This article follows up on Titan Trust and Union Bank: A Deal, A Reversal, and the Regulator. Inside Business, a partner resource, provides this detailed reply and perspective. (Note: sensitive documents such as agreements and audited accounts have been excluded).
From Atlas Mara to Titan Trust: How the Trouble Began
Union Bank of Nigeria’s journey took a sharp turn after Atlas Mara—the African investment firm co-founded by Bob Diamond—sold its controlling stake to Titan Trust Bank (TTB) in 2022.
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Atlas Mara first entered Union Bank in 2014, buying 20.9% from AMCON.
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By 2018, it had raised its stake to 49%.
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In December 2021, Atlas Mara and other major shareholders (including Union Global Partners) sold a combined 93.41% stake to Titan Trust Bank.
The deal, completed in June 2022, made Tropical General Investments (TGI) Ltd, linked to Dubai-based Vink Corporation and Cornelius G. Vink, the ultimate majority shareholder of TTB.
By November 2022, Titan Trust executed a Mandatory Takeover Offer for all remaining shares. In May 2023, a scheme of arrangement forced out minority shareholders, paving the way for Union Bank’s delisting from the Nigerian Stock Exchange in November 2023.
The CBN Investigation and Ownership Questions
The Union Bank takeover coincided with President Bola Tinubu’s appointment of Jim Obazee in July 2023 as Special Investigator into alleged corruption at the CBN and related agencies.
Obazee soon raised doubts about:
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Titan Trust Bank’s capacity to finance the Union Bank acquisition.
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The true owners and source of funding behind the deal.
Unable to verify the funding trail—particularly the alleged $190m equity by Cornelius Vink and Rahul Savara—Obazee recommended that government seize control.
By January 2024, President Tinubu approved the takeover. The CBN became the sole owner of Union Bank.
Lemo, Vink, and Savara: Missing in Action
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Tunde Lemo, TTB’s chairman, forfeited his own stake and proposed that government take over Vink and Savara’s holdings after they repeatedly failed to appear before investigators.
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Cornelius Vink and Rahul Savara, both based in Dubai, ignored multiple invitations, citing medical and family reasons through their lawyers.
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Despite promises via legal counsel (G. Elias Chambers), neither man has appeared before investigators since August 2023.
Interestingly, none of the parties has gone to court to challenge the federal takeover. Even Afreximbank, which reportedly provided a $300m facility for the acquisition, has stayed silent.
New Management, Old Questions
In January 2024, the federal government dissolved Union Bank’s board and appointed an interim management team led by:
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Yetunde Oni (Managing Director)
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Mannir U. Ringim (Executive Director)
Later, the CBN reconstituted a new board with:
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Bayo Adeleke (Chairman)
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Four independent non-executive directors: Oluyinka Abimbola Morgan, Chiamaka Ezenwa, Mohammed Balarabe, and Eileen C. Shaiyen
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Two new executive directors: Taiwo Shote and Kelechi Nwaoba
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Ringim retained from the interim team
But this raised another concern: Whose interests do these new appointees represent? Are they proxies for Vink, Savara, and Lemo—or truly government choices?
The Big Question: Who Will Recapitalise Union Bank?
The CBN has directed all banks to raise fresh capital by March 2026. With Union Bank now fully under government control, Nigerians are asking:
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Will the new appointees recapitalise the bank?
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Or will the federal government itself step in as the ultimate backer?
For now, the ownership and future of one of Nigeria’s oldest banks remain uncertain, political, and deeply entangled in controversy.
The story of Union Bank is no longer just about banking—it’s about power, politics, and accountability in Nigeria’s financial system.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
