Tunde Lemo, others behind Titan Bank’s mega takeover of Union Bank

December 25, 2021
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Union Bank Plc announced during the week that its core shareholders had reached a deal that will see their shares acquired by 2-year old Titan Bank.

The deal will see existing core investors in Union Bank, Union Global Partners Ltd (64.98%), Atlas Mara (25.53%) and other shareholders divest their core holdings totaling 89.39% in Union Bank to Titan Trust Bank.

Whilst, Union Bank is a household name in Nigeria, a lot of Nigerians may not be fully aware of who owns Titan Bank.

Titan Trust Bank was approved as a national commercial bank in Nigeria in 2019 and commenced operation in October of the same year.

The bank currently has two bank branches and styles itself as a digital bank, a common focus for newer banks looking to challenge the more established commercial banks.

The company is not a quoted company and as such does not publish its financial statements publicly.

Titan Bank has 7 directors namely Mr. Tunde Lemo (Chairman), Mr, Mudassir Amray (MD/CEO). Mr. Andy Ojei (Non-Executive Director), Alhaji Abubakar Mohammed (Independent non Executive Director), Mr. Mackombo Chukwudi Lawrence Omoile (Independent non-Executive Director), and Dr. Adaeze Udensi (Executive Director).

Its Management team comprises Mr. Amray, Dr. Udensi, Mr. Ademola Ajayi (Head of Compliance). Stella Nwihim (Head of Human Resources), Mr. Mark Oguh (Chief Financial Officer). Chineyeoke Uga (Chief Risk Officer) and Uche Ugboh (Treasurer).

Dr. Adaeze for those who remember is a veteran of Zenith Bank Plc and also an executive director at Heritage Bank.

Mr. Amray was once the Managing Director / Group Head of Global Corporate & Investment Banking & Senior Credit Officer for Citibank Nigeria and Ghana. Mr. Oguh was also the former CFO of Diamond Bank between 2015 and March 2019.

The company has customer deposits of about N85.9 billion and loans and advances of about N38.7 billion.

It’s Net Assets as of 2020 is N32.9 billion.

Most of the company revenues come from fees generated from Letters or credits and from trading forex.

Titan Trust Bank is owned majorly by Tropical General Investment Group (TGI).

TGI operates in Nigeria and West Africa as an investment firm with ownership in diverse businesses ranging from FMCG, commodities, agriculture, agric processing, pharmaceuticals and oil field services, real estate, and trading.

One of TGI’s most notable companies was CHI Limited makers of the popular Chivita products. TGI eventually sold the company to Coca-Cola in 2019.  TGI also owns WACOT Rice Mill located in Kebbi State which is said to be the largest parboiled rice mill in Africa.

TGI’s Chairman and Founder is Mr. Cornelius G. Vink (MFR) and has operated in Nigeria since the early eighties. In fact, older Nigerians will remember Caprisomme one of the most popular beverages in the country as his first major hit product. Vink Corporation DMCC is the trading arm of the Group.

Mr. Vink is a silent billionaire and our sources indicate his organisation already has the financial muscle to pay for Union Bank’s majority ownership.

TGI Group also has the following people as its executive directors; Rahul Savara as Group Managing Director, Jerome Shogbon (Group Executive Director), Farouk Gumel (Group Executive Director), Remi Oni (Group Executive Director), Martin Middernacht (Group Executive Director). Mr. Gumel is also on the board of NSIA.

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