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Union Bank completes shareholding takeover, delists from Stock Exchange

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In May, 2023, Union Bank received an offer from its core shareholder, Titan Trust Bank Limited, to acquire the shares of all minority shareholders in Union Bank after the completion of core investors’ sale of a majority shareholding to Titan Trust Bank Limited, a subsidiary of TGI Group. The acquisition of the minority shareholding has led to the application to delist Union Bank of Nigeria Plc from the Nigeria Stock Market. This development was implemented by way of a scheme of arrangement between the bank and the bank’s shareholders (the minority shareholders), by Section 715 of the Companies and Allied Matters Act 2020 (as amended).

Union Bank of Nigeria has notified all esteemed stakeholders that the Bank is finalizing the process of obtaining approval to delist the Bank’s shares from NGX, upon which shareholders of the Bank will receive a Scheme Consideration of N7.70 per share.

Commenting on this development, Mudassir Amray, CEO of Union Bank of Nigeria said: “This move is an effort to attract larger private investments to reconsolidate our position as one of the top pioneer Banks in Nigeria. We remain committed to deliver value to our customers, employees and shareholders through superior solutions. We appreciate the support of the Central Bank of Nigeria, Securities Exchange Commission, Nigerian Exchange Group (NGX) and every other agency and parastatal that were instrumental to achieving this.”
About Union Bank of Nigeria
Union Bank of Nigeria (“UBN”) was established in 1917 and is one of Nigeria’s long-standing and most respected financial institutions, offering a portfolio of banking services to individuals, Small and Medium-sized Enterprises (SMEs), commercial and corporate clients.
With a robust geographical network comprising more than 300 service centres and over 950+ ATMs spread across Nigeria, we have remained committed to helping individuals, families and businesses grow for over a century.
We are committed to being widely recognised as Nigeria’s most reliable and trusted banking partner. Our ambition is hinged on successfully delivering against six strategic pillars including the quality of our customer experience, client base, talent, banking platform, professional standards and earnings.

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Breaking: Court of Appeal rules in favour of Turaki -led PDP candidate for Osun governorship election

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The Court of Appeal, Abuja Division, on Thursday, ruled that the Peoples Democratic Party, PDP Gubernatorial Candidate in Osun State was validly nominated by the Tanimu Turaki-led National Working Committee.

The court also ordered INEC to list the PDP logo on the ballot ahead of Saturday’s gubernatorial election.

The Court held that access code is neither a creation of the Constitution nor the Electoral Act; rather, a creation of INEC’s guidelines and cannot, in any way, override the provisions of the Constitution.

Section 288 of the Constitution does not specify the method for nominating candidates; it only states that the names of candidates should be forwarded to the Commission.

The court further held that the defendant (INEC) should take steps to include the name of the appellant on the ballot paper.

Additionally, the court ruled that the primary election conducted by the Tanimu Turaki-led National Working Committee (NWC) of the PDP was a valid primary election in law.

The three-man panel of justices—Justice Mahmud, Justice Jaro, and Justice Ankawere, was unanimous in its judgment.

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Breaking: NHRC sets up situation room to monitor and document hate speech, intimidation, threat to life ahead 2027

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The national Human Rights Commission, NHRC, has set up a situation room to monitor and document all incidences of hate speech, intimidation and threat to life by politicians and other actors ahead of the 2027 general election.

The National Human Rights Commission (NHRC) has expressed concerns over rising incidences of hate speech, intimidation and outright threat to life by highly placed individuals, especially politicians and religious leaders.

The Executive Secretary of the Commission, Chef Tony Ojukwu, SAN, revealed this on Thursday in Abuja at a press conference.

He said the situation room would enable the Commission harvest data, analysis and document persons, agencies and others involved in the negative statements in order to ensure they are properly tracked and brought to book by relevant agencies.

Ojukwu also took journalists on a tour of the newly set up situation room.

 

Details later…..

 

 

 

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Breaking: NHRC expresses concern over rising incidences of hate speech, threat to life ahead 2027 elections

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The National Human Rights Commission (NHRC) has expressed concerns over rising incidences of hate speech, intimidation and outright threat to life by highly placed individuals, especially politicians and religious leaders.

At a press conference in Abuja Thursday, the Executive Secretary of the Commission, Chef Tony Ojukwu, SAN, recalled statements credited to Senator Francis Fadahunsi and Sheikh Yahya Jingir and described the das dangerous with capacity to set the nation ablaze.

He called on politicians, religious and traditional rulers, among other stakeholders to call their supporters and faithful to orders.

He urged government to act before rhetorics turn to violence, saying the forthcoming election in Osun State should serve as example of Nigeria’s capacity to conduct political contest in compliance with international best practices.

Details later…..

 

 

 

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