# Union Bank of Nigeria

Union Bank of Nigeria Plc is a commercial bank in Nigeria headquartered in Marina, Lagos Island, Lagos. It has been operating in Nigeria since 1917.

## Overview

Union Bank is a large commercial bank, serving individuals, small and medium-sized companies, as well as large corporations and organizations. In July 2009, it was rated as the 556th largest bank in the world and the 14th largest bank in Africa. As of March 31, 2018, the bank's asset base was estimated at NGN1, 381 billion (US$4.1billion). The shareholders' equity at that time was estimated at NGN286 billion (US$851 million).
Union Bank of Nigeria’s rich history can be traced to 1917, when it was first established as Colonial Bank.
In 1925, the bank became known as Barclays Bank DCO (Dominion, Colonial and Overseas), resulting from its acquisition by Barclays Bank. Following Nigeria’s independence and the enactment of the Companies Act of 1968, the bank was incorporated as Barclays Bank of Nigeria Limited (BBNL, est. 1969).
Between 1971 and 1979, the bank went through a series of changes, including its listing on the NSE and share acquisitions/transfers driven by the Nigerian Enterprises Promotion Acts (1972 and 1977); this resulted in its evolution into a new wholly Nigerian-owned entity. To reflect the new ownership structure and in compliance with the Companies and Allied Matters Act of 1990, it assumed the name Union Bank of Nigeria Plc. (UBN “the Bank” or “Union Bank”).
In 1993, in line with its privatisation/commercialisation drive, the Federal Government divested by selling its controlling shares (51.67%) to private investors. Thus, Union Bank became wholly owned by Nigerian citizens and organisations all within the private sector. During the Central Bank of Nigeria’s (CBN) banking sector consolidation policy, Union Bank of Nigeria Plc acquired the former Universal Trust Bank Plc and Broad Bank Ltd. It absorbed its one-time subsidiary, Union Merchant Bank Ltd.
In compliance with CBN’s Regulation 3, UBN divested all non-core banking subsidiaries in alignment with its core banking business model.
Following the banking crisis in 2009 and the intervention of the CBN via Asset Management Company of Nigeria (AMCON), the bank was recapitalised in 2012 with an injection of $500 million by Union Global Partners Limited (UGPL), a consortium of local and international investors. UGPL acquired 65% of the bank’s shareholding, and in the last quarter of 2014, AMCON’s remaining 20% stake in the bank was acquired by Atlas Mara.
In December 2021, the Bank announced that it had received a notification of an agreement by UGPL, Atlas Mara Limited and other majority shareholders to divest shareholding in Union Bank to Titan Trust Bank. Majority shareholders in Union Bank transferred an aggregate of 93.41% of the issued share capital of Union Bank held to Titan Bank. After receiving all regulatory approval, the transaction was completed in June 2022, and there was a subsequent change of control. Titan Trust Bank became the majority shareholder in Union Bank. (Titan Trust Bank is majority owned by TGI Group, a Nigerian conglomerate).
The acquisition of the Shares triggered the statutory and regulatory requirement for Titan Trust Bank to execute a mandatory take-over offer (MTO) to the other shareholders of Union Bank in November 2022 and, subsequently, a squeeze out of minority shareholders through a scheme of arrangement in May 2023. Consequent to the acquisition of all the shares in Union Bank of Nigeria, an application to delist Union Bank of Nigeria Plc shares from the Nigerian Stock Exchange was filed, and the application was granted in November 2023.
Following a court-ordered meeting of shareholders on 28 December 2023 and subsequent sanctioning of the scheme, the official merger process between Union Bank of Nigeria and Titan Trust Bank was concluded, with Union Bank of Nigeria existing as the surviving entity.

## Ownership

Titan Trust Limited acquired 89.4 per cent interest in Union Bank from a pool of stakes from exiting major investors, including Atlas Mara and Union Global Partners Limited, but later upped the stake to 93.4 per cent.

## Branch Network

The bank maintains a vast network of interconnected branches in all Nigerian states. It was listed as the tenth of the 10 biggest banks in Nigeria.

