Connect with us

Business

Union Bank completes merger with Titan Trust Bank

Published

on

Union Bank of Nigeria has announced the successful completion of its merger with Titan Trust Bank Limited, following final approval from the Central Bank of Nigeria.

In a statement on Sunday, the lender revealed that the process began with the signing of a Share Sale Agreement in 2021.

Under the terms of the merger, Union Bank has fully absorbed Titan Trust Bank’s operations and assets. The combined institution will continue to operate under the Union Bank brand, while Titan Trust Bank ceases to exist as a separate entity.

According to a statement from the bank’s Chief Brand and Marketing Officer, Mrs Olufunmilola Aluko, this merger positions Union Bank as an even stronger force within Nigeria’s financial services sector.

“With an expanded footprint of over 293 service centres and 937 ATMs nationwide, supported by strengthened digital channels, Union Bank is poised to deliver enhanced value across retail, SME, and corporate segments. The merger combines Union Bank’s trusted heritage with Titan Trust’s agility and innovation, creating a platform for sustainable growth and broader financial inclusion,” the statement disclosed.

Union Bank’s Managing Director/Chief Executive Officer, Mrs. Yetunde Oni, described the development as “a pivotal moment in our 108-year journey and a launchpad for delivering greater value to our customers. By blending stability with innovation, we are better positioned to meet the evolving needs of Nigerians and to be their most trusted financial partner.”

Also speaking on the merger, Chairman of the Board of Directors, Mr. Bayo Adeleke, said, “This is a new era of growth, collaboration, and shared prosperity. By bringing together the strengths of both institutions, we are committed to creating lasting value for our customers, shareholders, and communities while advancing Nigeria’s financial inclusion agenda.”

Union Bank has assured customers that there will be no disruption to existing services, noting that account details remain unchanged, and customers will continue to access a full suite of products and services seamlessly, with an accelerated push towards enhanced digital solutions.

This strategic consolidation strengthens Union Bank’s market position, unlocks operational synergies, and underscores its ambition to deliver a modern, robust, and inclusive banking experience for all.

Union Bank had earlier sent an email to its customers titled ‘This Union is Evolving’, hinting at the merger and welcoming them to a “stronger union.”

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Wike distributes subsidised fertilisers to Abuja farmers

Published

on

The Minister of the Federal Capital Territory, Nyesom Wike, has flagged off the distribution of fertilisers at 50 per cent subsidised rates to farmers across the six area councils of the territory.

In August, the FCT Administration distributed approximately 900 metric tonnes of assorted fertilisers, donated by the Central Bank of Nigeria, through the Federal Ministry of Agriculture and Food Security, to farmers in the nation’s capital.

Minister of State for the FCT, Dr Mariya Mahmoud, acknowledged the challenges faced by the populace regarding the high cost of food items, expressing the administration’s commitment to implementing measures to address the situation.

Speaking during the flag off of the distribution of 550 metric tonnes of assorted fertilisers, including conventional NPK, granular urea, NPK gel, and urea gel fertilisers in Abuja on Thursday, the minister, represented by his Chief of Staff, Chidi Amadi, said the aim was to boost food production, stabilise prices, and strengthen food security in the territory.

“This initiative underscores our firm commitment to food security, agricultural revitalisation, and the welfare of our people. As the FAO has emphasised, food insecurity threatens dignity, stability, and peace.

“In view of this, and in alignment with Mr President’s Renewed Hope Agenda, the FCTA has institutionalised this annual support scheme to ease production costs and enhance yields.

“The timing of this exercise is deliberate – coinciding with the farming season – to ensure that farmers can access inputs when they are most needed,” he said.

The minister warned that measures had been put in place to ensure that the resources reached genuine farmers and to prevent diversion or misuse.

He acknowledged that the fertilisers were not enough, stating that together with its partners, the International Institute of Tropical Agriculture, the Japan International Cooperation Agency, the Leventis Foundation, and the World Bank, the administration was prioritising capacity building and the promotion of good agronomic practices.

“Together, these interventions are reclaiming degraded lands, supporting livelihoods, and revitalising key agricultural sectors.

“Let me reaffirm that this administration remains committed to building a prosperous, inclusive and secure city,” Wike stated.

Meanwhile, the Mandate Secretary, Agriculture and Rural Development Secretariat, Ango Abdullahi, thanked the minister for his consistent support, noting that the farmers will also receive 3,500 knapsack sprayers in addition to the fertilisers, and that there was an urgent need to strengthen the sector, as the population in Abuja continued to grow.

Abdullahi said the fertilisers will be distributed to the farmers at a 50% subsidised rate “in strict adherence” to the Minister’s directives, adding that the Secretariat was aligned with the President’s Renewed Hope Agenda, to reposition the agricultural sector of the FCT.

