Union Bank delists from Nigerian exchange

Union Bank of Nigeria, yesterday, announced that it is finalising the process of obtaining approval to delist the bank’s shares from Nigerian Exchange Limited (NGX), upon which shareholders of the bank will receive a Scheme Consideration of N7.70 per share.

According to a corporate filing on the NGX website, the Registrars will send the Scheme Consideration to all the bank’s shareholders, pursuant to the decision of the Court-Ordered Meeting and the subsequent sanction by the Federal High Court.

The filing signed by Union Bank’s Company Secretary, Somuyiwa Sonubi, enjoined all shareholders to ensure that their accounts have been duly mandated, for the purpose of receiving the Scheme Consideration.

Commenting on this development, CEO of Union Bank of Nigeria, Mudassir Amray, said: “This move is an effort to attract larger private investments to reconsolidate our position as one of the top pioneer banks in Nigeria.”

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Daily Trust reports that 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 led to the application to delist Union Bank of Nigeria Plc from the Nigeria Stock Market.

The 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 was established in 1917 and is one of Nigeria’s long-standing and most respected financial institutions, with a robust geographical network comprising more than 300 service centres and over 950+ ATMs spread across Nigeria.