## Management

The bank's activities are supervised by the board of directors led by the chairman, Mr. Bayo Adeleke.
The management board is led by Mr. Bayo Adeleke who serves as the Chairman, board of directors. Before his current role, Bayo was the Executive Vice President of Institutional Banking at First Bank of Nigeria Plc. In this capacity, he managed prominent corporate relationships across multiple sectors, supervised the bank’s international representative offices and led significant institutional investments. Under his leadership, his division handled loans and advances worth ₦450 billion and liabilities totalling ₦210 billion. Bayo's strategic foresight was pivotal in the establishment and growth of the investment banking subsidiary of FirstBank Group, FBN Capital Limited, where he oversaw major equity and debt offerings, mutual funds, and private equity funds.
Mrs. Yetunde B. Oni, Managing Director/Chief Executive Officer.
Yetunde B. Oni is a highly accomplished financial services leader with a successful career spanning over 30 years. She has several years of cross-border business development, risk management, executive leadership, and board experience, having held senior positions in international and local banks, focusing on emerging markets. In January 2024, Yetunde was appointed by the Central Bank of Nigeria as the Managing Director/CEO of Union Bank of Nigeria.
Mrs. Oluyinka Abimbola Morgan – Non-Executive Director.
Mrs Oluyinka Abimbola Morgan is a versatile and accomplished professional with 39 years of experience in audit, banking, real estate, consulting, and entrepreneurship. As a Fellow of the Chartered Institute of Accountants of Nigeria, Oluyinka has demonstrated her expertise in private banking, real estate investment, and wealth management. She served as the 2023 Chair of WIMBOARD, an initiative under WIMBIZ that empowers women in management, business, and public service by promoting diversity within boardrooms and providing training and resources to aspiring female board members.
Mr. Ibrahim Musa Oruma – Non Executive Director.
Mr Ibrahim Musa Oruma is a highly experienced professional with over 30 years in banking, financial services, and investment management. His career has been defined by a series of senior leadership roles, including Managing Director of Atlas Investment Limited, where he has demonstrated his entrepreneurial skills and strategic management capabilities. Ibrahim has also served as the Managing Director and CEO of Eagle Bank Limited, where he led the bank through its formative years, ensuring compliance with regulatory obligations and driving business growth.
Mr Mohammed Balarabe - Non Executive Director.
Mr. Mohammed Balarabe is a highly experienced banker with over 30 years of expertise in managing regional and national banking operations across Nigeria. Throughout his career, he has held several high-profile executive roles, including Deputy Managing Director at Fidelity Bank Plc, where he played a crucial role in overseeing the bank’s business operations in the Federal Capital Territory and the Northern regions. Following his appointment in 2017, his responsibilities extended to ensuring the bank's compliance with regulatory requirements as the Executive Compliance Officer.
Mrs Eileen C. Shaiyen - Non Executive Director.
Mrs Eileen C. Shaiyen is an esteemed executive leader with over 35 years of extensive experience in strategy activation, finance, and risk management across various sectors, including power, financial services, government, oil and gas, and telecommunications. She is currently the Executive Vice Chairman of H. Pierson Associates Ltd, a leading management consulting firm, where she plays a pivotal role in guiding governance, strategy, people, and risk projects for Tier 1 companies and government entities.
Mrs. Chiamaka Ezenwa – Non Executive Director
Ms Chiamaka Ezenwa is a dynamic and innovative venture investor, advisor, and business builder with a diverse background in technology, consumer, and media start-ups. As the founder of E116 Ventures, Chiamaka focuses on investing from pre-seed to Series A in companies that are founded, operated, or distributed in Africa. Her career spans multiple continents, including Africa, Europe, and the Middle East, where she has led significant transactions in mergers and acquisitions, fundraising, and strategic advisory roles.
Mr Mannir U. Ringim - Executive Director.
Mannir U. Ringim is an accomplished business leader with over 30 years of experience improving business profitability and productivity. He is skilled in crafting and executing growth strategies, communicating objectives to his teams, and fostering interdepartmental engagement. Mannir joined the Bank in January 2024 as an Executive Director appointed by CBN after spending almost two decades at Fidelity Bank Pic, where he served as a Regional Head and exceeded regional performance targets.

## Awards

In 2022, the Global Finance Award for Best SME Bank in Nigeria.