Titan Trust Bank disputes special investigator Obazee's claims, asserts due process in Union Bank acquisition

Titan Trust Bank (TTB) has refuted claims made by Jim Osayande Obazee, a Special Investigator appointed by President Bola Tinubu, regarding alleged illegalities in the acquisition of Union Bank of Nigeria Plc. The bank clarified that its transaction and acquisition of Union Bank followed due process and met all regulatory requirements from the Financial Reporting Council of Nigeria (FRC), Securities and Exchange Commission (SEC), and the Central Bank of Nigeria (CBN).

The statement from Titan Trust Bank highlighted that the acquisition was conducted through a professional, open, and transparent bidding process. The deal involved a Share Sale and Purchase Agreement (SPA) signed on December 18, 2021, with reputable firms engaged for financial and legal due diligence. The SPA included contributions from TTB’s major shareholders, Magna International DMCC and Luxis International DMCC.

The bank emphasized that all necessary regulatory approvals were obtained, including those from the CBN, SEC, Nigerian Exchange Limited (NGX), and the Federal Inland Revenue Service (FIRS). TTB underwent a Mandatory Takeover Offer (MTO) following the acquisition, complying with legal triggers and providing minority shareholders with the opportunity to offer their shares.

The statement reassured customers, shareholders, and stakeholders that the acquisition process adhered to laws, global best practices, and was transparent. Titan Trust Bank urged everyone to remain calm as they work to clarify the current misunderstanding.