Union Bank board dissolved after Titan Trust takeover

The Nigeria’s second-oldest lender, Union Bank Nigeria (UBN) Plc has announced the dissolution of its board and a new Chief Executive Officer, following the final take over by the  Titan Trust Bank(TTB)

Penpushing reports that, a note of exchange to the Nigerian Exchange Limited has it that the new Chief Executive Officer is Titan Trust Bank (TTB), Managing Director, Mudassir Amray, while the bank has also appointed a new chairman and three directors.

The new Directors include: Farouk Gumel, as Chairman, As well as  Andrew Ojel, Abubakar Mohammed and Lawrence Mackombo, as Directors, while it is recalled that Titan Trust Bank purchased 93.4 per stake of Union Bank, and with the new acquisition, 10 of 13 members of Union Bank have exited the company.

Penpushing further reports that the appointment of Amray, a seasoned banker with well-rounded exposure of over 25 years in senior management roles  will take effect from June 2, 2023, and will replace Emeka Okonkwo.

“Prior to being appointed the Chief Executive Officer for Union Bank, Mr Amray led the establishment of Titan Trust Bank Limited and Mr Amray became the Bank’s pioneer CEO in October 2019,” the notice said.

The new Managing Director  holds an MBA from the University of Santo Tomas and a Bachelor of Commerce from National College, University of Karachi, while Gumel holds the position of Executive Group Director for TGI Group also, Chairman, Board of Directors at Wacot Rice Ltd, a subsidiary company of TGI Group, and Non Executive Chairman at the Nigeria Sovereign Investment Authority (NSIA).

Penpushing also reports that,  Gumel was a partner at PwC and Head the West African Advisory/Consulting business, covering Nigeria, Ghana, Liberia, Sierra Leone, and Angola, and holds a BSc. in Materials Technology (Leather) from the University of Northampton and an MSc, in Clean Technology from Newcastle University.

The profile equally has it that, he is also a chartered accountant with Institute of Chartered Accountant of Nigeria and a Fellow of the Institute of Chartered Accountants in England and Wales.

Penpushing reports that, Andrew Ojel on his own part will bring   his over 21 years of experience in financial service as a Director on the board of the Titan Trust Bank (TTB), and he is a Fellow of The Institute of Chartered Accountants of Nigeria and Fellow and Council Member of The Institute of Credit Administration of Nigeria was previously an Executive Director of Zenith Bank Plc in charge of Enterprise Risk Management.

The Director attended the University of Lagos(UNILAG)  where he obtained a BSc. in Accounting and the Enugu State University of Science and Technology for an MBA, and has equally attended courses at Wharton School of Business, Harvard Business School and Lagos Business School,also a graduate of the Advanced Management Program at INSEAD. .

Penpushing also reports that, Abubakar Mohammed is an entrepreneur with over 30 years of experience managing and leading businesses across the country, and has serves as the Managing Director of Syndicated Investment limited, a construction firm, and Chairman/CEO of GP Impex Limited, a security, contracting and trading company.

The profile of Lawrence Mackombo showed that he has  25 years of experience working on public and private projects in various capacities-design, construction, and community development to improve the bank’s productivity

Penpushing reports that he has a Bachelor of Architecture from the University of Houston, Texas; an MSc in Real Estate Development from Columbia University, New York; and a Master of Architecture in History, Design and Theory from the University of Houston.

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