Tag: Union Bank

Ex-AMCON MD, Ahmed Kuru, others on trial for alleged ?125bn fraud

Aminu Imam
Ex AMCON MD, Kuru, others on trial

The Economic and Financial Crimes Commission (EFCC) has filed 6-count criminal charges against several individuals and organisations, including former Managing Director of the Assets Management Corporation of Nigeria (AMCON), Ahmed Lawal Kuru, and the Union Bank of Nigeria Plc.  The charges, according to reports, alleged their involvement in the mismanagement of funds belonging to Arik Air Limited totalling a staggering 125billion. The charges, filed at the Ikeja Judicial Division of the Lagos State High Court, October 29, 2024 is between Federal Republic of Nigeria as Complainant and Kamilu Alaba Omokide,…

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Fitch places Union Bank on ‘Rating Watch Negative’ after CBN intervention

Aminu Imam

Fitch Ratings has placed Union Bank of Nigeria Plc (UBN)s Issuer Default Ratings (IDRs), Viability Rating (VR) and National Ratings on Rating Watch Negative, (RWN). The rating follows the Central Bank of Nigerias (CBN) announcement on 10 January, that it had dissolved the Board and management of three Nigerian banks, including the CBN, as a result of regulatory non-compliance, corporate governance failure, disregarding the conditions under which banking licenses were granted and involvement in activities that pose a threat to financial stability, among other infractions. The CBN has since appointed…

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Alleged Illegal Acquisition:CBN sacks Titan Trust, Union Bank, Keystone Bank, Polaris Bank Boards

Aminu Imam

The Central Bank of Nigeria (CBN) has, with immediate effect, sacked the entire Board of Directors of Polaris, Titan, Union and Keystone banks. CBN sources say the decision was taken in a meeting led by the apex banks governor, Yemi Cardoso, yesterday in Abuja. The action followed the recommendation of the Special Investigator, Jim Obazee, appointed by President Bola Tinubu in July 2023, to probe the activities of the CBN and other relevant establishments. The report of the special investigation into the activities of the CBN had accused the immediate-past…

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Union Bank: CBN Investigator summons Tunde Lemo, Titan bank officials over sale

Aminu Imam

The Special Investigator appointed by President Bola Tinubu to probe the Central Bank of Nigeria (CBN), Jim Obazee, has summoned the Chairman of Titan Trust Bank (TTB), Tunde Lemo, and two other shareholders of the bank over the controversial acquisition of Union Bank of Nigeria, Plc. This comes after Lemo, a former deputy governor of the CBN, faulted the investigators findings on the issue. Recall that Tinubu had, on June 9, 2023, suspended former governor of the CBN, Godwin Emefiele, and thereafter named the Chief Executive Officer of the Financial…

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Titan Trust Bank to take over Union Bank

Aminu Imam

One of Nigerias newest commercial banks, Titan Trust Bank Limited is set to take over Union Bank of Nigeria Plc, the latter has announced. The Company Secretary of Union Bank, Somuyiwa Sonubi, disclosed this in a statement on Thursday. According to him, the Board of Directors of Union Bank has received a notification from Union Global Partners Ltd. (UGPL) the holder of a majority shareholding in the bank of the execution of a share sale and purchase agreement between UGPL, some of its other existing shareholders, and Titan…

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