Titan Trust Bank To Take Over Union Bank

A combination of logos of Titan Trust Bank and Union Bank.

 

One of Nigeria’s newest commercial banks, Titan Trust Bank Limited is set to take over Union Bank of Nigeria Plc, the latter has announced.

The Company Secretary of Union Bank, Somuyiwa Sonubi, disclosed this in a statement on Thursday.

According to him, the Board of Directors of Union Bank has received a notification from Union Global Partners Ltd. (UGPL) – the holder of a majority shareholding in the bank – of the execution of a share sale and purchase agreement between UGPL, some of its other existing shareholders, and Titan Trust Bank Limited (the purchaser) for the sale of an aggregate 89.39% of the issued share capital of Union Bank held by the sellers to the purchaser.

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The completion of the transaction is, however, subject to obtaining applicable regulatory approvals and the fulfillment of certain conditions precedent.

“On behalf of the Board, we congratulate all the parties involved in reaching this phase of the transaction and the board looks forward to supporting the next steps to ensure a seamless completion of the process following regulatory approvals,” said Mrs. Beatrice Bassey who is Chair of Union Bank.

“We are grateful to our current investors whose significant and consequential investments over the past nine years facilitated the transformation of Union Bank, one of Nigeria’s oldest and storied institutions.”

Bassey believes the bank is well-positioned with an innovative product offering, a growing customer base of over six million, and consistent year on year profitability.

She described such attributes as a solid foundation for incoming investors to build on as the bank advances into a new era.

For the Chairman of Titan Trust Bank, Mr. Tunde Lemo, the bank and its key stakeholders are delighted as the transaction marks a major step in the bank’s strategic growth journey and propels the institution to the next level in the Nigerian banking sector.

“The deal represents a unique opportunity to combine Union Bank’s longstanding and leading banking franchise with TTB’s innovation-led model which promises to enhance the product and service offering for our combined valued customers,” he said.

On his part, the Chief Executive Officer (CEO) of Union Bank, Emeka Okonkwo, described the development as a significant milestone in the journey of the 104-year-old bank.

He thanked the bank’s current investors for their unwavering commitment over the years and welcomed their new core investor.

“We recognise the strategic feat between the two institutions and expect that this deal will deliver the best outcome for our employees, customers and stakeholders. We look forward to collectively writing the next exciting chapter for Union Bank.”

“After completing over two years of operations with aggressive organic growth, we are excited to have an opportunity for a significant leap forward in market share,” said Mr Mudassir Amray who is CEO of Titan Trust Bank.

“UBN’s widespread presence, state-of-the-art technology platform, quality staff, and strong brand loyalty fits well with our synchronised modular strategy. We look forward to delivering superior results for the benefit of our staff, customers, shareholders, and stakeholders.”

Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank is one of Nigeria’s long-standing financial institutions.

While it has a network of over 280 sales and service centres across the country, Titan Trust Bank began operation in October 2019.

Robbers Attack Commercial Bank, Police Station In Ondo

Scene of the robbery attack on the branch of the Union Bank in Ode-Irele town in Ondo State on November 26, 2020.

 

Armed robbers have attacked a branch of an old generation bank – Union Bank – in Ode-Irele town in Ondo State.

The bank was said to have come under attack by the armed men numbering about 30 on Thursday in Irele Local Government Area (LGA) of the state.

The Public Relations Officer of the State Police Command, Tee Leo-Ikoro, confirmed the attack to Channels Television.

He explained that before the robbers proceeded to the bank, they attacked a police station in the community.

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A branch of the Union Bank in Ode-Irele town was attacked by armed robbers in Ondo State on November 26, 2020.

 

In the process, the robbers blew the armoury of the police facility open with an explosive device and made away with some riffles.

Ikoro revealed that upon arriving at the bank, the robbers destroyed the security doors of the financial facility with an explosive device to gain access.

According to him, they carted away an undisclosed amount of cash from the bank and some persons were shut.

The command’s spokesman insisted that no fatality was recorded in the attack.

He, however, stated that a team of men highly skilled personnel of the command has been deployed after the fleeing armed robbers to apprehend them and bring them to justice.

Union Bank Reacts To EFCC’s Seizure Of $2.8m, Says Cash Transfer A ‘Legitimate’ Operation

 

Union Bank has reacted to the seizure of $2.8 million by the Economic and Financial Commission (EFCC) at the Akanu Ibiam Airport in Enugu State.

The EFCC had intercepted the cash at the Enugu airport on Friday from two people, it said were suspected money launderers.

According to the anti-graft agency, the suspects, namely Ighoh Augustine and Ezekwe Emmanuel, allegedly working for a company: Bankers Warehouse, were nabbed based on intelligence report.

It also stated that the suspects confessed to being in the business of conveying cash for “some notable banks”, for over six years and were in the process of doing same for Union Bank Plc, when they were caught.

