Banking
Union Bank’s Acquisition: Titan Trust Bank Aims for Market Dominance, Targets Tier 1
By Oluwafemi Adeoye
With the recent acquisition of Union Bank of Nigeria (UBN) Plc by Titan Trust Bank Limited (TTB), a deal that took stakeholders by surprise last year, the latter is now positioned to maintain its lead as a technology-driven tier-1 bank, OLUWAFEMI ADEOYE writes.
When Titan Trust Bank Limited (TTB), one of the three newest entrants into the Nigerian banking industry, began operations in October 2019, many people gave it just a passing glance, but after a few years, the achievements of the lender have taken industry watchers by surprise.
Established on the 12th of December 2018 with a solid post-capitalization financial base in real cash, the bank has proven that it is ready to compete with long-standing and well-rooted Nigerian banks.
In pursuit of an expansionary course with the objective of building a stronger brand capable of taking on a larger market share of a continent striving for financial inclusion, the lender which is on a mission to take advantage of the identified gaps in the banking sector and address the unmet needs of the retail mass market, SMEs and corporates, again took the industry by surprise after it announced its acquisition of 89.4% interest in 104-year-old Union Bank, but later upped the stake to 93.4%, in barely four years of its existence.
Its expansionary drive could not have come at a better time with Tier-1 banks moving to HoldCo structures, FinTech standing as the next big thing, and the African economy desperately in need of strengthened financial systems.
The deal, regarded as one of the largest acquisition deals in the history of Nigeria’s banking industry, with an off-market deal worth N191 billion, was however formalized recently with Tropical General Investments Limited (TGI Group), the parent company of TTB, becoming majority shareholder and core investor in Union Bank.
The acquisition stands as the biggest in recent years, dwarfing the N120 billion Crown Mills paid to acquire Dangote Flour Mills and the N91 billion NIPCO paid for a majority share in Mobil Nigeria, capital market analysts noted. Also, this is the biggest deal in the banking space since the N72 billion merger between Access Bank and Diamond Bank Plc.
This is, however, not the first time that a smaller bank will acquire a bigger one in Nigeria, it is however the first time that an unlisted bank, which is barely four years old, will be acquiring a listed, century-old bank.
It is worthy to note that TGI Group, having been in Nigeria for over 3 decades with an established track record of successfully establishing and profitably running all their subsidiaries, is the perfect investor for Union Bank as they are evidently here for the long run rather than short term investors. This will obviously provide Union Bank with a lot of stability and the established expertise of TGI and the team that they have put together to make Union Bank a bank of the first choice for Nigerians in the very near future. Business analysts have, however, described the deal as a win-win for Nigerians and the Nigerian economy.
The completion of the Titan-Union deal has also seen the exit of the former board and management team of Union Bank and the emergence of Mr Farouk Mohammed Gumel and Mr Mudassir Amray as its board chairman and new Chief Executive Officer (CEO) respectively, effective June 2, 2022. Other board appointments under the new ownership of the bank include Mr Andrew Ojei, Alhaji Abubakar Mohammed, and Mr Lawrence Mackombo – all Non-Executive Directors.
But unknown to many, since the inception of TTB in October 2019, the bank has been on an upward trajectory and has further positioned itself as a challenger bank.
At the start of its operations, the management team led by Mr Mudassir Amray, the current chief executive of Union Bank, and Mrs Adaeze Udensi (current acting managing director of TTB), drew up a holistic and integrated approach to business modernization, which has formed the foundation for the bank’s superior customer-centric experience.
The impact of this strategic decision led to a positive impact on the bank’s performance within its first three months of operations where the bank recorded a profit after tax (PAT) of over N600 million.
In its determination to take financial services to every household in order to drive effective inclusion and participation in the recovery and growth of Nigeria’s economy, TTB invested substantially in technology and developed fully integrated service models that enable its customers to enjoy banking services through a wide range of channels. The bank believes in innovation, creativity, and the use of technology to enhance the lives of its customers while it also strives to ensure that its products and services are meeting the changing needs of its customers.
Recently, TTB launched and deployed the latest version of Oracle’s FCCM module, powering our AML/CFT infrastructure, used in over 120+ sites by top global banks. It has also invested in top-notch infrastructure for AML/KYC, as well as the Oracle Financial Services Analytical Application (OFSAA) to ensure rigorous analysis and measurement of its risk-performance objectives.
In less than three years of operation, TTB has grown to earn the confidence of the banking public, offering quality banking services with cutting-edge technology that enables its customers to enjoy banking services through a wide range of channels.
