Just In: FG Set To Take Over Union Bank Limited, Titan Trust Bank Limited

Just In: FG Set To Take Over Union Bank Limited, Titan Trust Bank Limited

The Federal Government is set to sack the boards of Union Bank Limited and Titan Trust Bank Limited next week in a move to take over the two financial service institutions effectively,

A source with knowledge of the move told THEWILL on Saturday.

The action follows the recommendation of the Special Investigator, Jim Obazee, appointed by President Bola Tinubu in July 2023, to probe the activities of the Central Bank of Nigeria (CBN) and other relevant establishments.

Obazee, in his report, revealed that the acquisition of Union Bank by Titan Bank lacked transparency and recommended that the Federal government forfeit the two financial institutions.

“We were able to secure some documents, and the investigation reports will lead to the forfeiture of the two banks to the Federal Government.

We have completed our investigation on this acquisition and have also held meetings with the relevant parties except for Mr. Cornelis Vink, (who is currently hospitalised in Switzerland).

“Otherwise, we are on the verge of recovering these two banks for the Federal Government.”

It remains uncertain if the investigator’s recommendation provides legal grounds to enforce share forfeiture without a court ruling, leaving questions regarding the investigation’s legal scope on the matter unanswered.

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