Tropical General Investment Group Denies Wrongdoing in Union Bank Acquisition

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Tropical General Investment Group, the majority owner of Titan Trust and Union Banks, has refuted allegations of wrongdoing in the acquisition of Union Bank. The denial comes in response to a special investigation report submitted to President Bola Tinubu, which accused the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, of using ill-gotten wealth to acquire Union Bank and Keystone Bank through proxies.

In a statement, Tropical General Investment Group explained that the $500 million capital used for the transaction was transparent and managed by reputable global financial institutions, including Rothschild and Citibank. The company emphasized that the acquisition followed all laid-down rules and regulations, and the process took years to complete.

The Head of Corporate Communications, Rafiat Gawat, stated that some assumptions in the investigative report were incorrect, leading to conclusions that do not reflect the actual reality. The company expressed concern that such declarations could portray Nigeria negatively, especially when the country is seeking foreign investments.

Gawat debunked claims that Union Bank did not respond to information requests, clarifying that all requested information was submitted on September 1, 2023. The statement reassured customers, shareholders, and stakeholders that the company would take legal measures to clarify the misunderstanding.

Source: Premium Times

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