Therefore, with its recent acquisition of Union Bank, one of Nigeria’s long-standing and most respected financial institutions with a network of over 293 sales and service centres and over 937 ATMs spread across Nigeria, analysts believe the deal may trigger a fresh competition among money deposit banks in the country.
The lender has exhibited a grand ambition to mature to a Tier-1 bank in the next five years and is banking on its vast digital banking, strength to disrupt a space where the big five banks commonly known by their initials as FUGAZ hold sway.
The acquisition eases the path for TTB to become Nigeria’s sixth biggest lender, with Union Bank’s assets climbing in valuation to N2.6 trillion at the end of 2021 and Titan’s standing at N246 billion as of December 2021.
According to Mr Tunde Lemo, chairman of Titan Trust Bank, with the combination of TTB, a tier-3 bank, and UBN, a tier-2 bank, “we are going to see the emergence of a tier-1 bank.”
“Union Bank is one of the largest in terms of network. But we think that after 104 years of operation, it can be rejuvenated by a bank like Titan Trust Bank that has cutting-edge modern banking skills.
“We believe that by combining fintech strength with the brand value of UBN, we can make an impression in Nigeria by deploying modern banking to every nook and cranny of the country.
“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.
“So, there will be a significant synergy between the two institutions,” he said.
With the new development, the bank is poised for market dominance in the financial services industry, especially in the retail segment.
By Adedapo Adesanya
Nigerian tier-1 lender, First Bank, has announced the introduction of its Naira Visa Debit Card in partnership with the global payments giant to extend accessible, reliable electronic payment capabilities to a broader segment of the Nigerian population.
The card is targeted at everyday consumers who require a dependable payment instrument for routine domestic and international transactions. Accepted across POS terminals, ATMs, and online platforms through Visa’s payments network, the Naira Visa Debit Card is designed to reduce friction for customers transitioning from cash to electronic payments across retail, utilities, and digital commerce.
According to the bank, the partnership aligns with Nigeria’s ongoing drive toward a cashless economy, a policy direction that has gained significant momentum following successive Central Bank of Nigeria directives encouraging the adoption of electronic payment channels, adding that the card is intended to serve customers across the country’s diverse economic segments.
The Naira Visa Debit Card is available to all eligible FirstBank account holders through any of the bank’s branches nationwide.
Speaking on the launch, Mr Chuma Ezirim, Group Executive, eBusiness & Retail Products, FirstBank, said: “Everyday transactions should be simple, secure, and rewarding. The Naira Visa Debit Card is designed to make life easier for our customers, whether they are paying for groceries, settling utility bills, or shopping online.
“By extending reliable electronic payment access across Nigeria, we are helping more people transition confidently from cash to digital payments, supporting the nation’s cashless policy and empowering communities with greater financial inclusion.”
Commenting on the strategic importance of the partnership, Mr Andrew Uaboi, Vice President and Cluster Head, West Africa, Visa, noted: “A strong payments ecosystem works for everyone. The Naira Visa Debit Card extends reliable electronic payment access to everyday Nigerian consumers, and this in addition to the cards in our portfolio, continues to demonstrate what a truly comprehensive card portfolio looks like for the Nigerian market. Visa is proud to power this offering with FirstBank.”
The launch of the Naira Visa Debit Card broadens Visa’s card portfolio at FirstBank, which already includes products spanning credit cards and High-end premium lifestyle spending cards. The addition completes its offering across customer segments, ensuring that cardholders at every income level have access to a product suited to their needs.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has unveiled the fourth edition of its Foreign Exchange Manual as part of efforts to deepen liquidity, improve transparency and strengthen confidence in the country’s foreign exchange market.
Speaking at the launch of the revised manual in Abuja on Friday, the Governor of the apex bank, Mr Yemi Cardoso, said the document will take effect from June 1, 2026.
He said it was developed after extensive consultations with banks, exporters, importers, corporates, regulators and development partners.
He said the new framework reflects the apex bank’s commitment to modernising the country’s foreign exchange administration in line with international best practices.
Mr Cardoso described the foreign exchange market as a critical pillar of any open economy, noting that effective governance of the sector is essential for sustaining macroeconomic stability and investor confidence.
“Foreign exchange is more than a financial instrument. It anchors price stability, facilitates the flow of goods and capital, and shapes investor sentiment,” he said.
