No Govt Money Was Used To Acquire Union, Titan Trust Banks- Majority Owner Faults Report Of Tinubu’s Special Investigator
Summary
The group denied any wrongdoing in the acquisition of the latter by the former, adding that the purported investigative report recommending the takeover of the banks by the federal government portrayed Nigeria negatively. The Head of Corporate Communications, Rafiat Gawat, in a statement on Sunday, said the $500m capital used to pay for the transaction was transparent and unimpeachable and was managed by highly reputed global financial institutions including Rothschild and Citibank. The statement read in part, “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. Such declarations based on incorrect assumptions portray Nigeria negatively, especially when the President is tirelessly seeking and courting foreign investments into the country. “The true facts of the case are as follows: Tropical General Investment Group is the majority owner of Titan Trust and Union Bank.