Union Bank Dismisses Report Of Plans By Principal Owner To Sell 50% Stake as Rumours

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January 27, 2021 – Atlas Mara Limited, the sub-Saharan African financial services group and Union Bank of Nigeria, today issued the following statement in response to media reports incorrectly stating that Atlas Mara has received offers from local banks wishing to buy over Union Bank.” 

In an official statement released by Union Bank of Nigeria, signed by Somuyiwa Sonubi, Company Secretary said the unsubstantiated report was based on mere rumours and speculations.

“Our attention has been drawn to an online publication by Premium Times dated 23rd January 2021, captioned “Union Bank’s Principal Owner considering the sale of 50% stake”. Please note that the unsubstantiated report is based on mere rumours and speculations.”

“The Nigerian Stock Exchange, other regulatory agencies and members of the public are hereby advised to disregard the publication in its entirety,” the lender said.

While it is the Atlas Mara’s practice to refrain from comment on market rumours or speculation, we believe it is important to note that Atlas Mara has not received any offers from any local Nigerian bank or other bank wishing to acquire the Company’s stake in Union Bank of Nigeria (UBN).


As previously announced to the market in 2019, the Board of the Company has been exploring a wide range of strategic options with the assistance of external advisers. That process is still underway and the Company’s strategic objectives have not changed. 

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