Business
Titan Trust Bank to acquire Union Bank minority shares for N7.00 per share
Shareholders will receive N7.00 per scheme share as a consideration for share transfer following the acquisition of shares held by all minority shareholders in Union Bank Plc by Titan Trust Bank Limited.
This was part of the resolutions passed at the Union Bank Plc’s Court Ordered Meeting held on 13th June 2023 and seen by journalists.
According to a statement signed by Somuyiwa Sonubi, the Company Secretary, of Union Bank at the meeting, the members considered and duly passed the following resolutions.
“That the Scheme of Arrangement dated the 10 days of May 2023 be and is hereby approved and that the Directors be and are hereby authorised to consent to any modification of the Scheme of Arrangement that the Federal High Court shall deem fit to impose or approve.
“To give effect to the Scheme subject to such modification, addition and condition agreed between the Bank and Holders of its ordinary shares and/or approved or imposed by the Court, the Scheme Shares (as defined in this Scheme Document) be transferred to Titan Trust Bank Limited.
“The Holders of the Scheme Shares be paid the Scheme Consideration (as defined in the Scheme Document) by Titan Trust Bank for the transfer of the said Scheme Shares.
“That as consideration for the transfer of the Scheme Shares, each holder of the Scheme Shares shall receive N7.00 per share transferred
“That Nigerian Exchange Ltd. (NGX) and Central Securities Clearing System Pic (CSCS) shall be notified and requested to terminate trading in the shares with effect from the Eligibility Date and no trading or transfer of the Bank’s shares shall be registered after that date.
That conditional upon the Scheme becoming effective, the Bank’s shares shall be de-listed from NGX on the Eligibility Date, and following that date, all the share certificates representing the interests of the Scheme Shareholders (as defined in the Scheme Document) shall be deemed to be dematerialised and in the case of dematerialised shares, all the shares of the Bank that were lodged with the CSCS shall be transferred to Titan Trust Bank.
That the Board of Directors of the Bank be and is hereby authorized to take all necessary steps and to consent to any modifications of the Scheme of Arrangement that the Federal High Court or the Central Bank of Nigeria or the Securities and Exchange Commission may deem fit to impose or approve, or that may otherwise be required.”
According to the statement, the motion to approve the sub-joined Special Resolutions was moved by Mrs Bisi Bakare and supported by Chief Olatunde Okelana.
The Scrutineers, Messrs. Ernst, and Young summarised and confirmed the collated results of shareholders’ votes from the poll and thereafter the Chairman declared the following overall results provided by the Scrutineers:
Based on the results, the Chairman informed the meeting that the total number of shares that voted in favour of the special resolution approving the scheme is 482, 542, 898, representing 99.98 per cent of the shares held by shareholders present and voting at the meeting and therefore declared the special resolutions approving the scheme carried.
The Ministry of Marine and Blue Economy, under the dynamic leadership of the Honourable Minister, Mr. Isiaka Adegboyega Oyetola, has achieved an exceptional milestone by emerging as the overall best performing ministry in the Ease of Doing Business ranking.
This was revealed on Friday, at the town hall meeting, by the Special Adviser to the President on
Presidential Enabling Business Environment Council (PEBEC) and Investment, Dr. Jumoke Oduwole.
According to her, the town hall meeting, chaired by the Vice President, Senator Kashim Shettima, was organised to receive an update of the report on Regulatory Reform Accelerator (RRA) in line with President Bola Ahmed Tinubu’s eight-point agenda and prioritising business climate reforms.
She further said the minister summoned a meeting of the heads of agencies under his watch and charged them that he wants the ministry to come top and today he’s made it. “The minister deserves a special recognition and applause,” Dr. Oduwole added.
This recognition, experts noted, stands as a testament to the strategic vision and tireless efforts dedicated to advancing Nigeria’s marine and blue economy sector by the minister.
With the latest ranking, the ministry’s commitment to sustainable development and innovative policies has set a new benchmark for excellence in governance and public service.
By Esther Agbo
The Federal Government of Nigeria (FGN) has issued an update regarding the ongoing disbursement process for the Presidential Conditional Grant Scheme, aimed at alleviating economic hardship among Nigerian citizens.
The Minister of Industry, Trade, and Investment, FGN, Hon. Dr. Doris Nkiruka Uzika-Anite, made the announcement via her official X (formerly Twitter) handle on June 27, 2024, addressing applicants and the general public.
In her statement, she expressed gratitude to the applicants for their patience, noting that approximately 60 percent of the 1 million available grants have already been allocated.
