E-Financial
Union Bank Completes Sale to Titan Trust Bank
Union Bank of Nigeria (UBN) Plc announced it has completed the transfer of its 93.41 per cent share capital to Titan Trust Bank (TTB). This comes as it also revealed it has completed the divestment of the bank’s entire shareholding interest (direct and indirect) in its subsidiary, Union Bank (UK) Plc (UBUK), to all the shareholders on the Company’s records as of March 4, 2022, pro rata to their existing shareholding interests in the Company, noting that UBUK was not included in the transaction with TTB.
According to a filing obtained from the Nigerian Exchange Limited (NGX)’s website, UBN Plc, said that the transaction which took almost half a year has now been completed and in the spirit of the change of ownership, members of Union Bank’s board have exited the bank.
It said, “Following the bank’s notification in December 2021 of the execution of a Share Sale and Purchase Agreement (SSPA) between Union Bank of Nigeria Pic’s (Union Bank) majority shareholders – 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 the NGX, Securities and Exchange Commission (SEC) and members of the public of the completion of the transaction under the SSPA, which effectively transfers 93.41 per cent of Union Bank’s issued share capital to TTB”.
Commenting on behalf of the outgoing Directors, erstwhile Board Chairman, Beatrice Hamza Bassey, said with the completion of the transaction, the current board will hand over the reins of the bank to a new board with Mr. Mudassir Amray as the Chief Executive Officer.
Her words, “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.
“I am also grateful for the trust that our minority investors placed in us for managing and running the Bank. I am very proud of all that we accomplished together during a transformative period for the Bank following the significant recapitalization of the Bank by the outgoing investors.
According to her, Union Bank was reshaped with significant investments in the technological infrastructure, a capable management team, talented and diverse work-force, first-rate governance structure, digitized bank, innovative products and channels to better serve it’s customers,which helped the bank further accelerate financial inclusion.
She thereafter wished the incoming Board of TTB every success for the future while noting that the bank will continue grow from strength to strength in servicing the financing needs of its customers.
Nigeria Deposit Insurance Corporation (NDIC) has said that it has obtained Winding up Orders for 96 out of 183 microfinance and primary mortgage banks whose licenses were revoked by the Central Bank of Nigeria (CBN) in May 2023.
Bello Hassa, managing director, NDIC, stated this at a sensitisation seminar for Judges of the Federal High Court in Lagos organised by the NDIC, to enlighten the judiciary on the intricacies of the banking industry.
Hassan said, “As at date, the Corporation had obtained Winding up Orders for 96 out of 183 Micro Finance and Primary Mortgage Banks whose licenses were revoked by the CBN in May 2023, in less than one Year of revocation.”
He added that the NDIC was committed to fulfilling its mandate of protecting depositors through bank supervision, failure resolution and liquidation so as to boost confidence in the financial system.
Speaking on the role that the judiciary plays in the fulfillment of the mandate, Hassan said, “We recognise the judiciary as one of our critical stakeholders. With this, when cases are brought before them, they can receive accelerated hearing and proclamation of Justice.”
Citing some of the achievements from previous editions of the seminar, Hassan said that instances where liquidation-related litigations experienced delays were reduced.
Central Bank of Nigeria (CBN) has withdrawn its earlier circular directing financial institutions to implement the national 0.5 per cent cyber security levy after the policy was largely resisted.
The withdrawal of the circular was announced via a statement signed by Haruna Mustafa, director, Financial Policy and Regulation, Department and Chibuzo Efobi, director, Payment System Management Department.
The apex bank confirmed the suspension in a circular issued on May 17, 2024 with reference number PSMD/DIR/PUB/LAB/017/005 addressed to commercial banks, mobile money operators, and other financial institutions.
In an earlier circular issued on May 6, 2024 with reference PSMD/DIR/PUB/LAB/017/004, the bank mandated financial institutions to charge a 0.5 per cent levy on all electronic transactions.
President Bola Tinubu last week ordered the suspension of the National Cybersecurity levy.
The Association of Bureau De Change Operators of Nigeria (ABCON) has called for the Securities and Exchange Commission (SEC) guidance and collaboration in harmonising the peer-to-peer forex sector in the country.
At an official courtesy visit to the newly appointed SEC Director-General, Dr. Timi Agama, the President of Association of Bureau de Change Operators of Nigeria (ABCON), Aminu Gwadabe, who congratulated the SEC D-G on his appointment, observed that SEC regulates the sector that continues to threaten the existence of BDCs in Nigeria through online virtual transactions platforms which give access to millions of Nigerians to trade in foreign exchange without trace and accountability.
He also explained that ABCON has invested in requisite technology to ensure the continued existence of the business and the preservation of the integrity of the sub-sector, stressing that the future of BDC’s business was digital currency. The ABCON boss said that the meeting with the SEC DG and his executive board was a follow up to an earlier online virtual consultation.
Gwadabe explained that ABCON, the umbrella body for all licensed retail foreign exchange dealers, was established in 1991 to liaise with regulators, relevant stakeholders and security agencies for a transparent retail end forex market.
Gwadabe said: “As at today, there are over 34 million Nigerians dealing in digital currency and the number is rising by about nine percent with a huge market of $9 billion annually. There are thousands of multichannel virtual currency FX platforms and none is indigenous to Nigeria, adding that P2P represents individual-to-individual transaction.
“To automate the entire foreign exchange retail market, ABCON has partnered with the Commodities Exchange Board in building the platform knowing that they have sources of foreign exchange. ABCON is willing to work with SEC towards achieving full automation of the retail end of the foreign exchange market in Nigeria.
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