Union Bank Rejigs Board as Titan Trust Bank Takes Full Control

By Dipo Olowookere

An old generation lender, Union Bank of Nigeria Plc, has announced a significant change to the composition of its board of directors following the transfer of 93.41 per cent of the bank’s issued share capital to Titan Trust Bank Limited.

In a statement, Union Bank said 10 board members of the company have retired to pave a way for nominees of the new owners.

The Chairman of the firm, Mrs Beatrice Hamza Bassey as well as the chief executive officer, Mr Emeka Okonkwo, will no longer be on the board with effect from Thursday, June 2, 2022.

Mr Okonkwo, who implemented the bank’s new strategy focused on regional coverage and continued the growth trajectory, has expressed his desire to support the new CEO and core investor.

Others who retire from the board include Mrs Obafunke Alade-Adeyefa, an independent non-executive director; Mr Richard Burrett, a non-executive director; Mr Ian Clyne, a non-executive director; Mr Kenroy Dowers, a non-executive director; Mr Paul Kokoricha, a non-executive director, Mr Taimoor Labib, a non-executive director; Mr Mark Patterson, a non-executive director; and Mr Emeka Ogbechie, a non-executive director.

It was gathered that the bank has appointed Mr Mudassir Amray as the CEO of Union Bank effective June 2, 2022. He is a seasoned banker with well-rounded exposure of over 25 years in senior management roles and a proven track record of adaptability in six geographies (USA, Nigeria, Malaysia, Hong Kong, Singapore and Pakistan) in the course of his career at Citibank and other foreign and local banks, according to a notice from the firm.

Prior to his latest appointment, he led the establishment of Titan Trust Bank Limited and subsequently became the bank’s pioneer CEO in October 2019.

Also, Union Bank has confirmed Mr Farouk Mohammed Gumel as its new Chairman. He is the Group Executive Director for TGI Group and also the Chairman of Wacot Rice Ltd, a subsidiary company of TGI Group, and non-executive chairman at the Nigeria Sovereign Investment Authority (NSIA).

Prior to joining TGI, Mr Gumel was a Partner at PwC and Head of the West African Advisory/Consulting business, covering Nigeria, Ghana, Liberia, Sierra Leone, and Angola.

The two will be assisted on the board by Mr Andrew Ojei, a non-executive director; Mr Abubakar Mohammed, a non-executive director; and Mr Lawrence Mackombo, a non-executive director.