After its acquisition by Titan Trust Bank, Union Bank of Nigeria, has announced the appointment of Mr Mudassir Amray and Mr Farouk Mohammed Gumel as its new Chief Executive Officer (CEO) and Board Chairman/Non-Executive Director respectively, effective June 2, 2022.
Titan Trust Bank had earlier in the week, completed its acquisition of Union Bank’s majority shareholding.
The TTB acquired 93.41 percent of Union Bank’s issued share capital in a transaction that commenced in December 2021, thus transferring the control of the bank to the new majority shareholder and core investor.
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.
The regulatory authorities were further notified of the resignation and subsequent retirement of the erstwhile 10-man Board of Union Bank, led by Mr Emeka Okonkwo, CEO, and Mrs Beatrice Hamza Bassy, Chair/Non-Executive Director.
Commenting on behalf of the outgoing Directors, erstwhile Chair of the Board, Mrs. Beatrice Hamza Bassey said:
“Earlier today we reached a significant milestone with the Completion, after regulatory approvals, of the epoch-making transaction announced in December 2021 between the Bank’s core shareholders and Titan Trust Bank.
“As is normal for transactions such as this, the current board and CEO Mr. Emeka Okonkwo retired and handed over reins of the Bank to a new Board and to Mr. Mudassir Amray as CEO.
“The entire Board congratulates the parties on this landmark transaction”.
She added, “I extend my heartfelt thanks and gratitude to Mr. Okonkwo, the Management team and entire Staff of the Bank as well as the retiring directors for their diligent and committed service over the years.
“I am also grateful for the trust that our minority investors placed in us for managing and running the Bank.”
This newspaper had earlier reported on the regulatory filing action of the bank which read in part: “Following Union Bank of Nigeria Plc’s notification in December 2021 of the execution of a Share Sale and Purchase Agreement (SSPA) between the Bank’s majority shareholders – Union Global Partners Limited, Atlas Mara Limited, et al. – and Titan Trust Bank Limited (TTB), and the subsequent receipt of all necessary regulatory approvals, Union Bank hereby notifies Nigerian Exchange Limited (NGX), the Securities & Exchange Commission and members of the public of the completion of the transaction under the SSPA, which effectively transfers 93.41% of Union Bank’s issued share capital to TTB.”
In the filing document seen by THE WITNESS the bank said, “Mr. Mudassir Amray 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.
“Prior to being appointed the Chief Executive Officer for Union Bank, Mr. Amray led the establishment of Titan Trust Bank Limited and subsequently became the Bank’s pioneer CEO in October 2019.
Commenting on the new Board Chairman, the document stated: “Mr. Farouk Gumel is Group Executive Director for TGI Group. He is also the Chairman, Board of Directors at 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.”
Members of the erstwhile Board of Directors include:
1. Mrs. Beatrice Hamza Bassey Chair/Non-Executive Director
2. Mr. Emeka Okonkwo Chief Executive Officer
3. Mrs. Obafunke Alade-Adeyefa Independent Non-Executive Director 4. Mr. Richard Burrett Non-Executive Director
5. Mr. Ian Clyne Non-Executive Director
6. Mr. Kenroy Dowers Non-Executive Director
7. Mr. Paul Kokoricha Non-Executive Director
8. Mr. Taimoor Labib Non-Executive Director
9. Mr. Mark Patterson Non-Executive Director
10. Mr. Emeka Ogbechie Non-Executive Director
Mr. Okonkwo looks forward to supporting the incoming CEO and core investor during the transition period, the filing document stated.