adaeze Udensi was a former General Manager at Zenith where she put in over 16years while Stella Nwihim, TTB’s Head of Human Resources, held key positions in Zenith bank before joining UBA Plc.
TTB’s Head of Compliance, Ademola Ajayi, played a key role in setting up the compliance department in Zenith Bank while Chinenyeoke Uga, Chief Risk Officer, was the head of the Credit Risk Appraisal at Zenith Bank, responsible for the appraisal of all credit requests bank-wide (including branches in Nigeria and its foreign subsidiaries in the United Kingdom, Ghana, Gambia, Sierra Leone, and the China Representative Office).
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.
But sources close to the CBN governor say these indicators are not enough reasons to appropriate the ownership of TTB to him.
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 was exposed.

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Obasa Missing as Lagos Assembly Sits, Lauds President Tinubu

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The Lagos State House of Assembly convened for a crucial legislative session yesterday, but an unexpected absence stole the spotlight, the ousted Speaker Mudashiru Obasa was nowhere to be seen. The sitting, which focused on key legislative matters and a commendation of President Bola Ahmed Tinubu’s leadership, went on without Obasa, raising eyebrows among lawmakers and political observers alike.

New Speaker Mojisola Meranda presided over the proceedings, ensuring the session ran smoothly. During deliberations, the lawmakers took turns applauding President Tinubu for his strides in governance, particularly his economic and infrastructural policies aimed at revitalizing Lagos and Nigeria as a whole. However, whispers about Obasa’s absence could not be ignored.

Sources within the Assembly remained tight-lipped on the reason for his nonappearance, fueling speculation.

As lawmakers dispersed after the session, the big question lingered where was  Obasa? For now, the mystery remains, but all eyes will be on the next sitting to see if the seasoned politician resurfaces.

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Meet The New 47-year-old Alaafin Of Oyo, Prince Akeem Owoade

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Prince Akeem Owoade is a Nigerian and Canadian entrepreneur, philanthropist, and president of 100279 Manitoba Limited, a  real estate investment and financial services business in Manitoba, Canada.

 

Born 47 years ago to a prominent and royal family of Owoade-Agunloye in Oyo town, Prince Akeem Owoade is one of the surviving children of Pa Rasaki Ibiyosi Owoade, the descendant of Aremo Aderounmu Iyanda Owoade, Agure Compound, Oyo town in Oyo State, Nigeria.

Prince Akeem Owoade completed his secondary school education at Baptist High School, Saki, Oyo State, Nigeria in 1992. His father worked for Oyo North Agricultural Development Programme (ONADEP) helping Oke-Ogun community in boosting agricultural productivity.

aking an early interest in engineering, Prince AkeemOwoade began his engineering studies by completing his National Diploma and Higher National Diploma in Mechanical Engineering from ‘The Federal Polytechnic, Ilaro, Ogun State (1994 to 1997) and The Polytechnic, Ibadan (1999 to 2001), Oyo State. Nigeria respectively. He did his NYSC with Nigeria Gas Company as Mechanical Intern/Planner in 2002.After the completion of his NYSC, he worked with Oceanic Bank International Plc. in Warri as a teller. (2003 to 2004).

Prince Akeem Owoade decided to further his education in the United Kingdom where he attended University of Sunderland (2008) and Northumbria University (2012)

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Panic As Governor’s Official Car Got Stolen

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Confusion and fear was the order of the day at one of the Government houses in the Southwest some days ago when one of the official vehicles of the Governor, a bullet-proof jeep allegedly disappeared from the garage.

The SUV which is said to be one of the three bullet-proof vehicles being used for the Governor’s official assignment was discovered missing.

The Governor who was out of the country on a short, rest leave was claimed to have been disturbed when he was alerted.

Sources claimed it wasn’t the first time things would get missing at the Governor’s private residence.

‘There had been series of thefts, ranging from missing cash, phones and other expensive items, it’s usually swept under the carpet. Indiscipline is the order of the day here’, a source confirmed this to papermacheonline.

The State Governor, a quiet individual who is spending his second time in office was said to have been disturbed by the occurrence that he had to cut short his leave and return home. One of his closest aides was also kidnapped recently.

 

 

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