E-Financial
Titan Trust Bank Acquires Union Bank
Titan Trust Bank Limited (TTB), one of the fastest-growing and customer-centric financial service providers in Nigeria, has acquired Union Bank of Nigeria Plc.
This followed an agreement by Union Global Partners Limited, Atlas Mara Limited and other majority shareholders to divest 88.39 per cent shareholding in Union Bank to Titan Trust Bank.
The board of Union Bank of Nigeria Plc in a notification to the Nigerian Exchange Limited (NGX) and the Securities Exchange Commission (SEC) on Thursday, explained that the agreement, which is subject to regulatory approvals and other financial conditions, would upon completion transfer 89.39 percent of Union Bank’s issued share capital to Titan Trust Bank.
Commenting on the transaction, Mrs. Beatrice Hamza Bassey, chairman, Union Bank, said: “On behalf of the Board, we congratulate all the parties involved in reaching this phase of the transaction and the Board looks forward to supporting the next steps to ensure a seamless completion of the process following regulatory approvals.
“We are grateful to our current investors whose significant and consequential investments over the past nine years facilitated the transformation of Union Bank, one of Nigeria’s oldest and storied institutions. Today, the bank is well-positioned with an innovative product offering, a growing customer base of over six million and consistent year on year profitability.
“This is a solid foundation for our incoming investors to build on as we move into a new era for the bank.”
According to Mr. Tunde Lemo, chairman, Titan Trust Bank: “The Board of Titan Trust Bank and our key stakeholders are delighted as this transaction marks a key step for Titan Trust in its strategic growth journey and propels the institution to the next level in the Nigerian banking sector.
“The deal represents a unique opportunity to combine Union Bank’s longstanding and leading banking franchise with TTB’s innovation-led model which promises to enhance the product and service offering for our combined valued customers.” He said.
Mr. Emeka Okonkwo, chief executive officer, Union Bank, noted: “This transaction marks a significant milestone in the journey of our 104-year old Bank. Whilst thanking our current investors for their unwavering commitment to the Bank over the years, we welcome our new core investor, TTB. We recognize the strategic fit between the two institutions and expect that this deal will deliver the best outcome for our employees, customers and stakeholders. We look forward to collectively writing the next exciting chapter for Union Bank.
On his part, Mr. Mudassir Amray, chief executive officer, Titan Trust Bank, said: “After completing over two years of operations with aggressive organic growth, we are excited to have an opportunity for a significant leap forward in market share. UBN’s widespread presence, state of the art technology platform, quality staff and strong brand loyalty fits well with our synchronized modular strategy. We look forward to delivering superior results for the benefit of our staff, customers, shareholders, and stakeholders.”
According to the statement, Rothschild & Cie acted as financial adviser and White & Case LLP and Banwo & Ighodalo acted as legal advisers respectively, to the selling shareholders of Union Bank, while Citigroup Global Markets Limited also acted as financial adviser, Pricewaterhouse Coopers as due diligence partner, Norton Rose Fulbright LLP, Drew Law Practise and G. Elias & Co. acted as legal advisers respectively to TTB.
Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank is a household name and one of Nigeria’s long-standing and most respected financial institutions. The Bank has a network of over 280 Sales and Service Centers across Nigeria. Union Bank is focused on Retail, Commercial and Corporate Banking businesses.
The lender commenced operation in October 2019 with a strong capital base and has demonstrated precision in execution of its strategy by showing tremendous growth, even in difficult times.
In just two years of existence, the bank has grown to earn the confidence of the banking public, offering quality banking services at a cutting-edge technology that enables its customers to enjoy banking services through a wide range of channels.
Titan Trust Bank has received industry-wide recognition, having been named ‘Best Trade Finance Provider in Nigeria’ for 2022 (for the second year running) by the New York-based Global Finance Magazine World’s Best Trade Finance Providers Awards and ‘Best New Commercial Banking Brand’ and ‘Fastest Growing Digital Banking Brand’ for 2021.
Nigerian Computer Society (NCS) has expressed concern over the Federal Government’s decision to replace Remita Payment Service Ltd with the Treasury Management and Revenue Assurance System.
Dr. Sirajo Aliyu, president, NCS, who spoke a press conference in Lagos, highlighted the potential impact of the decision on Nigeria’s indigenous Information Technology (IT) sector.
Remita, a subsidiary of SystemSpecs Software Technology Group, has provided payment solutions for individuals and organisations for nearly two decades, maintaining a 100 per cent Nigerian workforce. The government’s move, announced on 4 March, has raised concerns about its implications for local IT firms and the wider economy.
Dr Aliyu warned that replacing Remita could send the wrong message to local IT companies, discouraging investment in homegrown technological solutions.
He emphasised that the Treasury Single Account (TSA), powered by Remita, was a fully indigenous project that had been globally recognised for its success.
“We are concerned that this decision could undermine confidence in Nigeria’s IT industry.”
“While the government has the right to make changes, such decisions should involve extensive consultation with stakeholders to avoid unintended consequences,” Aliyu stated.
He added that the TSA had improved transparency, increased government savings, and enhanced operational efficiency in fund management. The sudden replacement of the platform, he cautioned, could disrupt these benefits.
Prof. Charles Onyeukwu, vice-president, NCS, also urged the government to reconsider its decision, noting that Remita had been selected through a rigorous process involving both local and international firms.
He suggested that instead of replacing the system, an Application Programming Interface (API) could be introduced to allow additional service providers to integrate with it.
“We believe a collaborative approach would ensure continuity while enhancing the system’s functionality,” Onyeukwu said.
A memo from the Office of the Accountant-General of the Federation confirmed that the Treasury Management and Revenue Assurance System would be implemented in two phases, starting on 4 March 2025.
