Titan Trust Bank Limited to buy 89.39 per cent in Union Bank of Nigeria Plc, both banks announced on Thursday.
In a joint statement released in Lagos, Titan and Union said they had informed the Nigeria Exchange Limited (NGX) and the Securities and Exchange Commission that Union Bank’s core investors, Union Global Partners Limited, Atlas Mara Limited and other shareholders have reached an agreement with Titan Trust Bank Limited (TTB) to divest their shareholding in Union Bank to TTB.
“The agreement, which is subject to regulatory approvals and other financial conditions, will upon completion transfer 89.39% of Union Bank’s issued share capital to TTB,” the banks said in the statement.
The deal suggests a merely 2 years old bank (Titan, which commenced operations in October 2019) will be acquiring a 104-year-old bank.
The deal, when consummated will be one of the most remarkable acquisitions in the Nigerian Banking space after STB acquired UBA in the landmark 2005 deal.
The announcement of the deal also confirms rumours that have made the rounds across the financial sector of a potential sale of Union Bank to a local bank.
There have been several reports of a potential acquisition of the bank by Zenith, Access and even Moroccan bank, Attijariwafa.
Commenting on the transaction, Union Bank’s chairman, Mrs. Beatrice Hamza Bassey said: “On behalf of the Board, we congratulate all the parties involved in reaching this phase of the transaction and the Board looks forward to supporting the next steps to ensure seamless completion of the process following regulatory approvals.
On his part, the Chairman of Titan Trust Bank, Mr. Tunde Lemo, said:
“The Board of Titan Trust Bank and our key stakeholders are delighted as this transaction marks a key step for Titan Trust in its strategic growth journey and propel the institution to the next level in the Nigerian banking sector.”
AMCON Takes Over IBEDC Over Debts
The Assets Management Corporation of Nigeria (AMCON) has taken over the Ibadan Electricity Distribution Company (IBEDC) Ltd over its failure to pay debts.
In a memo to the IBEDC members of staff, the Chief Operating Officer (COO), Engr John Ayodele disclosed the new development.
Ayodele, said in Thursday in the memo, that the company fell under receivership by a September 8, 2021 Federal High Court judgment.
The judgment, he said, granted preservative orders in favour of AMCON.
He explained the government corporation had appointed a lawyer to serve in the receivership action.
He revealed that the receiver arrived on Thursday January 20 to take charge formally, hinting that he already held a meeting with the management staff.
Ayodele, however, allayed fears over the development and assured staff of job security.
The memo read, “Further, to the judgement wherein the Federal High Court on the 8th of September 2021 granted preservative orders in favour of Asset Management Corporation-
“AMCON, (being the Receiver/Manager of Integrated Energy Distribution and Marketing Limited); the court has appointed Mr Kunle Oqunba Esq.SAN to act as Receiver/ Manager Nominee in the receivership action.
“Based on the foregoing the Receiver/Manager came in today 20th January 2022 to the IBEDC Headquarters to take charge formally and subsequently met with the Management team. Therefore, I hereby wish to inform all staff that there is no cause for alarm.
“We are assured of job security which entails our position/ duties in the company, being entitlements to our salaries and other benefits etc.
“On behalf of the Management I urge us all to kindly go about the efficient discharge of our duties to ensure a speedy and mutually beneficial resolution.
“I wish us all the best, while | appeal that we continue to remember IBEDC in our prayers.”
IBEDC distributes electricity to consumers in Oyo, Osun, Ogun and Ondo as well as some parts of Ekiti and Kwara states.
Official/Black Market: Pounds to Naira Exchange Rate for Today January 18, 2022
This is the news about Pounds to Naira rate at the official and black market exchange rate Today January 18, 2022.
How Much Is Pounds To Naira Exchange Rate Today Official Rate?
The official rate today, Tuesday January 18th, 2022, for £1 pound to naira = ₦566.3728/£1.
According to the data from the CBN, exchange rate between the naira and the British pounds opened at ₦566.3728/£1 on Tuesday 18th, after it closed at ₦568.613 to a £1 on Monday, 17th January 2022.
Naija News reports that a pound is bought at the official market at N565.6896 and sold for N567.056.
How much is exchange rate of Pounds to Naira in Black Market today?
The exchange rate for a pound to naira at Lagos Parallel Market (Black Market) players buy a dollar for ₦730 and sell for ₦740 on Tuesday, January 18th 2022, according to sources at Bureau De Change (BDC).
Windscribe trolls Buhari, Others following FG’s lifting of Twitter ban
A Virtual Private Network, (VPN) provider, Windscribe has trolled Nigerians following the lifting of Twitter suspension by the Nigerian government.
Recall that on Wednesday, January 12, 2022, FG ordered that the ban be lifted after Twitter met its conditions for resumption of operations in the country.
Taking to Twitter to react on Thursday, Windscribe used memes to mock Nigerians about how the are deleting its VPN app from their phones only to end up downloading it again in the event that President Buhari is angered by another tweet and orders the platform be shutdown in Nigeria.
Windscribe shared the memes with the caption;
”People in Nigeria be like… #TwitterBanWindscribe via Twitter
… until the president doesn’t like something else on Twitter. Then…”Windscribe via Twitter
See the post below:
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