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Titan Trust Bank has denied reports alleging illegalities in its acquisition of Union Bank of Nigeria Plc.

In a statement, the bank insisted the transaction followed due process and met all regulatory requirements of the Securities and Exchange Commission and Central Bank of Nigeria.

The statement noted former CBN Governor Godwin Emefiele has no ownership link to the bank.

It said the bank's attention was drawn to allegations in a special CBN investigation report, including illegal acquisition of Union Bank, which would trouble stakeholders of both banks.

Titan Trust clarified it signed a share sale purchase agreement in December 2021 with Union Bank's bulk shareholders who collectively owned 93.41% after due diligence involving reputable advisers.

The acquisition was through an open, transparent bidding process funded by $300 million debt and $190 million additional equity from Titan Trust's major shareholders - Magna International DMCC and Luxis International DMCC.

Certificates of capital importation evidencing the funds' legal receipt in Nigeria were provided to regulators.

Titan Trust obtained all approvals including from CBN, SEC and NGX to effect change of control and reconstitute Union Bank's board in June 2022.

It conducted a mandatory takeover offer for minority shareholders as its acquisition brought Union Bank's float below 20%, ensuring compliance.

The bank said the acquisition's slow pace was to fully meet laws and global best practices through an open, transparent process.

It made all representations during the investigation and insisted the acquisition was one of the country's most professional and transparent, with no illegality or fraud alleged.

Titan Trust also clarified its ownership structure is verifiable and its major shareholders are prominent global entrepreneurs with thriving Nigerian businesses.

It urged calm, noting efforts to ensure current misunderstanding is clarified, and the bank's structure is verifiable at CAC.

You know the implication of such announcements on the economy, this is a sensitive issue, many investors have already left the country. Where are the evidences,