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Union Bank Nigeria Plc announced it has reached an agreement to sell a majority stake to Titan Trust Bank Ltd. This is according to a press release published on the Nigerian Stock Exchange. Titan Trust Bank is chaired by former Deputy Governor of the CBN and Chairman of Flutterwave, Tunde Lemo. The deal will see existing core investors in Union Bank, Union Global Partners Ltd (64.98%), Atlas Mara (25.53%) and other shareholders divest their core holdings totalling 89.39% in Union Bank to Titan Trust Bank. The bank did not comment on the purchase consideration. The deal suggests a merely 2 years old bank (Titan commenced operations in October 2019) will be acquiring a 104-year-old bank. The deal, when consummated will be one of the most remarkable acquisitions in the Nigerian Banking space after STB acquired UBA in the landmark 2005 deal. The announcement of the deal also confirms rumours that have made the rounds across financial sector players of a potential sale of Union Bank to a local bank. Back in May, Nairametrics reported a potential acquisition of the bank by Zenith Bank, Access Bank and even Moroccan bank, Attijariwafa. Union Bank’s value Union Bank currently has a market valuation of N147 billion trading at a price to earnings ratio of 5.69x. The bank has a net asset of N264 billion and a total asset of N2.56 trillion. The share price gained 10% today as investors who got wind of the deal loaded up the stock. Union Bank is down 5.3% in the last year. Whilst no purchase consideration was mentioned, Nairametrics estimates this acquisition will cost Titan Bank between N6 and N8 per share or close to N200 billion. Deals like this attract a “control premium” in the region of 40-70% on existing share price, depending on who is more desperate to their buy or sell. What is in it for Titan Bank From the comments of the major players in Titan Bank, this deal provides them a unique opportunity to grow market share and compete with the FUGAZ. Union Bank is currently a Tier 2 bank and right behind Stanbic IBTC which has a total asset of N2.7 trillion. GTB has a total asset of N5.1 trillion, the smallest of tier 1 banks. Others have between 8-10 trillion naira in total assets. Union Bank also has the branch network, technology and brand recognition that can quickly fast track Titan Bank into the mainstream of Nigerian Bank. Titan Trust Bank currently has just two bank branches located in Lagos. It does not have an Investor Relations Page. What is in it for Union Bank This marks the beginning of the end of a very dark chapter for Atlas Mara, the core investor in Union Bank. Since they commenced their pan-African acquisition of banks across Africa, they have gone from one controversy to another. Their share price has fallen by over 90% since trading started in 2013. Their exit, allows Union Bank to chart the course for stability in ownership and management allowing them to recapitalize and reposition for a very competitive financial services sector. Union Bank will likely leverage on the ecosystem of financial services businesses sponsored by the very influential Tune Lemo. What they are saying Chair, Union Bank, Mrs. Beatrice Hamza Bassey said: “On behalf of the Board, we congratulate all the parties involved in reaching this phase of the transaction and the Board looks forward to supporting the next steps to ensure a seamless completion of the process following regulatory approvals. Chair, Titan Trust Bank, Mr. Tunde Lemo, OFR said: “The Board of Titan Trust Bank and our key stakeholders are delighted as this transaction marks a key step for Titan Trust in its strategic growth journey and propels the institution to the next level in the Nigerian banking sector. The deal represents a unique opportunity to combine Union Bank’s longstanding and leading banking franchise with TTB’s innovation-led model which promises to enhance the product and service offering for our combined valued customers.” Chief Executive Officer, Union Bank, Mr. Emeka Okonkwo said: “This transaction marks a significant milestone in the journey of our 104-year old Bank. Whilst thanking our current investors for their unwavering commitment to the Bank over the years, we welcome our new core investor, TTB. We recognize the strategic fit between the two institutions and expect that this deal will deliver the best outcome for our employees, customers and stakeholders. We look forward to collectively writing the next exciting chapter for Union Bank.” Chief Executive Officer, Titan Trust Bank, Mr. Mudassir Amray said: “After completing over two years of operations with aggressive organic growth, we are excited to have an opportunity for a significant leap forward in market share. UBN’s widespread presence, state of the art technology platform, quality staff and strong brand loyalty fits well with our synchronized modular strategy. We look forward to delivering superior results for the benefit of our staff, customers, shareholders, and stakeholders.” Union Bank results Union Bank reported a pre-tax profit of N17.6 billion in the first 9 months of 2021 up from N16.2 billion same period in 2020. The bank posted a return on average equity of just 6% in the same period and 7.2% in 2020. Its best return of average equity was 10% achieved in 2019. https://nairametrics.com/2021/12/23/deal-2-year-old-titan-bank-to-acquire-104-year-old-union-bank/ |
OldNairalander:[img]https://media1./images/8449c89b2a5a67af4d98b99a8e403eee/tenor.gif?itemid=21379361[/img] It's hopeless to explain...... |
