Union Bank of Nigeria to Delist from NGX After 52 Years

by Ikem Emmanuel

After 52 years of being listed on the Nigerian Stock Exchange (NGX), Union Bank of Nigeria Plc has announced its decision to delist from the exchange. The bank revealed its intention in a corporate filing on the NGX website, indicating that it is considering a payout of N7.70 per share to its shareholders as part of its scheme of consideration.

The document, signed by Somuyiwa Sonubi, Union Bank’s Company Secretary, outlines that the Scheme Consideration will be sent to all the bank’s shareholders after the decision is made during the Court-Ordered Meeting and the approval granted by the Federal High Court.

The delisting comes following developments in 2021 when Titan Trust Bank (TTB), led by former CBN Deputy Governor Tunde Lemo, received approval from the Central Bank of Nigeria to acquire an 89.4% stake in Union Bank of Nigeria. By June 2022, TTB had completed the acquisition, obtaining a 93.4% stake in the bank. In May 2023, TTB announced plans to pay N7 per share to acquire the remaining shares, aiming for 100% total ownership of Union Bank of Nigeria.

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As of the close of trading on November 13, 2023, Union Bank of Nigeria (UBN) closed at N6.65. The delisting marks a significant move in the ongoing transformation and ownership changes within the Nigerian banking sector.

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