Mass Resignation at Union Bank After Titan Trust Takeover..

The Chief Executive Officer of Union Bank, Emeka Okonkwo, has resigned from the position after Titan Trust Bank Limited completed acquisition of the lender.

Nine other top executives of the bank also stepped down from their positions.

Titan Trust Bank Limited acquired 93.41 percent stake in Union Bank in a deal worth over N100 billion.

Ripples Nigeria analysis of Union Bank’s financial records revealed that the lender was currently valued at N182 billion.

The acquisition triggered a shake-up in Union Bank board with Mudassir Amray and Farouk Gumel taking over as CEO and Chairman respectively, while the Chairman and Non-Executive Director, Beatrice Hamza Bassey and Independent Non-Executive Director, Mrs. Obafunke Alade-Adeyefa, exited the bank.

Other Non-Executive Directors affected in the shake-up are –

Mrs. Beatrice Hamza Bassey

Mr. Emeka Okonkwo

Mrs. Obafunke Alade-Adeyefa

Mr. Richard Burrett

Mr. Ian Clyne

Mr. Kenroy Dowers

Mr. Paul Kokoricha

Mr. Taimoor Labib

Mr. Mark Patterson

Mr. Emeka OgbechieFull list of CBN approved directors of Union Bank

Mr. Farouk Mohammed Gumel- Chairman

Mr. Mudassir Amray- Chief Executive Officer

Mr. Farouk Mohammed Gumel- Non-Executive Director

Mr. Andrew Ojei- Non-Executive Director

Alhaji Abubakar Mohammed- Non-Executive Director

Mr. Lawrence Mackombo- Non-Executive Director

Other parts of Union Bank statement reads:

In a statement issued on Thursday by Union Bank, the lender said the deal began in December 2021 between majority shareholders, Union Global Partners Limited, Atlas Mara Limited and Titan Trust Bank Limited, owned by TGI Group.

In the last 24 hours, a slew of changes has happened at Union Bank of Nigeria PLC (UBN), after its takeover by Titan Trust Bank (TTB) a two-year-old bank.

The acquisition process, which was first announced on December 2021, would give TTB up with a controlling 89.39 per cent equity stake in the first generation bank.

Revealed that TGI Group, parent of TTB, has now become the majority shareholder and core investor in Union Bank ,which ultimately brought to the end Emeka Okonkwo as Chief Executive Officer.

“The Board of Directors of Union Bank also notifies the NGX of the retirement of Mr. Emeka Okonkwo as Chief Executive Officer, effective 2nd June 2022. After overseeing a seamless transition of management, Mr. Okonkwo implemented the Bank’s new strategy focused on regional coverage and continued the growth trajectory that we have seen in 2021.

Mr. Okonkwo looks forward to supporting the incoming CEO and core investor during the transition period.”Zenith, Gtbank lead list of Nigeria’s most valuable banks

in an earlier report revealed that Zenith Bank is starting 2022 as the most valuable commercial bank in Nigeria as the total value of Nigerian banks 

Closed at N194.5 billion.

In second-most valuable bank is Guaranty Trust Bank followed by Stanbic IBTC Holdings to complete the top three most valuable banks.

Also, the aggregate market cap of all the banks under review went up by N46.6 billion to stand at N3.84 trillion.