Union Bank Completes Sale of Stake to Titan Trust Lender


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

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

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

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

Union Bank’s Board of Directors also announced the appointment of Mudassir Amray as Chief Executive Officer, effective June 2, 2022. Prior to being appointed as CEO, Amray spearheaded the establishment of Titan Trust Bank Limited and later became the general manager of the bank. Pioneer CEO in October 2019.

The bank has also appointed Farouk Mohammed Gumel as the bank’s chairman. Farouk Gumel is Executive Director of TGI Group.

He is also Chairman of the Board of Wacot Rice Ltd, a subsidiary of TGI Group, and Non-Executive Chairman of the Nigeria Sovereign Investment Authority (NSIA).

Prior to joining TGI, Gumel was a partner at PwC and responsible for the advisory/advisory business in West Africa, covering Nigeria, Ghana, Liberia, Sierra Leone and Angola.

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“Following the notification by Union Bank of Nigeria plc in December 2021 of the execution of a Share Sale and Purchase Agreement (SSPA) between the majority shareholders of the bank – 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 completion of the transaction under the SSPA, which effectively transfers 93.4% of Union Bank’s issued share capital to TTB,” the statement read.

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

Commenting on behalf of the outgoing directors, Beatrice Hamza Bassey, former chair of the board, said. “Earlier today, we achieved an important milestone with the completion, after regulatory approval, of the landmark transaction announced in December 2021 between the bank’s major shareholders and Titan Trust Bank. As is normal for transactions like this, the current board and CEO, Emeka Okonkwo, has retired and handed over the reins of the bank to a new board and Mudassir Amray as CEO. The entire Board of Directors congratulates the parties for this historic transaction.

It was a privilege and an honor to have chaired and served on the Board of Trustees that oversaw the preservation and transformation of one of Nigeria’s most iconic institutions. The significant investments made over the past ten years by exiting investors, together with the vision, wise counsel and direction of our directors have helped us to implement the strategic objectives we set for ourselves and have laid the foundations for this new era of growth for the bank.

I extend my sincere thanks and appreciation to Okonkwo, the management team and all staff of the bank and outgoing directors for their diligent and committed service over the years. I am also grateful for the trust that our minority investors place in us for the management and management of the Bank. I am very proud of all that we have achieved together during a period of transformation for the bank following the significant recapitalization of the bank by exiting investors. We reshaped the bank with significant investments in technology infrastructure, hired a capable management team, attracted a talented and diverse workforce, established a best-in-class governance structure, digitized the bank, introduced products and innovative channels to better serve our clients, became a leader in sustainability, attracted significant funding, especially from DFI partners, and launched the innovative Alpher Women’s Initiative which will help us further accelerate financial inclusion .

We wish Titan Trust Bank, the new Board of Directors and Amray every success for the future and look forward to seeing the bank continue to strengthen to meet the funding needs of our customers.


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