Sunday, February 5, 2023
HomeHow Can A Microfinance Bank Buy Union Bank?

How Can A Microfinance Bank Buy Union Bank?

It’s really shocking to hear that Union Bank Plc has been acquired by a smaller bank. Smaller in the sense that, whenever you hear of it, its lack of branches and popularity, makes it seem like a Microfinance Bank.

The Trumpet Newspaper had this in its news:  “Union Bank Plc, one of the oldest Banks in Nigeria will soon cease to exist as a new Bank, Titan Trust Bank Limited takes over the ancient bank, The Trumpet can report authoritatively.

Titan Trust Bank Limited won the central bank’s permit to run within Nigeria barely three years ago. Union Bank has announced that Titan Trust is acquiring 89.4 per cent of its stake.”

“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,” Tunde Lemo, Titan Trust’s chair said.

Who is Tunde Lemo, and what strides has Titan achieved in its few years of operation? A bank that is merely 3years?

Iniobong Udoh – a lady on Facebook – had the same feeling many would ordinarily have. Hear her: 

“When I saw the little orange building with signage that had Titan Trust Bank, I thought it was one of those new microfinance banks, and maybe one owned by BBN Tacha or one of her fans.

But just look at the news, Panla has swallowed whale all in our very before 😂”

A similar expression was presented by another Facebook handle belonging to Jack Obinyan:

“How can a Bank incorporated in 2018, licensed in 2019 buy over a whole Union Bank that has been operating since 1917? Am I missing something?”

One would wonder about the possibility, but not after remembering that this is Nigeria where anything can happen. It could be an achievable feat if there are political inclinations to it. 

Under the comments attached to Jack Obinyan’s post, you could see a certain Aniefiok Etuk, who was of the opinion that things like this shouldn’t be a wonder anymore. According to him, we are yet to explain how a man who’s still looking for his WAEC certificate, ended up becoming the president of Nigeria.

It’s all about politics for me, just like Adetunji Oyewumi who said he’s just waiting for the revelation of the Otunba, or Alhaji behind the whole saga.

Written by: Edward Amah

African Glitz is an online based magazine bringing you all the latest Latest News in Film, Fashion, Music, Lifestyle, Entertainment as a whole from UK, Africa and beyond.


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