Business
Union Bank Delists from the Nigerian Exchange After 52 Years
The bank plans to pay N7.70 per share to its shareholders in its scheme of consideration…
After 52 years of being listed on the Nigerian Stock Exchange (NGX), Union Bank of Nigeria Plc has announced its decision to delist from the NGX.
The bank plans to pay N7.70 per share to its shareholders in its scheme of consideration, following a court-ordered meeting and approval by the Federal High Court.
VerseNews reports that this was disclosed in the document signed by Somuyiwa Sonubi, Union Bank’s Company Secretary, and the Registrars will send the Scheme Consideration to all the Bank’s shareholders.
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.
More details coming soon…
Convicted Without an Overt Act: The Catastrophic Pleading Failure at the Heart of Kanu’s Trial
A legal commentary by Onyedikachi Ifedi, Esq., has challenged the handling of the trial of Indigenous People of Biafra (IPOB)...
Mazi Chris Nwaọgụ Exposes the Fake Sit-at-Home Scare: IPOB Rejects Alleged APC False-Flag Tactics
IPOB alleges judicial obstruction in Nnamdi Kanu’s cases, rejects sit-at-home rumours and raises concern over 68 transferred detainees.
GUILTY BY IDENTITY: The State-Engineered Plot to Turn Biafran Heritage into a Crime
The sentencing of 48-year-old Paul Okechukwu to 20 years’ imprisonment by Justice Hauwa Yilwa of the Federal High Court in...
First Lady, Remi Tinubu Reveals When She Wants to Leave Aso Rock
First Lady Remi Tinubu has backed her husband’s 2027 re-election bid, saying she hopes to leave Aso Rock in 2031...
APC Accuses Atiku, ADC of Deepfake Plot to Discredit Tinubu’s Kaduna Rally
The APC campaign council has accused Atiku Abubakar and the ADC of planning to circulate manipulated content against its Kaduna...
Atiku’s Campaign Council Labels Tinubu’s 90-Day Relief Plan “Election Bait”, Demands Details
Atiku’s ADC campaign council has questioned the timing of Tinubu’s 90-day relief plan, demanding clear details on food prices, household...
BREAKING: Nollywood Actor Francis Duru is Dead, Family Release Statement, Shares Cause of Death
Francis Duru’s family has confirmed his death following a brief illness, as colleagues and fans mourn the veteran Nollywood actor.
One Law for Abba Kyari, No Law for Nnamdi Kanu: Omotosho’s Fourth Jurisdictional Collapse
In Mazi Nnamdi Kanu’s Case, where Kenya was the territorial state, Kenyan sovereignty, comity, and statutory double criminality were utterly...
Ebola in Nigeria: How to Protect Yourself, Symptoms to Watch and Where to Get Help
Following the confirmation of an Ebola case in Abuja, here is essential safety advice for Nigerians, healthcare workers and travellers,...
Ebola: WHO Advises Against Travel, Trade Restrictions After Nigeria Confirms Case
WHO has advised against travel and trade restrictions on Ebola-affected countries as Nigeria monitors 44 contacts following an imported case...
You must be logged in to post a comment Login