“Titan Trust Bank Clarifies Transparent Acquisition of Union Bank Amidst Allegations”


Titan Trust Bank Limited has responded to allegations regarding the acquisition of Union Bank Limited, asserting that the process was conducted transparently.

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The bank clarified that the acquisition involved a Share Sale and Purchase Agreement with bulk shareholders, constituting 93.41% of Union Bank’s share capital.

Reputable firms, including PricewaterhouseCoopers, Drey Law Practice, Norton Rose Fulbright, and Citibank London, were engaged for due diligence.

The acquisition, funded by a mix of debt and equity injection, underwent a rigorous bidding process. Certificates of Capital Importation were provided for the funds received, and the $300 million acquisition facility from Afreximbank had a 6.25% margin and 30-month moratorium.

Regulatory approvals were obtained from the Central Bank of Nigeria, Securities and Exchange Commission, Nigerian Exchange Limited, and Federal Inland Revenue Service.

After acquiring a 93.41% controlling interest in Union Bank on June 1, 2022, Titan Trust Bank effected a change in control, dissolving the former Board and reconstituting a new Board with fresh leadership.

The statement emphasizes the professionalism and openness of the acquisition process.

Gbenga Samson
Gbenga Samsonhttp://ThisDayLive.com
Samson Gbenga Salau [Editorial Board Adviser] Gbenga Samuel Salau is a professional journalist with over 17 years experience in journalism, he is a graduate of Communication and Language Arts, University of Ibadan. On completion of his youth service, he joined The Guardian as a freelance journalist and was later absorbed as a staff. While in the University, he was a campus journalist reporting for the Independence Hall and Faculty of Arts Press Clubs. As a campus journalist, he won the following awards; Independence Hall Press Best News writer; University of Ibadan Union of Campus Journalists’ Best News Reporter/Writer; First Runner-up, Reuben Abati Award for Investigative Journalism; Association of Faculty of Arts Students’ Press Best Reporter; University of Ibadan Union of Campus Journalists’ Best Political Writer; Winner, Reuben Abati Award for Investigative Journalism, and University of Ibadan Union of Campus Journalists’ Best Interviewer. He served the Association of Communication and Language Arts Students, as the Public Relation Officer, the same year he was appointed the News Editor of the Association of Faculty of Arts Students Press. The following session, he was made the General Editor, and a member of the 13-man University of Ibadan Students’ Union Transition Committee. As a reporter in The Guardian, in 2014, he won the Promasidor Quill Award Best Report on Nutrition and DAME Business Reporting category. In the 2015 edition of the Promasidor Quill Award, he won the best Report on Nutrition and Brand Advocate Categories, while in 2016, he won the NMMA Print Journalist of the Year, first runner-up Golden Pen Reporter of the Year and SERAs CSR Awards. Gbenga Salau loves traveling, reading, and listening to songs with good lyrics no matter the genre.

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