Union Bank to Delist Shares from Nigeria Exchange

Union Bank of Nigeria Plc has notified its stakeholders that the Bank is finalizing the process of obtaining approval to delist the Bank’s shares from The Nigerian Exchange or NGX.

Shareholders of the Bank are to receive a Scheme Consideration of N7.70 per share, upon delisting. Union Bank says this is in compliance with NGX Rule Book and the Amendments to the Listing Rules.

The Registrars will remit the Scheme Consideration (N7.70 per share) to all shareholders of the Bank, pursuant to the decision of the Court-Ordered Meeting and the subsequent sanction by the Federal High Court.

All shareholders of the Bank are enjoined to ensure that their accounts have been duly mandated, for the purpose of receiving the Scheme Consideration. 

Union Bank closed trading at N6.65 a share, and had a market capitalization of N193.65 billion yesterday.

Delisting feared on takeover

Investors worried about a possible delisting of Union Bank following its takeover by Titan Trust Bank, which is controlled by a private conglomerate TGI Group and a Northern businessman Aminu Yaro.

Yaro who sources tell MoneyCentral is often referred to as the Sarkin of Hausa in Lagos owns 9.07 percent of Titan Trust, other entities controlled by TGI Group own most of the rest (85.48%).

Tropical General Investments (TGI) Group is an international investment and holding company with diversified interests and investments across Africa, The Middle East, Asia and other emerging markets.

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