Union bank of Nigeria debunks Atlas Mara’s sale of 50% stake

By Kayode Tokede

Union Bank of Nigeria (UBN) Plc has debunked Atlas Mara sales of 50 per cent stake of its shares

An online platform had reported that the holder of the biggest stake in UBN is contemplating its future with the Lagos-based lender, as its 49.97 per cent ownership has received acquisition offers from domestic bidders,  citing insiders familiar with the subject.

The Company Secretary, UBN, Somuyiwa Sonubi in a statement on Wednesday said, “Our attention has been drawn to an online publication by Premium Times dated 23rd January 2021, captioned ‘Union Bank’s Principal Owner considering sale of 50% stake.’ Please note that the unsubstantiated report is based on mere rumours and speculations.

“The Nigerian Stock Exchange, other regulatory agencies and members of the public are hereby advised to disregard the publication in its entirety.”

Atlas Mara in its official website stated that, “Atlas Mara Limited (Atlas Mara) and including its subsidiaries, the Group), the sub-Saharan African financial services group, today issues the following statement in response to media reports incorrectly stating that “Atlas Mara has received offers from local banks wishing to buy over UBN.

“While it is the Company’s practice to refrain from comment on market rumours or speculation, we believe it is important to note that Atlas Mara has not received any offers from any local Nigerian bank or other bank wishing to acquire the Company’s stake in UBN.

“As previously announced to the market in 2019, the Board of the Company has been exploring a wide range of strategic options with the assistance of external advisers. That process is still underway and the Company’s strategic objectives have not changed.”