Tropical Normal Funding Group, the bulk shareholder of Titan Belief and Union Banks, has denied any wrongdoing within the former's acquisition of the latter.
This was as a result of it acknowledged that the purported investigative report recommending the takeover of the banks by the Federal Authorities portrayed Nigeria negatively.
The corporate's assertion was in response to the report of the Particular Investigation into the actions of the CBN and different associated entities by the Particular Investigator, Jim Obazee.
The ultimate report, which was submitted to President Bola Tinubu on Wednesday, accused former CBN Governor Godwin Emefiele of utilizing ill-gotten wealth to take over Union Financial institution and Keystone Financial institution by proxies.
However the head of Company Communications, Rafiat Gawat, mentioned in an announcement on Sunday that the $500 million capital used to pay for the transaction was clear and unquestionable and managed by extremely regarded international monetary establishments together with Rothschild and Citibank. She added that the method took years.
The assertion learn partly: “We want to state categorically that a number of the assumptions made within the alleged doc had been incorrect, leading to a conclusion that doesn’t essentially replicate precise actuality.
“The purported investigation report really helpful that the federal authorities take over the banks. Such statements, based mostly on incorrect assumptions, painting Nigeria negatively, particularly when the President is tirelessly searching for overseas funding within the nation.
“The true info of the case are as follows: Tropical Normal Funding Group is almost all shareholder of Titan Belief and Union Financial institution. We’ve got been doing enterprise in Nigeria for nearly 45 years and have grown into one of many largest corporations in West Africa. The acquisition of Union Financial institution by Titan Belief Financial institution adopted all established guidelines and laws.
“The capital of roughly $500 million used to pay for the transaction was clear and undisputed. The complete transaction was managed by extremely regarded international monetary establishments, together with Rothschild and Citibank. And like most main acquisitions, the method took years to finish.”
In response to her, the rest of the capital got here from the proceeds of TGI's sale of its Chi Restricted enterprise to Coca-Cola, all to finance the acquisition of Union Financial institution.
“A $300 million mortgage got here from the African Export-Import Financial institution and the rest of the capital got here from the proceeds of TGI's sale of its Chi Restricted enterprise to Coca-Cola, all to finance the acquisition of Union Financial institution. ”
Debunking claims that the financial institution didn’t reply to queries, Gawat defined: “The investigator's declare that Union Financial institution didn’t reply to his request for info was deceptive as all requested info was submitted on September 1, 2023. It’s a recognized proven fact that Mr Vink, who has been in Nigeria since 1978, is a senior citizen and has lately been medically suggested to limit his actions. This was communicated to the researcher with supporting paperwork.
“TGI's capital, possession and sale of Chi to a multinational like Coca-Cola are proof that Mr. Vink isn’t a proxy. The group's capability to work with famend worldwide monetary advisors and bankers is a testomony to the group's international credibility. Union Financial institution was not authorities owned and no authorities cash (CBN or AMCON) was used to buy the financial institution. The method was carefully adopted as recorded within the investigator's report.”
The financial institution urged its clients, shareholders and stakeholders to stay calm as it will do all the pieces authorized to make sure that the present misunderstanding is cleared up.
“As accountable company residents, we’re all the time prepared, prepared and in a position to help stakeholders, together with regulators, to study and perceive our Group and its actions,” the assertion mentioned.