The Nigerian Exchange Limited (NGX), the Securities and Exchange Commission (SEC), and other stakeholders have been notified of changes to Union Bank of Nigeria Plc’s board of directors and the completion of the sale and transfer of 93.41 percent of the bank’s issued share capital to Titan Trust Bank Limited.
The merger was completed through a share sale and purchase agreement, and is regarded as one of the greatest acquisition deals in the history of Nigeria’s banking industry (SSPA).
The former board, chaired by Beatrice Hamza Bassey, has been disbanded in order for a new one to be formed, based on the new holdings. After a months-long transition phase, the new board took over yesterday.
Farouk Mohammed Gumel, TGI Group’s group executive director, is the new board’s chairman (the parent company of Titan Trust).
Gumel also serves on the board of the Nigeria Sovereign Investment Authority as a non-executive chairman (NSIA)
Mudassir Amray, the bank’s chief executive officer, has a long history with Citibank and other international and domestic financial institutions.
Amray was instrumental in the founding of Titan Trust and was named the bank’s first CEO in 2019.
Andrew Ojei, a former executive director of Zenith Bank Plc, Abubakar Mohammed, managing director of Syndicated Investment Limited, and Lawrence Mackombo round out the board.
Titan Trust has acquired 93.41 percent of its share capital from the largest owners, Union Global Partners Limited, Atlas Mara Limited, and others, according to the prime bank.
The purchase was completed with “all requisite regulatory approvals,” according to a statement released by the bank yesterday.
Former majority shareholders have divested in accordance with the “NGX Rule Book and the modifications to the listing regulations,” while previous board members have either retired or resigned.
As a result, TGI Group, Titan’s parent firm, has become the bank’s main stakeholder.
TGI Group, the parent company of TTB, has now become the majority stakeholder and key investor in Union Bank, as announced by Union Bank to the NGX.
“Union Bank hereby notifies the NGX of the completion of the Bank’s entire shareholding interest (direct and indirect) in its subsidiary, Union Bank (UK) Plc (UBUK) to all shareholders on the Company’s records as of March 4, 2022, pro-rata to their existing shareholding interests in the company,” the bank stated.