Union Bank exits Nigeria’s Stock Exchange after 52 years, announces payoff for shareholders

Union Bank, one of Nigeria's oldest financial institutions, has announced it is delisting from the Nigerian Exchange (NGX).

This was contained in a corporate release on the NGX signed by Somuyiwa Sonubi, the Company Secretary.

The Company stated, “In compliance with the Nigerian Exchange (NGX) rule book and the announcement of the listing rules, Union Bank of |Nigeria Plc hereby notify our esteemed stakeholders that the bank is finalizing the process of obtaining approval to delist the bank’s shares from NGX, upon which shareholders of the bank will receive a scheme consideration of N7.70 per shares."

Consequent upon the approval, the company noted that the the registrars will remit the scheme consideration to all shareholders of the bank.

It added that this is under the decision of the court-ordered meeting and the subsequent sanction by the federal high court. It, thereby, enjoined all shareholders of the bank to ensure that their accounts have been duly mandated to receive the scheme consideration.

The development comes after its core shareholders, Titan Trust Bank Limited, in May, acquired all the shares in the company.

In 2021, Titan Trust Bank initially showed interest in the company by purchasing 88.39% of the bank which was over a decade years old.