The merger between Union and Titan Trust banks may have raised hopes of early and more acquisitions in the coming months, particularly for the enbattled Keystone and Polaris banks under the management of the Central Bank of Nigeria, (CBN), as the industry strives to meet the 2026 recapitalisation requirements.
The action, approved by CBN, results in the full absorption of Titan Trust Bank’s (TTB) operations and assets into Union Bank, as the merged institution will continue under the Union brand, marking a significant milestone in Nigeria’s banking sector consolidation.
However, the development has elicited concerns by some analysts about government’s recent resolve to sanitise the industry, and dithering needed action on the recommendations of some onbestigations committees set by tje government
Specifically, they made reference to the Jim Obaze’s special investigation report alleging foul play in the Mergers and Acquisition exercise, even before the advent of the present Governor of CBN
While the analysts applaud the development as further instilling confidence in the banking industry and economy, they further observe that the long silence of government on the recommendations of the Special committee puts shadow on the current CBN’s sanitisation action
However, the merger may have concluded the complex journey that began in 2021 with a Share Sale Agreement. In 2022, TTB acquired an 89.4% stake in Union Bank, triggering a Mandatory Takeover Offer (MTO) for an additional 6.59% of Union Bank’s shares, valued at 50 Kobo each. This acquisition led to Union Bank’s delisting from the Nigerian Exchange (NGX) in 2023 after 52 years.
But, the transaction was marred by controversy, as a leaked CBN Special Investigation Report alleged that proxies linked to former CBN Governor Godwin Emefiele were involved in setting up TTB and orchestrated the acquisition of Union Bank.
This led to the dissolution of the boards of both banks in January 2024, citing regulatory non-compliance and governance failures.
Consequently, the merger, which began in 2021, was finalized on September 1, 2025, after receiving final approval from CBN.
Althoug the public is still awaiting implementation of the Obaze’s recommendations by the Federal Government, through CBN, hence limited information available on the public space, it’s worth noting that the Economic and Financial Crimes Commission (EFCC) had successfully argued for the final forfeiture of $1.43 million linked to former CBN Governor Godwin Emefiele, which was found lodged in an account with TTB.
Also, TTB reportedly faced a N30 billion shortfall in meeting the new capital threshold, prompting the strategic merger to safeguard its operations and ensure compliance.
The development has raised the confidence level of the public in the ongoing industry consolidation, amid, agitating issues about some banks under the management of CBN as government continues with ‘political solutions’ to the industry, for ‘equity and regional’ balancing.
The merger is viewed as a blueprint for future consolidations, with smaller banks expected to pursue similar partnerships to survive the tightening regulatory landscape, as the newly consolidated Union Bank may have joined the elite club of Nigeria’s top ten banks by assets.
Metrobusinessnews.com (MBN) gathered that recent legal somersaults, ocassioned by absolving of former Asset Management Corporation of Nigeria (AMCON) Managing Director, Ahmed Lawan Kuru, of wrongdoings in some acquisition deals orchestrated by CBN, under the leadership of former Governor Emefiele, was to pave way for ‘survival of the banking industry’ as the apex bank has resolved to avoid liquidation of any bank.
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Infact, the acquisition of Keystone Bank by Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (Sigma Golf-Riverbank Consortium) was finalized after receiving necessary regulatory approvals from CBN and the Securities and Exchange Commission (SEC), as part of AMCON’s efforts to divest its shareholding in Keystone Bank.
Kuru was accused of using N20 billion AMCON savings as collateral to purchase an 80% stake in Keystone Bank for his father-in-law, Isa Funtua, in a transaction that was allegedly shrouded in secrecy.
Similarly, the acquisition of Polaris Bank by Strategic Capital Investment Limited (SCIL) allegedly raised several public queries on SCIL’s 100% of Polaris Bank’s equity acquisition for N50 billion, with a commitment to repay N1.305 trillion in consideration bonds injected by CBN and AMCON.
The development led SCIL to appoint a new Board of Directors, led by Alhaji MK Ahmad as Chairman, and Adekunle Sonola as Managing Director and CEO, but was later dissolved and taken over by federal government, through CBN.
Interestingly the merger is expected to strengthen Union Bank’s market position, unlock operational synergies, and drive CBN’s financial inclusion.
Following the merger announcement, TTB is expexed to update its branding across digital platforms, including X (formerly Twitter), among others.
Customers have been assured that account details remain unchanged and services will continue uninterrupted. The bank emphasized a seamless transition with an accelerated push toward enhanced digital banking solutions.
Chairman of Union Bank’s Board, Bayo Adeleke, described the merger as “a new era of growth, collaboration, and shared prosperity,” reinforcing the bank’s commitment to financial inclusion and economic development