Tropical General Investments (TGI) Group has refuted allegations suggesting that the former governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has interests in Union Bank and Titan Bank, both subsidiaries under TGI. The denial comes in response to media reports connecting Emefiele to the acquisition of Union Bank Limited.
In a statement signed by Ms. Rafiat Gawat, the Head of Corporate Communications at TGI Group, the company clarified that some assumptions in the purported document linking Emefiele to Union Bank and Titan Bank were incorrect. TGI asserted its majority ownership of Titan Trust and Union Banks, emphasizing its nearly 45 years of business operations in Nigeria and its substantial contributions to the economy.
The statement highlighted TGI’s role as an exemplary corporate citizen, employing over 20,000 people and paying over N50 billion in taxes annually. The acquisition of Union Bank by Titan Trust Bank adhered to all laid-down rules and regulations, with a transparent and unimpeachable capital of approximately $500 million. The financing included a $300 million loan from the African Export-Import Bank (Afrexim) and the rest from the proceeds of TGI’s sale of Chi Limited business to Coca-Cola.
The statement criticized the purported investigation report recommending the federal government take over the banks, expressing concern about the negative portrayal of Nigeria, especially when the President is seeking foreign investments into the country.
TGI, operating in 13 countries across various sectors, including agribusiness, industrial chemicals, real estate development, and financial services, clarified its commitment to continued expansion, innovation, and investments for a digitally empowered future.
In a related development, economist and former deputy governor at the Central Bank of Nigeria, Kingsley Moghalu, criticized what he termed the media trial of Godwin Emefiele. Moghalu noted concerns about the leakage of a sensitive report before the President and the government had reviewed it, emphasizing the potential damage to Nigeria’s economy, image, and the institution of the CBN. While advocating for accountability, Moghalu urged a holistic approach to combating corruption and emphasized the need for governance overhaul in Nigeria’s political leadership culture.
