Several directors of Union Bank of Nigeria Plc were laid off after their acquisition by Titan Trust Bank.
In a newly released disclosure, no fewer than 10 executive and non-executive directors have resigned.
The new owner has also gone ahead to announce new directors and CEO to pilot the new phase of one of Nigeria’s oldest bank.
The acquisition process, which was first announced in December 2021, would give TTB up to a controlling 89.39 per cent equity stake in the first generation bank.
In a notification by Union Bank to the Nigeria Exchange Group (NGX) revealed that TGI Group, parent of TTB, has now become the majority shareholder and core investor in Union Bank which ultimately brought to the end Emeka Okonkwo as Chief Executive Officer.
The acquisition triggered a shake-up in Union Bank board with Mudassir Amray and Farouk Gumel taking over as CEO and Chairman respectively, while the Chairman and Non-Executive Director, Beatrice Hamza Bassey and Independent Non-Executive Director, Mrs. Obafunke Alade-Adeyefa, exited the bank.
Other Non-Executive Directors affected in the shake-up are – Mark Patterson, Ian Clyne, Emeka Ogbechie, Kenroy Dowers, Taimoor Labib, and Paul Kokoricha.
Names of directors that resigned from Union Bank
Mrs. Beatrice Hamza Bassey Mr. Emeka Okonkwo Mrs. Obafunke Alade-Adeyefa Mr. Richard Burrett Mr. Ian Clyne Mr. Kenroy Dowers Mr. Paul Kokoricha Mr. Taimoor Labib Mr. Mark Patterson Mr. Emeka Ogbechie.
Full list of CBN approved directors of Union Bank Mr. Farouk Mohammed Gumel- Chairman Mr. Mudassir Amray- Chief Executive Officer Mr. Farouk Mohammed Gumel- Non-Executive Director Mr. Andrew Ojei- Non-Executive Director Alhaji Abubakar Mohammed- Non-Executive Director Mr. Lawrence Mackombo- Non-Executive Director Other parts of Union Bank statement reads: “The Board of Directors of Union Bank also notifies the NGX of the retirement of Mr. Emeka Okonkwo as Chief Executive Officer, effective 2nd June 2022.
After overseeing a seamless transition of management, Mr. Okonkwo implemented the Bank’s new strategy focused on regional coverage and continued the growth trajectory that we have seen in 2021. “Mr. Okonkwo looks forward to supporting the incoming CEO and core investor during the transition period.”
