BY BAMIDELE FAMOOFO
Following the completion of the process of the takeover of Union Bank of Nigeria Plc by Titan Trust Bank Limited, the board members of the bank have been forced to quit.
Beatrice Hamza Bassey Chair/Non-Executive Director and Chief Executive Officer, Emeka Okonkwo, were two out of the 10 people on the board that lost their elevated positions to the acquisition deal by Titan Trust Bank.
Meanwhile, the Central Bank of Nigeria has approved the appointment of a new board of directors led by Mudassir Amray as Chief Executive Officer.
Four other people on the board are Farouk Mohammed Gumel, Non-Executive Director; Andrew Ojei, Non-Executive Director; Abubakar Mohammed, Non-Executive Director and Lawrence Mackombo, Non-Executive Director.
In December 2021, Titan Trust Bank initiated a takeover process of Union Bank of Nigeria Plc through a Share Sale and Purchase Agreement between the Bank’s majority shareholders – Union Global Partners Limited, Atlas Mara Limited, et al.
Titan Trust Bank Limited in a letter to the Nigerian Exchange Limited on Thursday disclosed that it has received all necessary regulatory approvals which makes it a bona fide owner of Union Bank.
“Union Bank hereby notifies Nigerian Exchange Limited (NGX), the Securities & Exchange Commission and members of the public of the completion of the transaction under the SSPA, which effectively transfers 93.41% of Union Bank’s issued share capital to TTB,” the statement read in part.
The statement signed by Somuyiwa Sonubi, Company Secretary of Union Bank further stated that, “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. Consequently, UBUK is not included in the transaction with Titan Trust Bank.”
Commenting on behalf of the outgoing Directors, erstwhile Chair of the Board, Beatrice Hamza Bassey 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 Mr. Emeka Okonkwo retired and handed over reins of the Bank to a new Board and to Mr. Mudassir Amray as CEO. The entire Board congratulates the parties on this landmark transaction. It has been a privilege and honor 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.”
