Acquisition of Union Bank Rocks Mass Resignation

Acquisition of Union Bank Rocks Mass Resignation
Acquisition of Union Bank Rocks Mass Resignation

Following Titan Trust Bank’s acquisition of Union Bank Nigeria (UBN) Plc, many directors have been asked to resign or retire (TTB).

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

On May 31, 2022, the ICIR reported that the process had been completed.

On that date, trading reports at the Nigerian Exchange (NGX) revealed that 27.34 billion ordinary shares of UBN were swapped in a block divestment.

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

The trade value of the transaction was N194.356 billion.

Union Bank informed the Nigeria Exchange Group (NGX) that TGI Group, the parent company of TTB, has now become the majority shareholder and core investor in Union Bank.

It also advised ten directors to resign or retire.

“Union Bank hereby notifies the NGX of the resignation and subsequent retirement of the following Directors from Union Bank’s Board of Directors:

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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Mrs. Beatrice Hamza Bassey, former Chair of the Board, stated on behalf of the outgoing directors, “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 customary in such transactions, the current board and CEO, Mr. Emeka Okonkwo, retired and handed over the reins of the bank to a new Board and Mr. Mudassir Amray as the new CEO.” The board as a whole congratulates the parties on this historic transaction.

Bassey thanked the Union Bank’s management and employees, as well as the retiring directors, for their years of service.

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

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

The Union Bank board also appointed Gumel as chairman, with Amray taking over as CEO on June 2, 2022.

TTB was founded on December 12, 2018. On April 26, 2019, it began operations as a commercial national bank after receiving its national banking license.

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