FG to sack Union Bank, Titan Trust Bank board

The Federal Government of Nigeria is reportedly set to take over Union Bank Limited and Titan Trust Bank Limited.

Therefore, the board of directors in the banks will be sacked next week, according to The Will Newspaper.

This was recommended following an investigation by Jim Obazee, a Special Investigator appointed by President Bola Tinubu to probe the activities of the Central Bank of Nigeria (CBN) and other relevant entities.

Obazee’s report requested the forfeiture of Union Bank and Titan Trust Bank to the Federal Government due to alleged lack of transparency in the acquisition of Union Bank by Titan Bank.

“We were able to secure some documents, and the investigation reports will lead to the forfeiture of the two banks to the Federal Government.

“We have completed our investigation on this acquisition and have also held meetings with the relevant parties except for Mr. Cornelis Vink, (who is currently hospitalized in Switzerland).

“Otherwise, we are on the verge of recovering these two banks for the Federal Government”, the source said.

Reacting to the development, Babatunde Lemo (chairman) and Cornelius Vink (Chief Executive) of Titan Trust Bank kicked against the claims, stating that the acquisition followed due process.

Recall that Union Bank shares were delisted from the Nigerian Exchange Limited (NGX) in 2023 after the acquisition, causing a loss of N132 billion from the local bourse’s market capitalization.