She mentioned that with nearly 4 million Nigerians applying for the N50,000 palliative grant, the selection process has been competitive. However, she assured that the selection is conducted randomly by computer-generated processes, ensuring equal chances for all applicants regardless of their application timing.
She said, “It’s important to note that almost 4 million Nigerians applied for the Palliative grant of 50k, but only 1 million beneficiaries can be accommodated.
“This means not all applicants will receive the grant. The selection is not based on who applied first; everyone has an equal chance but by random computer generated selection.
“While Mr. President may launch other social intervention programs in the future, there are no immediate plans at this time.”
According to Doris, applicants can monitor the distribution progress through a dedicated portal at https://grant.fedgrantandloan.gov.ng/learn-more/dis… which provides updates on the number of beneficiaries per Local Government Area (LGA).
Doris however stated that the disbursement process has experienced delays due to issues such as incorrect or missing data, and duplicate applications, but despite these challenges, she emphasised that accuracy has been prioritised over speed to ensure a fair and transparent process.
“The teams in my office and BOI have worked tirelessly to ensure this process is fair and accurate. Testimonial videos are already being shared, showcasing how the grant has positively impacted lives and we will share many more. We have prioritised accuracy over speed to ensure every Nigerian who applied has a fair shot.
“We had hoped to complete all 1 million disbursements by now but the process has been delayed due to incorrect or missing data, duplicate and spurious applications, which we have had to meticulously clean up to ensure eligibility and validation,” she said.
She added that, in addition to the grant scheme, the government is nearing the final stages of vetting for the Micro, Small, and Medium Enterprises (MSME) and Manufacturing loans and applications for these loans remain open, with disbursements expected to commence by the end of July.
The Minister concluded by addressing the importance of constructive feedback from citizens, acknowledging the right of the public to hold the government accountable but urged for criticism to remain respectful and free from hate speech.
In her words: “Finally, it is your right as citizens to criticise and hold the government accountable. However, we encourage constructive feedback without resorting to abuse or bigotry. Personal insults and hate speech are not likely to aid your applications and will not be tolerated. Together, we can build a more prosperous Nigeria.”
Vice-President Kashim Shettima the has assured that President Bola Tinubu’s administration was committed to the prosperity of the Micro, Small and Medium Enterprises (MSMEs) in the country.
Shettima, represented by the Deputy Chief of Staff to the President, Sen. Ibrahim Hadejia, gave the assurance at the World MSMEs Day (Joint Nigeria and African Union event), held on Thursday in Abuja.
He said that the recent launch of the N150 billion MSME’s Intervention fund in partnership with the Bank of Industry, which offers single digit loans to MSMEs across Nigeria, among other interventions, was an example of the commitment.
Shettima said that MSMEs were the backbone of not only the Nigerian or the African economy, but of the global economy.
According to him, they account for 90 per cent of all businesses worldwide and employ over 60 per cent of the global workforce.
He said, ” It is no wonder that the United Nations has dedicated today, June 27, to recognise MSMEs and to celebrate them for their immense contributions to the economies of nations all over the world.
” In Nigeria, the stakes are even higher when it comes to MSMEs. MSMEs in Nigeria account for 96 per cent of all businesses.
”They contribute to our economy by over 45 per cent and without them, 80 per cent of the current Nigerian workforce will be without employment.
” These facts provide us with the evidence that if MSMEs prosper, Nigeria prospers, if MSMEs prosper, Africa prospers, if MSMEs prosper, the entire world prospers.”
Shettima, however, said that unfortunately, MSMEs in Africa were fraught with numerous challenges that hinder their growth and by extension, the growth of the African economy.
He added, ” It is for this reason that we have joined hands with the African Union Commission to hear from you all, our distinguished guest speakers and panelists, on devising the appropriate continental solution for this obvious continental problem.
” I want to urge us all not to forget that this gathering is a call to action. This means that we must all ensure that we do our part and put into action all the insights that have been uncovered from today’s occasion.
” Failure to do so would mean that we have gathered here for nothing and wasted another opportunity.”
Shettima appreciated the leadership of the African Union Commission for partnering with the Nigerian government to bring together relevant stakeholders to lend their voice to the important conversation on what could be done to better support MSMEs in Africa.
Earlier, Mr Tola Adekunle-Johnson, the Senior Special Assistant to the President on Job Creation and MSMEs, reiterated the determination of the government to put modalities in place to ensure that MSMEs access single digits loan easily.
He thanked WEMA bank for partnering with the Tinubu’s administration to expand opportunities in the MSMES space.
Adekunle-Johnson said, ” The essence of the partnership is to ensure that small businesses are able to get a single digits loan.”
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