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Union Bank Delists From The Nigerian Stock Exchange After 52 Years

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After 52 years of listing on the Nigerian Stock Exchange, Union Bank of Nigeria Plc has announced that it would be delisting from the NGX.

According to a corporate filing on the NGX website, the bank announced it is considering a payout of N7.70 per share to its shareholders in its scheme of consideration.

In the document signed by Somuyiwa Sonubi, Union Bank’s Company Secretary, the Registrars will send the Scheme Consideration to all the Bank’s shareholders. It is noted that this will follow the decision that will be made during the Court-Ordered Meeting as well as approval given by the Federal High Court.

 

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What you should know

At the end of 2021, Titan Trust Bank (TTB), promoted by former CBN Deputy Governor, Tunde Lemo got the approval of the CBN to acquire an 89.4% stake in Union Bank of Nigeria.

Six months later, in June 2022, TTB completed the deal to acquire a 93.4% stake in the bank. After completing a takeover of the bank, it was announced in May 2023 that TTB was planning to pay N7 per share to acquire the remaining shares of Union Bank of Nigeria to ensure 100% total ownership by TTB.

As of the close of trading on November 13, 2023, Union Bank of Nigeria (UBN) closed at N6.65.

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INEC Disowns Labour Party National Convention

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The Independent National Electoral Commission (INEC) has disowned Wednesday’s Labour Party (LP) National Convention in Anambra.

Mr Rotimi Oyekanmi, the Chief Press Secretary to INEC Chairman, said this when he spoke with the News Agency of Nigeria (NAN) in Abuja on Thursday.

Oyekanmi said that the conduct of the convention was not monitored by INEC, declining to state further why it was not monitored.

NAN, however, reports that the LP had on Tuesday shifted the convention from Umuahia in Abia to Nnewi, Anambra State.

Speaking on the change in venue, Mr Kehinde Edun, the LP National Legal Adviser, told newsmen that the party had duly informed INEC about the change in venue and date.

 

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“No, it is holding in Anambra. Nnewi, to be precise, not Umuahia in Abia State again. In fact, Umuahia was not even the first venue we chose. Benin was the first choice before we changed to Umuahia and now Nnewi.

“So, we are at liberty to pick any venue of our choice. We only need to inform INEC about the change in venue and time,” Edun said.

Section 82(1) of the Electoral Act, 2022 states that political parties shall give INEC at least 21 days notice of convention, congress, conference or meeting.

This includes the convention or meeting convened for the purpose of “merger” and electing members of its executive committees, other governing bodies or nominating candidates.

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Cameroon Re-Elects 89-Year-Old Marcel Niat Njifenji, As Senate President

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