Union Bank delists from the Nigerian Exchange after 52 years

After 52 years of listing on the Nigerian Stock Exchange, Union Bank of Nigeria Plc has announced that it would be delisting from the NGX.

According to a corporate filing on the NGX website obtained by Nairametrics, the bank announced it is considering a payout of N7.70 per share to its shareholders in its scheme of consideration.

In the document signed by Somuyiwa Sonubi, Union Bank’s Company Secretary, the Registrars will send the Scheme Consideration to all the Bank’s shareholders. It is noted that this will follow the decision that will be made during the Court-Ordered Meeting as well as approval given by the Federal High Court.

What you should know

At the end of 2021, Titan Trust Bank (TTB), promoted by former CBN Deputy Governor, Tunde Lemo got the approval of the CBN to acquire an 89.4% stake in Union Bank of Nigeria.

Six months later, in June 2022, TTB completed the deal to acquire a 93.4% stake in the bank. After completing a takeover of the bank, it was announced in May 2023 that TTB was planning to pay N7 per share to acquire the remaining shares of Union Bank of Nigeria to ensure a 100% total ownership by TTB.

As of the close of trading on November 13, 2023, Union Bank of Nigeria (UBN) closed at N6.65.

This is a developing story…