Business
Titan Trust Bank completes takeover of Union Bank, appoints Mudassir Amray as CEO
Mudassir Amray has been appointed as the new chief executive officer (CEO) of Union Bank following the sale of majority stakes to Titan Trust Bank Limited.
Somuyiwa Sonubi, Union Bank’s secretary, disclosed this in a statement issued on Thursday.
Prior to his appointment, Amray led the establishment of Titan Trust Bank and subsequently became the bank’s pioneer CEO in October 2019.
In December 2021, Union Bank had announced that subject to regulatory approvals, it would “transfer 89.39 percent of its share capital to TTB”.
The agreement is between its majority shareholders — Union Global Partners Limited, Atlas Mara Limited, among others – and TTB.
Meanwhile, Union Bank also said it has completed the divestment of its entire shareholding interest (direct and indirect) in its subsidiary, Union Bank (UK) Plc, to all the shareholders in its records as of March 4, 2022, “pro rata to their existing shareholding interests in the bank”.
Consequently, UBUK is not included in the transaction with Titan Trust Bank, the financial institution said.
RESHUFFLING OF BOARD
Union Bank also announced the retirement of directors from its board.
Beatrice Hamza Bassey retired from her position as chair/non-executive director while Emeka Okonkwo stepped down as CEO.
Commenting on behalf of the outgoing directors, Bassey, the erstwhile chair of the board, said: “I am very proud of all that we accomplished together during a transformative period for the Bank following the significant recapitalization of the Bank by the outgoing investors.
The Naira yesterday depreciated to N1,770 per dollar in the parallel market from N1,750 per dollar last weekend.
Similarly, the Naira depreciated to N1,675.62 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,675.62 per dollar from N1,652.62 per dollar last weekend, indicating N23 depreciation for the naira.
The volume of dollars traded (turnover) fell by 55.2 percent to $108.79 million from $243.05 million traded last week Friday.
Consequently, the margin between the parallel market and NAFEM rate widened to N117.38 per dollar from N97.38 per dollar last weekend.
The Nigeria National Petroleum Company Limited (NNPCL) has confirmed that the Port Harcourt Refinery in Rivers State has commenced crude oil processing.
The Chief Corporate Communications Officer of the compaanyy, Femi Soneye, broke the news on Tuesday.
Soneye revealed that the refinery will operate at 60 percent capacity and process 60,000bpd.
https://twitter.com/FM_Soneye/status/1861330633831620917?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1861330633831620917%7Ctwgr%5E776845f88f6fa6dd3c70082f4da1ee2632656999%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.vanguardngr.com%2F2024%2F11%2Fbreaking-port-harcourt-refinery-begins-crude-oil-processing%2F
“Today marks a monumental achievement for Nigeria as the Port Harcourt Refinery officially commences crude oil processing. This groundbreaking milestone signifies a new era of energy independence and economic growth for our nation,” Soneye said on Tuesday.
“Hearty congratulations to President Bola Ahmed Tinubu, the NNPC Board, and the exceptional leadership of GCEO Mele Kyari for their unwavering commitment to this transformative project. Together, we are reshaping Nigeria’s energy future!”
Soneye added that truck loading will commence on Tuesday (today), adding that the NNPCL is also “working tirelessly to bring the Warri Refinery back online soon”.
The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.
The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.
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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.
She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others
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