The acquisition of Union Bank PLC and Titan Trust Bank (TTB) which is still pending the required regulatory approval now appears to be faced with uncertainty.
Indications have emerged that the acquisition which has now attracted scrutiny following the reports by Jim Obazee, the Special Investigation on CBN and Related Entities (Chargeable offences) that some persons were used as proxies by a former CBN Governor, Godwin Emefiele, to set up Titan Trust Bank and acquire Union Bank is still awaiting approval from the Securities and Exchange Commission (SEC) and may run into troubled waters as the regulatory body will proceed cautiously before endorsing the merger.
There are possibilities that delays or additional conditions might be imposed to ensure alignment with regulatory standards and market fairness.
