FG Quietly Acquires Union Bank Amid Titan Trust Controversy

The Federal Government quietly became the new owner of Union Bank Nigeria amid controversy surrounding the acquisition of Titan Trust Bank (TTB). President Bola Tinubu approved the acquisition in January 2024, raising concerns about ownership transparency.

Union Bank, established in 1917, faced a change in ownership as Atlas Mara, a major shareholder, sold its stake to TTB in June 2022. The deal, backed by Tropical General Investments (TGI) Ltd, led to Union Bank's delisting from the Nigerian Stock Exchange in November 2023.

Questions arose regarding TTB's financial capacity and the source of funds for the acquisition.