Union Bank Acquisition: Tunde Lemo Speaks, Says He’s Titan’s Nominal Shareholder

1 min read

Chairman of Titan Trust Bank, Mr Tunde Lemo has made further clarifications on the year-end acquisition of the 104-year-old Union Bank by the two-year-old Titan Trust Bank.


In a tersely worded message issued on Christmas Day, Lemo said that he is just a nominal shareholder of Titan Trust, but was made Board Chairman to provide leadership given his pedigree.

Titan’s Union Bank Acquisition A Rescue Or Inorganic Growth Mission?

Here’s the full text of his statement:

“Thank you very much for your messages of felicitation and congratulations on the proposed acquisition of UBN by my bank- Titan Trust Bank.


“I however need to make more clarifications on the ownership structure of Titan. The bank is 85% owned by Vinc Corporation- a foreign company. The local shareholders own the balance and shareholding is dispersed.


“My shareholding is therefore very tiny and insignificant. I am only providing leadership”.

How Tunde Lemo’s Titan Trust Bank Acquired 90% Union Bank Shares

Titan trust Bank is owned by the TGI’s parent company, Vinc Corporation  which is a conglomerate of 24 companies, out of which Chi Limited that was recently sold to Coca Cola for $1bn, is the most popular.


They are in almost every sector of the economy from Agric to Pharmaceuticals, FMCG to Trading and others.


Titan, which started operations late 2018, was their first foray into the financial services sector. They have the ambition of becoming a tier 1 bank within a maximum of 7 years and therefore were always going to pursue inorganic growth.


The desire of the Private Equity Companies that owned UBN to sell matched their appetite and intention hence the deal.


Industry analysts believe that this is probably the first deal within the banking industry that is arising out of such alignment of objectives rather than out of a need to rescue the target bank.


Nigerians are waiting eagerly to see what they will do with the brand.

To achieve a Tier One growth in seven years, Titan will have to buy First Bank, and perhaps another Tier Two Bank like Fidelity Bank.



Support Investigative Journalism and Mentorship

Courageous Journalism of Truth,Transparency and Development is in the DNA of Prime Business Africa; By donating as little as N1000 or $1 today, you are helping to keep credible journalism and life-changing information free for all.

Etim Etim Author
Etim Etim
+ posts

ETIM ETIM is a journalist, banker and author. He has been a member of the Editorial Board of The Guardian, a Regional Manager in Access Bank and is currently a Columnist in Prime Business Africa, The Cable and Businessday newspapers.

READ ALSO  The Big Money Probe: What Lies Ahead For Man City As Relegation From Premier League Haunts Treble Kings? 

He is also the Chief Executive of Stein Meyer Communications, a major media consultancy and the author of the best-selling book, "Akwa Ibom Heroes: Inside Story of the Fight for Abrogation of Onshore-Offshore Oil Dichotomy" and co-author of another book, "Osinbajo Strides: Defining Moments of an Innovative Leader".

READ ALSO  COP28: OPEC Urges Members To Reject Fossil Fuel Phase-Out, Stresses Emission Cuts
+ posts