Fakoyejo Olalekan
Titan Trust Bank Limited finally acquired Union Bank of Nigeria on Thursday, after receiving the approval of the Central Bank of Nigeria (CBN). The takeover of UBN led to a massive exit among the board of directors.
The subsidiary of TGI Group, acquired 93.41% ownership of Union Bank from Union Global Partners Limited and Atlas Mara Limited, which has been selling its stake in financial institutions across Africa, in line with its plan to exit the continent’s financial markets.
Join our WhatsApp Channel“Following Union Bank of Nigeria Plc’s notification in December 2021 of the execution of a Share Sale and Purchase Agreement (SSPA) between the Bank’s majority shareholders – Union Global Partners Limited, Atlas Mara Limited, et al. – and Titan Trust Bank Limited (TTB), and the subsequent receipt of all necessary regulatory approvals, Union Bank hereby notifies Nigerian Exchange Limited (NGX), the Securities & Exchange Commission and members of the public of the completion of the transaction under the SSPA, which effectively transfers 93.41% of Union Bank’s issued share capital to TTB.
“Consequently, in compliance with NGX, Rulebook and the Amendments to the Listing Rules, Union Bank hereby notifies NGX, our esteemed stakeholders and the investing public of the following: “Union Bank hereby notifies NGX that with the completion of the transaction, TGI Group, parent of TTB, now becomes the majority shareholder and core investor in Union Bank.” Union Bank said in a statement to the Nigerian Exchange Limited (NGX).
READ ALSO: CBN Releases Guidelines On Bank Neutral Cash Hubs
While the impact of the acquisition on Union Bank’s general workforce can’t be ascertained as at the time of filing this report, about nine members of the board of directors had to resign from their position to give way to the representatives of Titan Trust Bank Limited and TGI Group.
The affected top executives includes, the Chief Executive Officer prior to the acquisition of Union Bank, Emeka Okonkwo, and Chair, Beatrice Bassey, who was also a Non-Executive Director. They were both replaced by Mudassir Amray and Farouk Gumel, respectively.
The board shake up that trailed the acquisition also cost Paul Kokoricha, Kenroy Dowers, Mark Patterson, Ian Clyne, Taimoor Labib, and Emeka Ogbechie their Non-Executive Director positions in the company worth about N182 billion..
Titan Trust Bank Limited finally acquired Union Bank of Nigeria on Thursday, after receiving the approval of the Central Bank of Nigeria (CBN). The takeover of UBN led to a massive exit among the board of directors.
The subsidiary of TGI Group, acquired 93.41% ownership of Union Bank from Union Global Partners Limited and Atlas Mara Limited, which has been selling its stake in financial institutions across Africa, in line with its plan to exit the continent’s financial markets.
“Following Union Bank of Nigeria Plc’s notification in December 2021 of the execution of a Share Sale and Purchase Agreement (SSPA) between the Bank’s majority shareholders – Union Global Partners Limited, Atlas Mara Limited, et al. – and Titan Trust Bank Limited (TTB), and the subsequent receipt of all necessary regulatory approvals, Union Bank hereby notifies Nigerian Exchange Limited (NGX), the Securities & Exchange Commission and members of the public of the completion of the transaction under the SSPA, which effectively transfers 93.41% of Union Bank’s issued share capital to TTB.
“Consequently, in compliance with NGX, Rulebook and the Amendments to the Listing Rules, Union Bank hereby notifies NGX, our esteemed stakeholders and the investing public of the following: “Union Bank hereby notifies NGX that with the completion of the transaction, TGI Group, parent of TTB, now becomes the majority shareholder and core investor in Union Bank.” Union Bank said in a statement to the Nigerian Exchange Limited (NGX).
While the impact of the acquisition on Union Bank’s general workforce can’t be ascertained as at the time of filing this report, about 9 members of the board of directors had to resign from their position to give way to the representatives of Titan Trust Bank Limited and TGI Group.
The affected top executives includes, the Chief Executive Officer prior to the acquisition of Union Bank, Emeka Okonkwo, and Chair, Beatrice Bassey, who was also a Non-Executive Director.
They were both replaced by Mudassir Amray and Farouk Gumel, respectively. Independent Non-Executive Director, Obafunke Alade-Adeyefa, also exited Union Bank.
The board shake-up that trailed the acquisition also cost Paul Kokoricha, Kenroy Dowers, Mark Patterson, Ian Clyne, Taimoor Labib, and Emeka Ogbechie their Non-Executive Director positions in the company worth about N182 billion..