But in a series of tweets on Friday evening, the bank defended the movement of cash across states, describing it as a legitimate process for all banks.

It also explained that the Bankers Warehouse, is licensed by the Central Bank of Nigeria (CBN) to provide Cash-in-Transit services.

The bank, therefore, criticized the anti-graft agency for releasing a statement without “completing investigations”.

Read Also: Again, EFCC Discovers Over $2m At Airport

 

Ikoyi Cash: Union Bank Challenges Final Forfeiture Of Osborne Towers Apartment

 

Union Bank of Nigeria Plc has challenged the permanent forfeiture of a property known as Flat 7b No 16, Osborne Road Ikoyi, Lagos to the Federal Government.

The property was the same one linked to the dismissed Director General of the National Intelligence Agency, Ambassador Ayo Oke where the EFCC recovered the sums of $43,449,947.00, €27,800 and N23,218,000.00 on the 12th of April, 2017.

At the Federal High Court Sitting in Lagos on Thursday, Union Bank laid claims to the flat and the building which it says came into its possession following a mortgage agreement between the bank, the original owner of the property, former PDP Chairman, Adamu Muazu and Tripple A Properties Investment Ltd.

Tripple A which is believed to be owned by Mr Muazu had allegedly used the property to secure a loan from the Union Bank sometime in 2011.

Enugu Internal Revenue Board Seals Off Eight Banks

enugu-boardThe Enugu State Board of Internal Revenue has sealed off eight banks in the metropolis, for failure to remit about 1Billion Naira tax to the government.

The exercise which started on Monday morning at about 5:30am, affected Access Bank PLC, Stanbic IBTC Bank, Skye Bank, Union Bank, Unity Bank, Heritage Bank, Keystone Bank and Sterling Bank, in the metropolis.

The Chairman, Enugu State Board of Internal Revenue, Mr Emeka Odo made this known to newsmen in Enugu, that the board obtained an order from the state High Court to seal the affected banks.

Mr Odo, said sealing of the banks which is the first phase of the enforcement exercise on the major companies and institutions will remain under lock and key, to ensure that they perform their civic obligations to the state government.

He however called on customers of the affected banks not to panic as the banks are expected to take necessary actions, to enable the government serve them better.

Fitch Ratings Reviews Nigerian Banks’ Support Rating

Fitch Ratings, First Bank, seven energyFitch Ratings has revised down the Support Rating Floors (SRF) of 10 Nigerian banks to ‘no floor’ and downgraded nine banks’ Support Ratings (SR) to ‘5’ following a reassessment of potential sovereign support for the banking sector.

As a consequence, the long-term issuer default ratings of First Bank of Nigeria Limited, FBN Holdings PLC, Diamond Bank PLC, Fidelity Bank PLC, First City Monument Bank Limited and Union Bank of Nigeria PLC are downgraded to ‘B-‘ from ‘B’, in line with their stand-alone creditworthiness as defined by their viability ratings.

The agency has affirmed the long-term IDRS of Zenith Bank PLC, Guaranty Trust Bank PLC, Access Bank PLC, United Bank for Africa PLC, Wema Bank PLC and Bank of Industry (BOI).

The downgrade of the nine banks’ SRS and the revision of 10 banks’  SRFs to ‘no floor’ reflects Fitch’s view that senior creditors can no longer rely on receiving full and timely extraordinary support from the Nigerian sovereign if any of the banks become non-viable.

Court Orders Bank To Appoint Accountant In Case Of AMCON Vs. Jimoh Ibrahim

AMCON, Asset Management, Jimoh Ibrahim, Union BankA Federal High Court sitting in Lagos has ordered Union Bank of Nigeria to nominate a chartered accountant within seven days for the purpose of carrying out a forensic audit of statement of accounts on the alleged 50 billion Naira loan allegedly granted to businessman, Mr Jimoh Ibrahim by the bank.

The accountant will work with two other accounting firms nominated by the Asset Management Corporation of Nigeria (AMCON) and Mr Jimoh Ibrahim.

At the resumed hearing of the suit on Monday, lawyer to AMCON, Yusuf Ali (SAN), informed the court that AMCON has already nominated KPMG.

Counsel to the defendants, Chief Niyi Akintola (SAN) also stated that in compliance with the directive of the court, the defendants appointed the accounting firm of Adewale Folowosele & Associates.

The court has also ordered that the joint forensic audit is to be conducted by the three chartered accountant firms within a month at the Union Bank headquarters.

The matter has been adjourned till September 28 for a report of progress or settlement.

Justice Abdulazeez Anka had on July 11 discharged an interim order granted to AMCON to take over some assets belonging to Mr Jimoh Ibrahim.

