Union Registrars restructures for growth

As part of strategic moves to sustain its competitive edge, Union Registrars Limited, which has recently attracted a new core investor, Citadel Nominees Limited, has embarked on review of its business processes and broadening of portfolio.

Tunde Ayeni, managing director, Union Registrars Limited, who confirmed the development, explained that the company had undergone a comprehensive review of all aspects of its operations in order to shed weight and shape up in view of the inclement operating environment in Nigeria.

Ayeni explained that, the restructuring activities would cover areas such as: re-launch and re-branding of the e-channels, which is a suite of user-friendly on-line channels for easier access to Union Registrars’ services.

He also listed relocation of the head office and branches for enhanced service delivery, introduction of new products, and creation of a new brand identity and acquisition of new client company accounts.

The ongoing restructuring also entails right sizing of branch network and human capital for enhanced profitability.

He noted that the re-engineering and repositioning of the company would be driven by the vision to gain market share and create service excellence under a new ownership. On the completion of the erstwhile divestment process by the Union Group, which has been replaced by Citadel Nominees Limited as the core investor group in the company, he said, the company had no option other than to optimise its resources and opportunities in view of the reality of the operating environment

Market watchers explained that Union Registrars had undergone a trying period under its former parent body, Union Bank of Nigeria plc, due to tough business climate and the de-marketing that attended the intervention of the Central Bank of Nigeria in the parent bank.

They however noted that with the entry of a tested core investor, Citadel Nominees Limited, a comprehensive overhaul of Union Registrars Limited had begun in order to remain competitive and profitable.

Established in 1959, Union Registrars Limited, Nigeria’s premier share registration company, currently operates from a 10-branch network across Nigeria, besides the head office located in Apapa, Lagos, and supports a rich pool of multinational and local companies’ registers with a robust IT infrastructure.

The branch network easily gives Union Registrars Limited the largest retail footprint and service points nationwide. Also, the company has over a long period created ease and convenience of service for shareholders across multiple geographies through a suite of electronic service points, otherwise known as e-channels.