Dr Ibrahim Liman, Controller General (CG) of the Federal Fire Service (FFS), says fire-related deaths in the country have dropped by 100 per cent in one year. Dr Liman, who said this at a press briefing on Thursday in Abuja, attributed the decrease to the repositioning of the FFS. He said from January till date, the service had recorded a total of 70 deaths to fire outbreaks compared to a total of 147 recorded in 2020. ![]() He also said there had been an increase in the estimated property saved from N1.4 trillion in 2020 to N19.4 trillion in 2021. The CG said the achievement could be ascribed to the procurement of new fire fighting assets, training of firefighters and motivation of staff by the federal government. “In 2015, the Service had only three rickety fire fighting trucks, but now, the Service has procured 141 modern fire trucks. “With an increased staff strength from 600 to over 6,000 and expansion from its initial presence in just Lagos State and Abuja, to all the states of the federation. “The Service now has 15 life-saving ambulances procured this year with well trained medical personnel for effective paramedic service during emergency response. “To reduce our response time we have a control room that houses the Nigerian Internal Security and Public Safety Alert System (NISPSAS) where emergency video calls are received, showing real-time video location of the caller. “The service also procured a hydraulic platform fire fighting truck which has the capacity of fighting fire in an 18-storey building, as well as used to effect the rescue,” he said. According to him, the FFS sent some of its firemen on training locally and internationally for better understanding and utilisation of the newly procured equipment and innovations. Liman noted that citizens had roles to play in safeguarding lives and property. “These roles includes; compliance to fire safety code, taking seriously safety educations, not involving in negligent action that could result to fire. “Knowing the emergency numbers and calling them in good time when there is fire or any emergency, as well as refraining from obstructing emergency vehicles on the road to emergency scenes,” he said. He advised citizens to desist from attacking firefighters at fire scenes to enable firefighters to respond appropriately. “If we all do these, Nigeria will have a tremendous reduction in the loss of lives and property from fire-related emergencies,” he added. While wishing the Christian faithful happy Christmas and new year celebration, Dr Liman urged Nigerians to be safety conscious and to avoid actions that could lead to fire outbreaks. He stated that the harmattan had a negative high influence to the spread of fire if they occurred, hence the precautionary warning. He said, “Nigerians now have a Fire Service that they can be proud of as other African countries now come to Nigeria to emulate what is happening in the Service. “Nigerians need to know that they now have a better Fire Service than they used to have as anyone can visit various stations in the State to see the new Fire Service in terms of equipment, personnel and technology. “We might not have gotten to where we are suppose to be yet, but certainly we are not where we use to be six years ago, and all thanks to the administration of President Muhammadu Buhari.” The CG called on citizens to be timely in contacting the FFS through their emergency numbers: 08032003556 or 112, in case of any fire incident. https://guardian.ng/news/fire-related-deaths-drop-by-100-fire-service-boss/ |
The Zamfara Commissioner for Women and Children Affairs, Hajiya Rabi Shinkafi, has resigned her appointment to take up another commissionership appointment in Imo.https://pmnewsnigeria.com/2021/12/23/commissioner-shinkafi-quits-zamfara-cabinet-to-join-uzodimma-in-imo/ "My attention has been drawn to a publication captioned:
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More Fulani wan enter....2023 things! [img]https://media1./images/8449c89b2a5a67af4d98b99a8e403eee/tenor.gif?itemid=21379361[/img] |
More Fulani Insurgents? [img]https://media1./images/8449c89b2a5a67af4d98b99a8e403eee/tenor.gif?itemid=21379361[/img] |
It's 'Risky'.... [img]https://media1./images/8449c89b2a5a67af4d98b99a8e403eee/tenor.gif?itemid=21379361[/img] |
He not yet been marched into the bush? [img]https://c./ko_YNeNseQAAAAAC/what-are-you-talking-about-huh.gif[/img] |
Nigerian socialite and businessman Mompha, real name Ismaila Mustapha has served controversial transvestite, Idris Okuneye, better known as Bobrisky a notice to prosecute. Mompha is demanding Bobrisky retracts and apologize in two newspapers within seven days and pay the sum of N1 billion as damages over claims which he described as “malicious”. Mompha in the lawsuit notice he shared on his Instagram page during the early hours of Thursday, December 23 accused Bobrisky of not debunking a claim made by his former employee, Oye, about them being homos3xual partners. READ ALSO: Mompha demands not to be dragged into Bobrisky and Tonto Dikeh feud Further, the socialite also accused Bobrisky of making false claims of him borrowing his car each time he visits Nigeria. Mompha also alleged that the cross-dresser carried out a campaign to smear his name with the assertion of him being “an audio billionaire renting cars in Dubai for the gram”. Read the lawsuit notice below. https://i1.wp.com/www.ripplesnigeria.com/wp-content/uploads/2021/12/mompha-2.png?w=349&ssl=1 https://i2.wp.com/www.ripplesnigeria.com/wp-content/uploads/2021/12/mompha-1.png?w=368&ssl=1 https://i1.wp.com/www.ripplesnigeria.com/wp-content/uploads/2021/12/mompha-3.png?w=460&ssl=1 https://www.ripplesnigeria.com/socialite-mompha-threatens-to-sue-transvestite-bobrisky-demands-n1bn/ |
The Federal Government has secured a $700m loan from the World Bank for specific water projects in the country, the Minister of Water Resources, Suleiman Adamu, has said.https://punchng.com/world-bank-loans-nigeria-700m-for-water-supply-fg-blames-states/
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