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Union Bank of Nigeria Plc Announces Intention to Delist from NGX

by ANAYO EDE
written by ANAYO EDE

Union Bank Plc (“the Bank”) has given notice of intention to delist its shares from the Nigeria Exchange Limited (NGX). 

In a notice posted on the Nigeria Exchange Limited website, and signed by Company Secretary, Somuyiwa Sonubi, stated, “Union Bank Plc (“the Bank”) hereby notifies our esteemed stakeholders that the Bank is finalizing the process of obtaining the approval to delist the shares from NGX, upon which shareholders of the Bank will receive a Scheme Consideration of ₦7.70 per share”. 

The notification is in compliance with The Nigeria Exchange (NGX) Rule Book and the Amendments to the Listing Rules, adding that upon approval, the Registrars will remit the Scheme Consideration to all shareholders of the Bank, pursuant to the decision of the Court-Ordered Meeting and the subsequent sanction by the Federal High Court.   

It will be recalled last year, Union Bank Plc announced the completion of core investors’ sale of a majority shareholding to Titan Trust Bank Limited, a subsidiary of TGI Group. This was at the execution of a Share Sale and Purchase Agreement (SSPA), between the former majority shareholders and Titan Trust Bank, which effectively transferred 93.41% Union Bank’s issued share capital to TTB. 

The successful completion of the process made TGI Group, parent company to Titan Trust Bank the majority shareholder and core investor in Union Bank, one of Nigeria’s oldest banks.   

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Politics

Akwa Ibom PDP Sues President Bola Tinubu Over INEC Resident Electoral Commissioner Appointment

by KINGSLEY OYEMA
written by KINGSLEY OYEMA

The Peoples Democratic Party (PDP) in Akwa Ibom State has taken legal action against President Bola Tinubu, challenging his reported appointment of a member of the All Progressives Congress (APC) as the Resident Electoral Commissioner (REC) of the Independent National Electoral Commission (INEC) in the state.

The lawsuit was initiated by the Chairman and Secretary of the Akwa Ibom State PDP, Aniekan Akpan and Harrison Ekpo, respectively. The opposition party is contesting the selection of Etekamba Umoren as the REC for the state.

The Senate recently confirmed the appointment of seven out of the ten RECs presented by the President, including Umoren.

In the suit, filed before the Federal High Court in Abuja and marked FHC/ABJ/CS/146/2023, the plaintiffs, President Tinubu, the Senate, and Umoren are named as defendants.

The PDP leaders are seeking a court declaration that “the 1st defendant (President Tinubu) cannot present the 3rd defendant (Umoren) to the 2nd defendant (Senate) for confirmation as REC for Akwa Ibom State, Nigeria.”

They also request the court to declare that “the appointment of the 3rd defendant as REC for Akwa Ibom State is unlawful, illegal, unconstitutional, null and void ab initio and of no effect whatsoever.”

Furthermore, the plaintiffs are seeking an order of perpetual injunction “restraining the Senate from allowing, permitting, and/or confirming Umoren as a REC and an additional injunction preventing Umoren from acting, assuming the office, and/or presenting himself as a REC for Akwa Ibom State.”

As of now, no specific date has been set for the hearing of the lawsuit.

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