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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.

 

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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Woman killed while crossing road in Anambra

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The Federal Road Safety Corps (FRSC), Anambra State Sector Command, has confirmed the death of a woman in an accident at Okpoko Market on the Asaba-Onitsha Road.

The Sector Commander, Mr Adeoye Irelewuyi, who confirmed the accident to journalists in Awka on Thursday, said that the woman was hit while she was crossing the road.

He said that the accident, which occurred on Wednesday, involved a commercial tow truck with registration number XA550BMA.

“Eyewitness report reaching us indicates that the truck was towing a vehicle in an uncontrollable speed along the axis.

 

“The vehicle that was being towed got detached from the tow truck.

“It hit and killed a female adult, who was said to be crossing the road, while the tow truck continued its movement.

“FRSC rescue team came to the scene and took the woman to Toronto Hospital, Onitsha, where she was confirmed dead and her body deposited at the hospital’s mortuary,” he said.

While sympathising with the family of the dead, the sector commander urged motorists, especially tow truck drivers, to exercise a high level of professionalism.

He also urged the drivers to always use standard equipment and avoid speeding.

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LASG’s maize palliative impactful, says poultry association chair

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The Chairman, Poultry Association of Nigeria (PAN), Lagos State Chapter, Mr Mojeed Iyiola, said the state government’s maize palliative to members of the association made a positive impact on the sector.

Iyiola said this in an interview with the News Agency of Nigeria (NAN) on Thursday in Lagos.

“We received about 150,000 tons of maize in February from the Lagos State government as palliative to cushion the effect of high feed prices.

“The major benefit of the palliative is that it actually cushioned the cost of production for most poultry farmers in the state.

“The palliative was beneficial as it made the cost of some poultry produce, especially eggs to drop,” Iyiola said.

He noted that prior to the palliative, a crate of egg was sold between N3,500 and N3,700 at the farm gate, but after the palliative, it now sells between N3,200 and N3,400.

According to the PAN chair, retailers and middlemen who sell from N3,800 to N4,200 do that for their personal gain.

 

“We have urged our members to sell their eggs at reasonable prices following the receipt of the palliative from the government.

“We appreciate the Lagos State government for the palliative but we also urge the federal government to do likewise, to further reduce the cost of production in the sector.

“This will consequently lead to drop in the prices of all poultry produce across board,” he said.

He said the palliative was shared among financial members of the association at no extra cost.

“As an association we shared the grains equally across PAN’s eight zones in the state equally. We also mandated each zone not the sell even a grain of the maize.

“We, however, considered new poultry farmers who wanted to the join the association as beneficiaries of the palliative,” said Iyiola.

He noted that through the palliative, more poultry farmers were recruited into the association.

“The maize was shared only to poultry farmers and not feed millers, it is the major component of poultry feed formulation,” he said.

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