Union Bank To Pay Shareholders N7.7 Per Share As 106-Year-Old Institution Delists From Stock Market

Union Bank of Nigeria Plc has proposed a settlement amount of N7.7 per share for its shareholders as the lender is finalising plans to delist from the Nigerian Exchange Group Ltd.

The bank which began operation in 1917 disclosed the offer on Tuesday in a regulatory filing obtained.

Union Bank said it is “finalizing the process of obtaining approval to delist the Bank’s shares from NGX, upon which shareholders of the Bank will receive a Scheme Consideration of N7.70 per share.

“Shareholders of the Bank are enjoined to ensure that their accounts have been duly mandated, for the purpose of receiving the Scheme Consideration.”

Union Bank said its shares will be “de-listed from NGX on the eligibility date and following that date, all the share certificates representing the interests of the Scheme Shareholders (as defined in the Scheme Document) shall be deemed to be dematerialized and in the case of dematerialised shares, all the shares of the Bank that were lodged with the CSCS shall be transferred to Titan Trust.”

The change of ownership began in 2021 when Union Global Partners Limited, Atlas Mara Limited and other shareholders indicated interest to divest their shares and Titan Trust indicated interest to buy 93.4 per cent of the shares.

Titan Trust Bank commenced operation in Nigeria in October 2019, chaired by a former Central Bank of Nigeria Deputy Governor, Tunde Lemo.