This was after the business man had submitted that the exparte order was obtained via suppression and misrepresentation of material facts by the plaintiff (AMCON) and the order was obtained in bad faith against persons who are not parties to the suit.

The applicants had in a 24-paragraph affidavit in support of their application, deposed to by one Gbenga Onilude, a litigation officer, stated that none of the properties attached in the exparte order belong to any of the defendants; NICON Investment Limited, Global Fleet Oil and Gas Limited and Barrister Jimoh Ibrahim.

Silverbird In Negotiation With AMCON To Restore Properties Seized

SILVERBIRD, AMCONThe Management of the Silverbird Group says negotiations are on course with the Asset Management Corporation of Nigeria (AMCON) over the seizure of some of its properties.

The Group Vice President of Silverbird Group, Guy Murray–Bruce, said this on Thursday in reaction to the assets of three companies belonging to the group taken over by AMCON.

He described the whole situation as a business arrangement gone south, vowing that their properties would be restored.

AMCON had alleged that the assets were being seized following the failure of the company to settle an 11 billion Naira loan owed Union Bank and acquired by the corporation.

Freezing Of Asset: Jimoh Ibrahim Asks AMCON To Jettison Plan

court-gavelBusiness Man, Jimoh Ibrahim, has asked the Asset Management Corporation of Nigeria (AMCON) to jettison an interim order of injunction it had obtained to freeze some of his assets.

In a statement sent to Channels Television in reaction to the plan to freeze his assets, the business man said: “AMCON is aware that we keep a deposit of 86 billion Naira or £172 million with Union Bank and AMCON is aware that application to collect the money from Union Bank is pending before an Ikeja High Court.

“All of these facts, it has not disclosed to an innocent Federal High Court.

“Union Bank lost the case and went for an appeal only to reappear in the guise of AMCON loan acquisition deal not known to the new court AMCON approached for an injunction”.

He further stressed that “any action taken by the bank and AMCON before the appeal is determined amounts to an abuse of court process”.

Mr Ibrahim also alleged that asset management company had gone ahead to execute the interim order even when the Judge had not signed the execution writ.

According to him, his company has filed an application to discharge the interim order.

SERAP Commends Presidency On Declaration Of Assets

serap on assets declarationA Civil Society Organisation, the Socio-Economic Rights and Accountability Project (SERAP), has said that the declaration of assets by Nigeria’s President and his Vice has set the tone for a culture of transparency in governance.

The rights group’s statement is coming a day after President Muhammadu Buhari and the Vice President, Professor Yemi Osinbajo made a public declaration of their assets,development that have been trailed by series of reactions.

A statement by SERAP lauds the President and his Vice for the gesture, saying they have demonstrated that transparency in governance is not a mirage.

SERAP said it hoped that “this public declaration of assets by the President and the Vice President would bring about the needed transformation in the institutional framework for fighting corruption in Nigeria”.

The civil rights group also asked the President to ensure that other top government officials and the ministers to be appointed would take a cue from him.

According to a statement released by the Senior Special Adviser on Media and Publicity to the President on Media and Publicity, Mr Garba Shehu, President Buhari had less than N30 million to his name. He also had only one bank account, with the Union Bank.

It also went ahead to say that the “Vice President, Professor Yemi Osinbajo, who had been a successful lawyer before his foray into politics declared a bank balance of about 94 million Naira and 900,000 United States Dollars in his bank accounts”.

Mark Mentors Win DSTV Basketball League

Mark Mentors Mark Mentors on Friday defeated Savannah Conference leaders, Kano Pillars, 79-66 to win the 2015 DSTV Premier Basketball League inside the Indoor Sports Hall of the National Stadium, Lagos.

With the result, Mark Mentors will now represent Nigeria in the FIBA-Africa Club Champions Cup as winner of the DSTV sponsored league.

Despite the last quarter of the game ending in favour of Kano Pillars, the effort was not good enough to help them retain the title they won last year at the same venue.

Kano Pillars had defeated Mark Mentors to win the title in 2014.

Mark Mentors, on their way to the 2015 final, beat Union Bank 68-53 in the semi-final while Pillars reached the finals after surviving a tough contest against Gombe Bulls in a 67-63 win.

Gombe Bulls won the third place game beating home side, Union Bank of Lagos, 63-53 points.

DSTV Basketball League: Mark Mentors, Kano Pillars To Meet In Final

mark-mentorsMark Mentors players are aiming to win the championship title as they face defending champions, Kano Pillars in the final of the DSTV Premier Basketball League on Friday, August 14.

Captain Stanley Gumut, who led all scorers with 22 points to help Mark Mentors beat Union Bank 68-53 in the semi-final, said only the title is good enough for the team.

Having lost to Pillars last season in the final, Abdul Yayaha is optimistic of beating their arch rivals.

Pillars reached the finals after surviving a tough contest against Gombe Bulls in a 67-63 win.