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Tag: Union Bank

  • Kogi shuts Union Bank branches over alleged tax default

    Kogi shuts Union Bank branches over alleged tax default

    The Kogi State Government on Friday shut branches of Union Bank of Nigeria, UBN Plc in Lokoja, the State capital for allegedly refusing to settle a tax overhang of N147.3 million.

    This was disclosed to newsmen on Friday by Barrister Isah Jamil, Director of Legal Services, Kogi Internal Revenue Service, KGIRS, the agency that sealed up the premises.

    Jamil noted that the High Court of Kogi State on August 21, 2020 granted an application by KGIRS to distrain the premises of Union Bank PLC on account of her default in the payment of the tax liability.

    He added that the bank was owing the sum of ₦147,343,407.32k noting that the premises of the bank in Kogi State were sealed pursuant to the said Order of the Court.

    He disclosed that the Union Bank of Nigeria after the judgement filed a motion before the High Court of the State seeking to set aside the Order of distrain.

    He revealed that the court having heard the application on August 26, 2020 dismissed the application of the bank for lack of merit.

    According to him “It is important to also add that in 2019, UBN had filed a case before the Tax Appeal Tribunal (TAT) sitting in Jos disputing KGIRS assessment notice of the same liability.

    “On 29th of July, 2020, the TAT found at the end of the hearing of the case that UBN is liable to Kogi State Government in One Hundred and Forty Seven Million, Three Hundred and Forty Three Thousand, Four Hundred and Seven Naira, Thirty Two Kobo (₦147,343,407.32) and directed the bank to pay the said amount immediately, but the bank failed to comply with the Judgment of TAT”

    He pointed out that the case of the UBN has been dismissed as the distrain of the premises of the bank will continue until the liability of the bank in the sum of ₦147,343,407.32K is fully settled.

    Jamil noted that the state is also looking at other lawful options to ensure the liability is settled by the bank without further delay.

  • Union Bank donates N50m to fight Coronavirus

    Union Bank donates N50m to fight Coronavirus

    Union Bank of Nigeria (UBN) Plc has donated $130,000 or N50 million to tackle the spread of the Coronavirus pandemic in Nigeria.

    The donation was made into a fund set up by 54gene, an African genomics research, services and development company working closely with the Nigeria Centre for Disease Control (NCDC) to fight the Covid-19 pandemic.

    According to the bank, the money will help increase Covid-19 testing capacity in the country by up to 1,000 additional tests a day, by buying testing instruments and critical biosafety materials such as biosafety cabinets and personal protective equipment urgently needed to keep frontline healthcare workers safe.

    The bank stated that the procured equipment will be installed in general hospitals and laboratories across the country, and will remain in place even after the ongoing Covid-19 pandemic, to be used in the case of future outbreaks.

    In addition, there will also be extensive training and support to medical practitioners and volunteers working across the country to curb the menace.

    Announcing the donation, Chief Executive Officer, Union Bank of Nigeria (UBN) Plc, Emeka Emuwa, said community is one of the core values at the bank noting that there is no better time to live this value than now.

    According to him, a critical need for the country at this time is to scale up its testing capabilities and give a better chance of slowing the spread of the virus.

    “We are therefore pleased to be supporting 54gene who is directly collaborating with NCDC and World Health Organisation who are coordinating Nigeria’s Covid-19 response,” Emuwa said.

    While commending Union Bank on its donation, Chief Executive Officer, 54gene, Dr. Abasi Ene-Obong said the rapid and assured response from some of Nigeria’s most reputable institutions, such as Union Bank, to join the fight against this deadly disease is highly welcome.

    “They, like us, understand the need for a multi-stakeholder, co-ordinated plan, that can be implemented almost immediately, as we work together as a community, side-by-side, to fight Covid-19 and protect our population,” Emuwa said.

    Last week, Union Bank, which had already been proactive in rolling out stringent safety and hygiene practices within its branches and service locations, took the lead in activating remote work for its employees, directing more than 70 per cent of its employees in non-service functions to work from home starting Monday, March 23, 2020.

    Union Bank also announced the launch of a toll-free customer care number 0800 700 700 which customers can call free of charge at anytime of the day or night to get help with banking issues.

    Emuwa said these initiatives underscored Union Bank’s commitment to containing the spread of the virus while actively supporting the communities within which it operates.

  • Union Bank, Eko Hotels shut down operations over Coronavirus

    Union Bank, Eko Hotels shut down operations over Coronavirus

    Amid the scare of Coronavirus, Union Bank of Nigeria and Eko Hotels have joined corporate organisations lending their voices to the war against the deadly disease, Covid-19 by shutting down operations.

    As regards Union Bank, it was gathered that members of staff have been urged to work from home.

    In a statement obtained by TheNewsguru, on Sunday, Union Bank directed its workers to comply with the directive starting from Monday 23rd March, 2020.

    The bank also gave safety procedures which its staff members should abide by while they are working at home.

    The statement reads: “Important

    “Starting from Monday, March 23rd, Union Bank is activating remote work for all its employees except critical functions in our operations and service teams.

    “Please read.

    “Stay safe during this period. #Covid19
    #Info #WHO #UnionBank #UnionCares #SelfIsolation#YourSimplerSmarterBank.”

