Union Bank Completes Transfer of 93.41% Shareholding To Titan Trust Bank

Union Bank of Nigeria Plc, on Thursday, confirmed that it has completed the sale of majority 93.41% shareholding from Atlas Mara Limited, among others to Titan Trust Bank Limited, following the receipt of regulatory approvals.

The bank in a statement recalled notifying in December 2021 that it has executed a Share Sale and Purchase Agreement (SSPA) between its majority shareholders – Union Global Partners Limited, Atlas Mara Limited, et al, and TTB.

In the statement, it said following approvals of the Nigerian Exchange Limited (NGX), and the Securities & Exchange Commission (SEC), it said the transaction has been completed the transaction under the SSPA, which effectively transfered the majority stake in Union Bank to TTB.

By the completion of the transaction, the statement by Somuyiwa Sonubi, Company Secretary of Union Bank of Nigeria, explained, TGI Group, the parent of TTB, is now the majority shareholder and core investor in Union Bank.

This, the statement noted, includes the complete divestment of the UBN’s entire shareholding interest (direct and indirect) in its subsidiary, Union Bank (UK) Plc, to all the shareholders in the bank’s records as of March 4, 2022, pro rata to their existing shareholding interests in the bank.

Consequently, it said, Union Bank UK “is not included in the transaction with Titan Trust Bank.

Also, following the completion of the transaction, the statement announced the resignation and retirement of its entire board of directors namely: the chairman, Mrs. Beatrice Hamza Bassey; Emeka Okonkwo, Chief Executive Officer; Mrs. Obafunke Alade-Adeyefa, Independent Non-Executive Director; Richard Burrett, Non-Executive Director; Ian Clyne, Non-Executive Director; Kenroy Dowers, Non-Executive Director; Paul Kokoricha, Non-Executive Director; Taimoor Labib, Non-Executive Director; Mark Patterson, Non-Executive Director; and Emeka Ogbechie, Non-Executive Director.

Commenting on “the epoch-making transaction” announced in December 2021 between the bank’s core shareholders and Titan Trust Bank. Mrs. Bassey said it is normal in transactions such as this for the current board to retire and handed over the reins of the bank to the new board.

She described “a privilege and honor to have chaired and served on the board that oversaw the preservation and transformation of one of Nigeria’s most iconic institutions. The significant investments made over the last ten years by the outgoing investors, along with the vision, astute counsel and direction of our directors helped us implement the strategic objectives that we set and laid the foundation for this new era of growth for the bank.

“I extend my heartfelt thanks and gratitude to Mr. Okonkwo, the Management team and entire Staff of the Bank as well as the retiring directors for their diligent and committed service over the years. I am also grateful for the trust that our minority investors placed in us for managing and running the Bank. I am very proud of all that we accomplished together during a transformative period for the bank following the significant recapitalization of the Bank by the outgoing investors.

The statement also announced the reconstitution of its board with the approval of the Central Bank of Nigeria (CBN) and appointment of new directors including Mudassir Amray, CEO, with effect from June 2, 2022; Farouk Mohammed Gumel, Non-Executive Director; Andrew Ojei, Non-Executive Director; Alhaji Abubakar Mohammed, Non-Executive Director; Lawrence Mackombo, Non-Executive Director.

Gumel is also Group Executive Director for TGI Group and also the Chairman of Directors at Wacot Rice Ltd, a subsidiary company of TGI Group, and NonExecutive Chairman at the Nigeria Sovereign Investment Authority (NSIA).

Prior to joining TGI, Gumel, who holds a BSc. in Materials Technology (Leather) from the University of Northampton and an MSc, in Clean Technology from Newcastle University who holds a the statement added, was a Partner at PwC and Head of the West African Advisory/Consulting business, covering Nigeria, Ghana, Liberia, Sierra Leone, and Angola, is a chartered accountant with Institute of Chartered Accountant of Nigeria and a Fellow of the Institute of Chartered Accountants in England and Wales.

Andrew Ojei, a Fellow of The Institute of Chartered Accountants of Nigeria and council member of The Institute of Credit Administration of Nigeria with over 28 years of experience in financial services.

Ojei, who holds a BSc. in Accounting from the University of Lagos and an MBA from the

Enugu State University of Science and Technology, was previously an Executive Director of Zenith Bank Plc in charge of Enterprise Risk Management.

Alhaji Mohammed is the Managing Director of Syndicated Investment limited, a construction firm, and Chairman/CEO of GP Impex Limited, a security, contracting and trading company.

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