By Dipo Olowookere
Shares of Union Bank of Nigeria Plc worth N291 million have been sold to employees of the first generation bank.
This is coming over a month after the lender completed the raising of N50 billion through rights issue with the net proceeds to be used to enhance the bank’s regulatory capital requirement, increase working capital and grow in strategic areas that correspond to emerging opportunities in Nigeria.
The proceeds are also to be used to enhance technological platforms through strategic investments in technology and digitalisation and optimise customer experience with investments in customer touch points.
It was gathered that the N291 million shares sold to workers of the bank arose from its Long Term Transformation Incentive Plan (LTTIP).
Union Bank had secured regulatory approval to sell the new shares worth N291 million to employees under its employee share scheme.
About 51.3 million ordinary shares of 50 kobo each were sold at N5.67 under the LTTIP and were listed on the Nigerian Stock Exchange (NSE).
The additional shares have increased the financial institution’s total issued shares from 16.936 billion ordinary shares to 16.987 billion ordinary shares.
Modupe Gbadeyanka 
Aduragbemi Omiyale