The new system is designed to streamline revenue collection and payments across ministries, departments, and agencies.
The NCS, Nigeria’s premier body for computing and IT professionals, has called on the government to engage with Remita and other stakeholders to find a solution that supports both national development and the growth of the indigenous IT sector.
Flutterwave, an African payments technology company, said yesterday it has received approval from Ghana’s Central Bank to provide inward remittance services.
This development, according to the business, reinforces Flutterwave’s aim to simplify payments across Africa. In announcing the development, Flutterwave stated that Ghana’s financial sector is fast growing, with high mobile phone penetration and a vibrant mobile money ecosystem.
Remarkably, it continued, 60% of foreign exchange is received through mobile money platforms, demonstrating the critical role they play in the financial lives of Ghanaians.
Beyond mobile money, areas such as insurtech, lend-tech, and buy now, pay later are expanding rapidly, creating a vibrant and diverse fintech environment, according to the business.
Furthermore, Flutterwave stated that the Bank of Ghana’s supportive regulatory framework and the Ghana Digital Agenda have created an attractive market for fintech innovation.
According to Flutterwave, the latest approval is consistent with these trends, guaranteeing that Ghanaians can benefit from rapid, secure, and cost-effective remittance services.
Olugbenga Agboola, founder and CEO of Flutterwave, commented on the milestone: “Remittances play a vital role in the Ghanaian economy, and our goal is to make the process as seamless as possible for Ghanaians in the diaspora looking to send money home.”
Oluwabankole Falade, chief regulatory and government affairs officer at Flutterwave, added: “We are grateful to the Bank of Ghana for their support and look forward to expanding our services in the country.”
Economic and Financial Crimes Commission (EFCC) has issued a public alert on 58 companies allegedly running illegal Ponzi schemes in Nigeria, warning citizens against investing in them.
In a statement on Tuesday, Dele Oyewale, spokesperson of the anti-graft agency, said the 58 Ponzi operators falsely pose as investment firms, defrauding unsuspecting Nigerians of their money.
Oyewale noted that none of the companies are registered with the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).
“The two regulators, in separate correspondences with the EFCC, denied that they are registered with them,” the statement reads.
“The commission has charged many of the companies to court, with five of them convicted, another five pleaded guilty but awaiting review of facts while the rest are pending arraignment.”
The companies listed include Wales Kingdom Capital, Bethseida Group of Companies, AQM Capital Limited, Titan Multibusiness Investment Limited, Brickwall Global Investment Limited, Farmforte Limited & Agro Partnership Tech, Green Eagles Agricbusiness Solution Limited, Richfield Multiconcepts Limited, Forte Asset Management Limited, (Biss Networks Nigeria Limited, S Mobile Netzone Limited, Pristine Mobile Network), Letsfarm Integrated Services, Bara Finance & Investment Limited, Vicampro Farms Limited, Brooks Network Limited, Gas Station Supply Services Limited, Brass & Books Limited, (Annexation Biz Concept & Maitanbuwal Global Venturescrowdyvest Limited,) and Crowdyvest Limited.
Others are Jadek Agro Connect Limited, Adeeva Capital Limited, Oxford International Group and Oxford Gold Integrated, Skapomah Global Limited, MBA Trading & Capital Investment Limited, TRJ Company Limited, Farm4Me Agriculture Limited, Quintessential Investment Company, Adeprinz Global Enterprises, Rockstar Establishment Limited, SU.Global Investment, Citi Trust Funding PLC, Farm Buddy, Eatrich 369 Farms & Food, Globertrot Farmsponsors Nigeria Limited, Farm Sponsors Limited, Cititrust Credit Limited, Farmfunded Agroservices Limited, Adamakin Investment & Works Limited.
The rest include Cititrust Holding PLC, Green Eagles Agribusiness Solutions Limited, Chinmark Homes & Shelters Limited, Emerald Farms & Consultant Limited, Ovaioza Farm Produce Storage Limited, Farm 360 & Agriculture Company, Requid Technologies Limited, West Agro Agriculture & Food Processing Limited, NISL Ventures Limited & Estate of Laolu Martins, XY Connect Investment Limited, River Branch Unique Investment Limited, Hallmark Capital Limited, CJC Markets Limited, Crowd One Investment, Farmkart Foods Limited, KD Likemind Stakeholders Limited, Holibiz Finance Limited, Ifeanyi Okpe Oil & Gas Services, Servapps Nigeria Limited, Barrick Gold Mining Company and 360 Agric Partners Limited.
The commission reaffirmed its commitment to monitoring fraudulent investment schemes and protecting Nigerians from financial exploitation.
Millions of Nigerians @ Risk as NASIMS Leaks over 23m FG Records
NANS Issues Fresh Protest Notice over Telecom Tariff Hike
NBTI Advocates for Legislation to Strengthen Local Content
Renaissance Energy Completes Acquisition of SPDC
CBN Enlists Law Enforcement Agents to Fight Commoditization of Naria
Telecom2 days agoAirtel Buys Back 66,089 Units of Own Shares
News2 days agoUS Launches ‘Self-Deportation’ App to Streamline Voluntary Exits
General News1 day agoDaphne Dafinone, CBN GOV’s Ally Facing Alleged N100m Fraud Charges – Police
E-Financial2 days agoEFCC Uncovers 58 Ponzi Schemes Targeting to Defraud Nigerians
E-Financial2 days agoReps Ask CBN to Suspend ATM Charges Hike
E-Business2 days agoMassive Cyberattack on X Sparks Worldwide Service Disruptions
E-Financial2 days agoPalmPay Partners AfriGO to Issue Over 5m Cards
Telecom1 day agoLagos Lawyer Sues MTN, Seeks Dissolution of Board