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Mass resignation trails Union Bank’s acquisition

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Many directors have been asked to resign or retire following the completion of the acquisition of Union Bank Nigeria (UBN) Plc by Titan Trust Bank (TTB).

The acquisition process, which began last year, would give TTB up to a controlling 89.39 per cent equity stake in the first generation bank.

The ICIR reported on May 31, 2022, that the process had been finalized.


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Trading reports at the Nigerian Exchange (NGX) on that date revealed that no fewer than 27.34 billion ordinary shares of UBN were swapped in block divestment.

The cross deal was the culmination of the transaction between TTB and Union Global Partners Limited, Atlas Mara Limited, and other shareholders.

The trade value of the deal amounted to the sum of N194.356 billion.

A notification by Union Bank to the Nigeria Exchange Group (NGX) revealed that TGI Group, parent of TTB, has now become the majority shareholder and core investor in Union Bank.

It also recommended 10 directors to either resign or retire.

The notification stated, “Union Bank hereby notifies the NGX of the resignation and subsequent retirement of the following Directors from the Board of Union Bank:

1. Mrs. Beatrice Hamza Bassey, Chair/Non-Executive Director;
2. Mr. Emeka Okonkwo, Chief Executive Officer;
3. Mrs. Obafunke Alade-Adeyefa, Independent Non-Executive Director;
4. Mr. Richard Burrett, Non-Executive Director;
5. Mr. Ian Clyne, Non-Executive Director;
6. Mr. Kenroy Dowers, Non-Executive Director;
7. Mr. Paul Kokoricha, Non-Executive Director;
8. Mr. Taimoor Labib, Non-Executive Director;
9. Mr. Mark Patterson, Non-Executive Director; and
10. Mr. Emeka Ogbechie, Non-Executive Director.”

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Commenting on behalf of the outgoing directors, erstwhile Chair of the Board, Mrs. Beatrice Hamza Bassey, said, “Earlier today, we reached a significant milestone with the completion, after regulatory approvals, of the epoch-making transaction announced in December 2021 between the Bank’s core shareholders and Titan Trust Bank.

“As is normal for transactions such as this, the current board and CEO Mr. Emeka Okonkwo, retired and handed over the reins of the bank to a new Board and to Mr. Mudassir Amray as the new Chief Executive Officer. The entire board congratulates the parties on this landmark transaction.”

Mudassir Amray

Bassey expressed gratitude to the Union Bank management and members of staff, as well as the retiring directors for their service over the years.

The lender announced that the Central Bank of Nigeria (CBN) has approved the appointment of Amray as the new Chief Executive Officer of the bank.

The board would be reconstituted with Farouk Mohammed Gumel, Andrew Ojei, Abubakar Mohammed and Lawrence Mackombo as non-executive directors.

The Union Bank board also appointed Gumel as the bank’s chairman, while Amray’s tenure as CEO is effective June 2, 2022.

TTB was established on December 12, 2018. It started operating as a commercial national bank after obtaining its national banking licence on April 26, 2019.

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A former deputy governor in charge of operations at the CBN, Tunde Lemo, is the chairman of TTB, while Amray is the managing director.

Author profile

Experienced Business reporter seeking the truth and upholding justice. Covered capital markets, aviation, maritime, road and rail, as well as economy. Email tips to jolaoluwa@icirnigeria.org. Follow on Twitter @theminentmuyiwa and on Instagram @Hollumuyiwah.

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