FMDQ Securities Exchange Limited (FMDQ Exchange), has officially accepted the registration of Union Bank of Nigeria’s N100 billion Commercial Paper (CP) Programme on its platform.
The registration brings the total number of securities admitted on FMDQ Exchange since its inception to one hundred and ten (110) with a total market value of N3.36 trillion.
The registration of the CP Programme, was sponsored by UCML Capital Limited (Lead Sponsor), Standard Chartered Capital & Advisory Nigeria Limited and Renaissance Securities (Nigeria) Limited – all Registration Members (Quotations) of FMDQ Exchange.
With the approval, Union bank is now tactically position to easily raise short-term funds from the Nigerian debt market any time it deems suitable, through CP issues, within the approved limit.
Recall that Union Bank recently announced the completion of core investors’ sale of majority shareholding to Titan Trust Bank Limited, a subsidiary of TGI Group.
The bank also announced board changes that resulted from the resignation and subsequent retirement of the Directors from its Board and the appointment of new Directors.
A statement signed by Company Secretary, Somuyiwa Sonubi, read in part, “Following Union Bank of Nigeria Plc’s notification in December 2021 of the execution of a Share Sale and Purchase Agreement (SSPA) between the Bank’s majority shareholders – Union Global Partners Limited, Atlas Mara Limited, et al. – and Titan Trust Bank Limited (TTB), and the subsequent receipt of all necessary regulatory approvals…
“Union Bank hereby notifies Nigerian Exchange Limited (NGX), the Securities & Exchange Commission and members of the public of the completion of the transaction under the SSPA, which effectively transfers 93.41% of Union Bank’s issued share capital to TTB.
“Consequently, in compliance with NGX, Rulebook and the Amendments to the Listing Rules, Union Bank hereby notifies NGX, our esteemed stakeholders and the investing public of the following: ‘Union Bank hereby notifies NGX that with the completion of the transaction, TGI Group, parent of TTB, now becomes the majority shareholder and core investor in Union Bank.
“Union Bank hereby notifies NGX of the completion of the divestment of the Bank’s entire shareholding interest (direct and indirect) in its subsidiary, Union Bank (UK) Plc (“UBUK”), to all the shareholders in the Bank’s records as of 4th March 2022, pro rata to their existing shareholding interests in the Bank. Consequently, UBUK is not included in the transaction with Titan Trust Bank”.