The Chief Executive Officer (CEO) of Union Bank, Emeka Okonkwo, has resigned from his role alongside other senior staff members of the financial institution.
The other senior staff members of Union Bank that tendered their resignation are -Chair/Non-Executive Director Beatrice Bassey, Independent Non-Executive Director Obafunke Alade-Adeyefa; Non-Executive Director Richard Burrett; Non-Executive Director Ian Clyne; Non-Executive Director, Kenroy Dowers; Non-Executive Director, Paul Kokoricha; Non-Executive Director, Taimoor Labib; Non-Executive Director, Mark Patterson; Non-Executive Director, and Emeka Ogbechie.
In a statement cited by BizWatch Nigeria in which this development was disclosed, it was stated that the mass resignation was part of the change of leadership, as Titan Trust Bank (TTB) completed the acquisition of the majority shareholding stake in the financial institution.
“Following the bank’s notification in December 2021 of the execution of a share sale and purchase agreement between Union Bank of Nigeria majority shareholders – Union Global Partners Limited, Atlas Mara Limited, et al. – and Titan Trust Bank Limited, and the subsequent receipt of all necessary regulatory approvals, Union Bank hereby notifies the Nigerian Exchange Limited, Securities & Exchange Commission and members of the public of the completion of the transaction under the SSPA, which effectively transfers 93.41% of Union Bank’s issued share capital to TTB,” the statement read.
In the statement, Union Bank also notified the Nigerian Exchange Group (NGX), its stakeholders, and the investing public that TGI Group, parent of TTB, had become the majority shareholder and core investor in Union Bank.
“Union Bank hereby notifies the NGX of the completion of 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 4th March 2022, pro-rata to their existing shareholding interests in the company.
“Consequently, UBUK is not included in the transaction with Titan Trust Bank,” the statement added.