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Continue Reading

Business

Firm partners Hilda Baci for world’s largest jollof rice cook-off

Published

on

GBfoods Nigeria, through its brand, Gino, has announced a partnership with celebrity chef, Hilda Baci, to attempt a Guinness World Record for the largest pot of Jollof rice ever cooked.

It was reported that the historic cook-off, scheduled for September 12, will feature Baci preparing Jollof rice in a specially designed six-metre-wide pot.

Jollof rice — a beloved West African dish — has long been at the centre of friendly rivalries between Nigeria, Ghana, and other countries over who makes the best version.

The event is expected to attract chefs, food enthusiasts, cultural icons, and Jollof lovers from across the country.

Explaining the firm’s decision to partner Baci on the initiative, the Marketing Director, Oreoluwa Atinmo, in a statement on Thursday, noted that the company’s support for the initiative celebrates “The resilient Nigerian spirit that never settles.”

She described the free-to-attend event as “a convergence of culture and history” that will create lasting memories and reinforce Nigeria’s place at the heart of Africa’s culinary pride.

“The love and support we’ve received has been truly overwhelming, especially as Nigerians look forward to watching Hilda Baci go after an audacious dream.

“A tremendous amount of time, effort, and planning has gone into this moment, which stands as yet another opportunity for our nation to come together in the name of passion, perseverance, and of course, great food”, Atinmo added.

The statement also noted that Baci described the attempt as a way to fulfil her dreams while celebrating Nigeria’s rich culinary heritage.

“Jollof rice is more than just food; it is a symbol of who we are, our resilience, and the stories we tell through our culture. This event is not only about breaking a record; it is about celebrating our identity, our heritage, and the flavours that unite us as Nigerians and Africans.

“Together with Gino, I am honoured to take on this historic feat, and I invite everyone to come, share in the moment, and witness history being made in the name of passion, culture, and great food”, the statement quoted Baci to have said.

Hilda Baci, who gained global recognition in 2023 after breaking the Guinness World Record for the longest cooking marathon by an individual, has become a symbol of Nigerian culinary excellence.

Her latest attempt continues the growing trend of Nigerians seeking to break world records in diverse fields, showcasing creativity, resilience, and national pride.

The planned record-breaking event is expected to boost Nigeria’s cultural profile while reinforcing the country’s claim to culinary supremacy in the Jollof debate.

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

 

Continue Reading

Business

Non-oil revenue jumps 40% to N20.6tn – Presidency

Published

on

The Presidency has said Nigeria is firmly on track to meet its annual non-oil revenue target. A statement signed on Wednesday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, cited new figures showing a sharp rise in collections driven by fiscal reforms, tax compliance, and digitised revenue systems.

The statement was titled ‘Nigeria’s Non-oil Revenues Power Strongest Fiscal Performance In Recent History.’ According to data released for January to August 2025, non-oil revenues rose to N20.59tn, up 40.5 per cent from the N14.6tn recorded during the same period in 2024.

The Presidency said this represents the strongest fiscal performance in Nigeria’s recent history. “Nigeria’s fiscal foundations are being reshaped. For the first time in decades, oil is no longer the dominant driver of government revenue,” said Onanuga.

The Presidency credited the increase to structural reforms, including improved enforcement, Customs automation, and digital tax filings, adding that “the task ahead is to ensure these gains are felt in better schools, hospitals, roads, and jobs.”

Of the total collections, non-oil revenues now account for three out of every four naira, with N15.69tn coming from non-oil sources. It said Customs alone collected N3.68tn in the first half of 2025, N390bn above target, reflecting what it called “systemic changes, not one-off windfalls.”

While inflation and exchange rate adjustments have contributed to revenue uplift, the presidency says the gains are primarily reform-led. President Tinubu, who addressed a delegation of the Buhari Organisation at the State House on Sunday, pointed to the revenue growth as evidence of improving public finance and noted that the Federal Government was no longer borrowing from local banks, easing pressure on the domestic credit market.

The Presidency also highlighted a ripple effect at the sub-national level. For the first time, monthly allocations to Nigeria’s 36 states and 774 Local Governments crossed N2tn in July, driven by increased Federation Account disbursements.

Officials said the improved fiscal space allows states to boost spending on infrastructure, agriculture, and social services, aligning with Tinubu’s inclusive growth agenda. “Resources are being directed closer to the people,” the statement read, although it added that current revenue performance still falls short of the President’s ambitions for higher spending on education, healthcare, and infrastructure.

Despite the positive outlook, oil-related revenues remain under pressure due to slumping crude prices and unmet production targets. The Presidency said this had affected overall revenue performance but did not alter the trajectory of non-oil progress.

Final year-end validation of fiscal targets will be provided by the Budget Office, the statement noted. “Revenues are rising, the base is broadening, and reforms are working. The priority is translating these numbers into real relief for citizens by putting food on the table, creating jobs for young people, and investing in roads, schools, and hospitals,” the Presidency concluded.

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Continue Reading

Trending