Union Bank completes sale of shareholding to Titan Trust Lender

Union Bank plc has announced the successful completion of its shareholding transaction by effectively transferring 93.41 percent of its issued share capital to Trust Bank Limited (TTB), the new owner.

The bank disclosed this in a statement notifying NGX that with the completion of the transaction, TGI Group, parent of TTB, now becomes the majority shareholder and core investor in Union Bank.

“Union Bank hereby notifies NGX of the completion of the divestment of the Bank’s entire shareholding interest (direct and indirect) in its subsidiary, Union Bank (UK) plc (“UBUK”), to all the shareholders in the bank’s records as of 4th March 2022, pro rata to their existing shareholding interests in the bank,” the statement said.

Consequently, UBUK is not included in the transaction with Titan Trust Bank, the statement noted.

The board of directors of Union Bank also announced the appointment of Mudassir Amray as the chief executive officer, effective June 2, 2022. Prior to being appointed the CEO of the CEO, Amray led the establishment of Titan Trust Bank Limited and subsequently became the bank’s pioneer CEO in October 2019.

The bank also appointed Farouk Mohammed Gumel as the bank’s chairman. Farouk Gumel is group executive director for TGI Group.

He is also the chairman, board of directors at Wacot Rice Ltd, a subsidiary company of TGI Group, and non-executive chairman at the Nigeria Sovereign Investment Authority (NSIA).

Prior to joining TGI, Gumel was a partner at PwC and head of the West African advisory/consulting business, covering Nigeria, Ghana, Liberia, Sierra Leone, and Angola.

“Following Union Bank of Nigeria plc’s notification in December 2021 of the execution of a Share Sale and Purchase Agreement (SSPA) between the bank’s majority shareholders – Union Global Partners Limited, Atlas Mara Limited, et al. – and Titan Trust Bank Limited (TTB), and the subsequent receipt of all necessary regulatory approvals, Union Bank hereby notifies Nigerian Exchange Limited (NGX), the Securities and Exchange Commission and (SEC) members of the public of the completion of the transaction under the SSPA, which effectively transfers 93.4 percent of Union Bank’s issued share capital to TTB,” the statement.

The bank notified NGX of the resignation and subsequent retirement of the 10 directors from the board of union bank:

Commenting on behalf of the outgoing directors, Beatrice Hamza Bassey, erstwhile chair of the board, 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 Emeka Okonkwo retired and handed over reins of the bank to a new board and to Mudassir Amray as CEO. The entire board congratulates the parties on this landmark transaction.

It has been a privilege and honour to have chaired and served on the board that oversaw the preservation and transformation of one of Nigeria’s most iconic institutions. The significant investments made over the last ten years by the outgoing investors, along with the vision, astute counsel and direction of our directors helped us implement the strategic objectives that we set and laid the foundation for this new era of growth for the bank.

I extend my heartfelt thanks and gratitude to Okonkwo, the management team and entire staff of the bank as well as the retiring directors for their diligent and committed service over the years. I am also grateful for the trust that our minority investors placed in us for managing and running the Bank. I am very proud of all that we accomplished together during a transformative period for the bank following the significant recapitalisation of the bank by the outgoing investors. We reshaped the bank with significant investments in the technological infrastructure, hired a capable management team, attracted a talented and diverse work-force, established a first-rate governance structure, digitised the bank, introduced innovative products and channels to better serve our customers, became a leader in sustainability, attracted significant funding, especially with DFI partners, and launched the innovative Alpher Women’s Initiative which will help us further accelerate financial inclusion.

We wish Titan Trust Bank, the incoming board of directors and Amray every success for the future and look forward to seeing the bank continue from strength to strengthen in servicing the financing needs of our customers.”

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.