Titan Trust Bank takes over Union Bank. CEO, 9 others resign

The Chief Executive Officer of Union Bank, Emeka Okonkwo, has resigned from the position after Titan Trust Bank Limited completed acquisition of the lender.

Nine other top executives of the bank also stepped down from their positions.

Titan Trust Bank Limited acquired 93.41 percent stake in Union Bank in a deal worth over N100 billion.

Ripples Nigeria analysis of Union Bank’s financial records revealed that the lender was currently valued at N182 billion.

The acquisition triggered a shake-up in Union Bank board with Mudassir Amray and Farouk Gumel taking over as CEO and Chairman respectively, while the Chairman and Non-Executive Director, Beatrice Hamza Bassey and Independent Non-Executive Director, Mrs. Obafunke Alade-Adeyefa, exited the bank.

Other Non-Executive Directors affected in the shake-up are – Mark Patterson, Ian Clyne, Emeka Ogbechie, Kenroy Dowers, Taimoor Labib, and Paul Kokoricha.

In a statement issued on Thursday by Union Bank, the lender said the deal began in December 2021 between majority shareholders, Union Global Partners Limited, Atlas Mara Limited and Titan Trust Bank Limited, owned by TGI Group.

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The statement read: “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 hereby notifies NGX of the completion of the divestment of the Bank’s entire shareholding interest (direct and indirect) in its subsidiary, Union Bank (UK) Plc (“UBUK”), to all the shareholders in the Bank’s records as of 4th March 2022, pro-rata to their existing shareholding interests in the Bank. Consequently, UBUK is not included in the transaction with Titan Trust Bank”.

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