Mass Resignation at Union Bank After Titan Trust Takeover as CBN approves New CEO, Directors

Mass Resignation at Union Bank After Titan Trust Takeover as CBN approves New CEO, Directors

  • Following the complete acquisition of Union Bank by Titan Trust Bank, many directors have been asked to resign or retire
  • In a newly released disclosure, no fewer than 10 executive and non-executive directors have resigned
  • The new owner has also gone ahead to announce new directors and CEO to pilot the new phase of one of Nigeria's oldest bank

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 to a controlling 89.39 per cent equity stake in the first generation bank.

On Thursday, June 2 2022, reported that the process has been finalized, with all paperwork signed, and now only awaits regulatory approval.

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Mass Resignation, Union Bank
It is a new era, a new regime for Union Bank Credit: HASG
Source: Twitter

In a notification by Union Bank to the Nigeria Exchange Group (NGX) 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.

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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 – Mark Patterson, Ian Clyne, Emeka Ogbechie, Kenroy Dowers, Taimoor Labib, and Paul Kokoricha.

Names of directors that resigned from Union Bank

  • 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 Ogbechie

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Full 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:

"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

Meanwhile, 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.

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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.


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