The CBN governor stressed that the revised manual became necessary due to changing global economic realities, domestic reforms and the need for a more coherent and forward-looking regulatory framework.
According to him, the last edition of the FX manual was issued in 2018, making the latest review both timely and necessary.
Mr Cardoso disclosed that Nigeria’s foreign exchange market has witnessed significant improvement in liquidity since the current administration began reforms in the sector.
He added that daily turnover in the FX market increased from an average of about $100 million in the early days of the administration to between $400 million and $600 million daily.
The CBN Governor added that the market had also recorded transactions of up to $1 billion per day on several occasions in recent months.
“We have gone from a situation where it was more or less a one-way market, where the central bank came in, intervened and went away, to a much more dynamic market,” he stated.
The apex bank boss noted that the reforms were gradually restoring confidence among investors and market participants, encouraging freer entry and exit in the market without unnecessary restrictions.
He also maintained that the nation’s foreign reserves should not be used as the primary tool for funding the foreign exchange market.
“Reserves are reserves. They are not what you look to fund a market,” he said.
The CBN Governor assured stakeholders that the revised manual would be distributed free of charge to authorised dealers while the bank strengthens monitoring mechanisms to ensure compliance, fairness and accountability across the foreign exchange market.
On his part, the Deputy Governor for Economic Policy, Mr Muhammad Abdullahi, said the review formed part of broader reforms initiated by Mr Cardoso to restore confidence, improve transparency and deepen liquidity in the foreign exchange market.
Mr Abdullahi explained that the revised manual introduces several changes aimed at improving ease of doing business and reducing transaction bottlenecks.
Among the notable changes, he noted, are provisions allowing unfettered access to export proceeds, the introduction of non-resident investment accounts and operational guidelines for Pan-African Payment and Settlement System (PAPSS) transactions to support regional trade.
Mr Abdullahi added that the manual also contains new provisions on service exports, revised documentation requirements and updated operational procedures designed to align Nigeria’s FX market with global standards.
He said the apex bank deliberately adopted an ease of doing business approach during the review process to eliminate inefficiencies and ambiguities identified by stakeholders.
“The revised manual is not a stand-alone exercise but part of a broader institutional reform effort designed to strengthen the integrity, credibility and effectiveness of Nigeria’s foreign exchange system,” he said.
By Aduragbemi Omiyale
The Central Bank of Nigeria (CBN) has approved the appointment of Mr Julius Omodayo-Owotuga to the board of First Bank of Nigeria Limited as an executive director.
A statement from the company said the appointment of Mr Omodayo-Owotuga became effective on Wednesday, May 13, 2026.
He was appointed to the board of the subsidiary of First Holdco Plc to further strengthen its leadership capacity across strategic finance, governance, risk management, and institutional transformation.
Before now, he served on the board of First Holdco as a non-executive director between 2021 and 2026.
The appointee brings to the board 24 years of experience spanning banking and financial services, infrastructure finance, power, oil & gas, and audit and consulting.
His appointment, according to the notice to the Nigerian Exchange (NGX) Limited, reflects the Bank’s continued commitment to strong governance, disciplined execution, financial resilience, and sustainable long-term growth.
He most recently served as deputy chief executive of Geregu Power Plc, Nigeria’s first listed power generation company, where he played a pivotal role in institutional transformation, governance strengthening, capital market positioning, operational optimisation, and major financing initiatives, including the company’s landmark listing on NGX.
Mr Omodayo-Owotuga previously served as group executive director, Finance & Risk Management at Forte Oil Plc (now Ardova Plc), where he was instrumental in the company’s financial and operational transformation, leading strategic restructuring, capital raising, treasury optimisation, enterprise risk management, and governance improvement initiatives that strengthened long-term shareholder value.
His professional career also includes roles at Africa Finance Corporation, Standard Chartered Bank, KPMG Professional Services and MBC International Bank (Now First Bank Nigeria Limited), providing him with deep experience in institutional finance, treasury management, financial controls, regulatory engagement, and corporate advisory.
Mr Omodayo-Owotuga is a CFA Charter Holder, KPMG-trained Accountant, and a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), the Chartered Institute of Taxation of Nigeria (CITN), and the Institute of Credit Administration. He is also a member of the Institute of Directors (IoD) Nigeria and a Certified Management Accountant.
He holds a Doctorate in Business Administration, a Master’s in Business Administration and a Bachelor’s degree in Accounting. He is an alumnus of Saïd Business School, University of Oxford, IE Business School, Geneva Business School, and the University of Lagos.
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