By Deborah Nnamdi
Titan Trust Bank Limited has officially ceased operations following the successful completion of its merger with Union Bank of Nigeria — a significant milestone in Nigeria’s banking sector.
The consolidation, approved by the Central Bank of Nigeria (CBN), results in the full integration of Titan Trust Bank’s operations and assets into Union Bank. As a result, Titan Trust Bank no longer exists as a separate legal entity.
In a statement, Union Bank’s Head of Brand and Marketing, Mrs. Olufunmilola Aluko, confirmed the transition:
“Union Bank has fully absorbed Titan Trust Bank’s operations and assets. The combined institution will continue to operate under the Union Bank brand, while Titan Trust Bank ceases to exist as a separate entity.”
Following the merger announcement, Titan Trust Bank updated its digital presence — including its official X (formerly Twitter) account — with a new message:
“Titan Trust Bank is Now Union Bank of Nigeria!”
Customers have been assured that their account details remain unchanged and banking services will continue without disruption. The bank emphasized a seamless transition process and reiterated its commitment to enhancing digital banking capabilities.
The merger unites Union Bank’s 108-year legacy with Titan Trust Bank’s agility and innovation, forming a stronger platform aimed at sustainable growth and broader financial inclusion. The new Union Bank now operates 293 service centers and 937 ATMs across Nigeria, serving over 8 million customers.
The merger concludes a complex process that began in 2021 with a Share Sale Agreement. In 2022, Titan Trust Bank acquired an 89.4% stake in Union Bank, triggering a Mandatory Takeover Offer (MTO) for an additional 6.59% of shares at 50 kobo each. This eventually led to Union Bank’s delisting from the Nigerian Exchange (NGX) in 2023, after 52 years on the bourse.
However, the transaction drew scrutiny following a leaked CBN Special Investigation Report, which alleged that proxies linked to former CBN Governor Godwin Emefiele were instrumental in establishing Titan Trust Bank and facilitating its acquisition of Union Bank.
In January 2024, the CBN dissolved the boards of both banks, citing regulatory infractions and governance failures.
Subsequently, Yetunde Oni was appointed Managing Director and CEO of Union Bank, tasked with driving regulatory reforms, recapitalization, and stability within the merged institution.
The merger arrives amid heightened regulatory pressure as Nigerian banks work to meet the CBN’s recapitalization deadline of March 2026. Titan Trust Bank reportedly faced a N30 billion shortfall under the new capital requirements, prompting the strategic merger to preserve operations and ensure compliance.
This consolidation is seen as a potential model for future mergers, especially as smaller banks seek to navigate Nigeria’s tightening regulatory landscape. With increased scale and capital, Union Bank now ranks among Nigeria’s top ten banks by assets.
Union Bank’s Board Chairman, Bayo Adeleke, described the merger as “a new era of growth, collaboration, and shared prosperity,”
highlighting the bank’s renewed commitment to financial inclusion and national economic development.