    Similarly, management of the Eko Hotel &Suites announced to its customers via social media on Sunday, the decision to temporarily close Eko Suites Hotel, Eko Gardens, 88 Restaurant, Lagos Irish Pub among others in the bid to tackle the Coronavirus scourge.

    The hotel management urged Nigerians to take necessary precautionary steps advised by the Nigerian Centre for Disease Control (NCDC) in staying safe.

    Recall that Nigeria Centre for Disease Control, NCDC, had confirmed five new cases of Coronavirus.

    This brings the total number of confirmed cases of the disease to 27 in Nigeria.

  • Zenith, Union Banks clear air on alleged merger talks

    Zenith, Union Banks clear air on alleged merger talks

    The managements of both Zenith Bank Plc and Union Bank of Nigeria Plc have reacted to the widespread reports that they were having discussions bordering on becoming a single entity.

    Zenith Bank on Tuesday released a press statement to the Nigerian Stock Exchange (NSE), claiming it had not made any binding offer to acquire any financial institution.

    According to the statement signed by Company Secretary/General Counsel, Mr Michael Osilama Otu, “Zenith Bank Plc notes certain recent internet and social media reports suggesting a proposed acquisition of Union Bank Plc by Zenith Bank Plc.

    “We hereby state categorically that Zenith Bank has not made any binding offer to acquire any financial institution.”

    On its part, Union Bank, through a statement signed by its Company Secretary, Somuyiwa Sonubi, stated that there was no agreement and binding offer made to its shareholders or its board of directors.

    “The attention of Union Bank Plc has been drawn to recent online speculation suggesting an agreement with Zenith Bank Plc to acquire Union Bank.

    “Union Bank wishes to state that there is no such agreement and no binding offer has been made by anyone to either its shareholders or the board of directors of Union Bank,” the statement said.

    There had been reports that Zenith Bank under the leadership of Mr Jim Ovia would merge with Union Bank, which has Union Global Partners Plc as its majority shareholder, for a chance to expand its lead as the largest Nigerian bank by profit and also increase its assets by pulling current leader, Access Bank, Plc to number two.

    This was further escalated following the bank’s Annual General Meeting (AGM) held on Monday when the Chairman dodged the question after he was asked about the possibility of an acquisition.

    But with this clarification offered, most onlookers are not satisfied considering the case that happened with the Access Bank and Diamond Bank merger in which both banks denied at first what would eventually happen in March 2019.

  • Union Bank Loses Chairman

    Union Bank Loses Chairman

    Union Bank Nigeria Plc has announced the death of the Chairman of the Board of Director, Mr Cyril Odu, who passed away on Tuesday, September 17, 2019.

    The bank disclosed this in a notice sent to the Nigerian Stock Exchange on Thursday and was signed by the Bank’s Company Secretary, Somuyiwa Sonubi.

    The notice read: “We regret to inform the Nigerian Stock Exchange (NSE), our esteemed shareholders and other stakeholders that the Chairman of the Board of Directors of Union Bank of Nigeria Plc, Mr. Cyril Odu, passed away on Tuesday, 17th September, 2019”

    Odu was the Chairman of the Board which includes, Emeka Emuwa (Chief Executive Officer); Obafunke Alade-Adeyefa ; Richard Burrett; Ian Clyne; Beatrice Hamza Bassey; Furera Isma Jumare; Kandolo Kasongo; Richard Kramer; Taimoor Labib; Emeka Okonkwo; Mark Patterson; Adekunle Sonola; and Nath Ude.

  • Access Bank speaks on 'acquisition' of Union Bank

    Earlier on Monday, July 8, 2019, there were reports on social media that Access Bank Plc was making moves to acquire Union Bank of Nigeria Plc.
    This was coming three months after Access Bank completed its merger with Diamond Bank, which also first started as a rumour in late 2018, but was refuted by the former.
    Access Bank, one of the five tier-one financial institutions in Nigeria, is known for expanding its operations by acquiring other banks.
    In 2011, the lender completed the acquisition of Intercontinental Bank, which was one of the banks having huge prospects before the deal.
    Eight years later, it completed a merger and acquisition agreement with Diamond Bank, a tier-two company believed to be undergoing tough time before the deal.
    Last month, Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, while rolling out his five-year plan, announced that there would be another recapitalisation exercise in the banking industry in the country.
    This announcement made observers to start making assumptions of banks that may not survive this latest raising of capital base by the CBN to an amount yet to be disclosed. At the last exercise, the apex bank raised the capital base from N2 billion to N25 billion.
    The latest disclosure by Mr Emefiele also brought about possible mergers in the sector, with some speculating banks that may possibly merge or be acquired by some bigger banks.
    On Monday, there were rumours that Access Bank was already in talks with the management of Union Bank on the possibility of doing business together.
    However, Access Bank, in a disclosure to the Nigerian Stock Exchange (NSE), denied being in talks with Union Bank.
    “Our attention has been drawn to recent social media report of Access Bank being engaged in talks to acquire Union Bank of Nigeria.
    “The Nigerian Stock Exchange and the general public are hereby advised to discountenance such rumour as same is devoid of truth.
    “The bank is not engaged in any discussion with Union Bank of Nigeria or any of its shareholders regarding any such transaction,” the notice signed by the company secretary, Mr Sunday Ekwochi said.

  • Union Bank: Buhari's ex-Ministers Enelamah, Udoma quizzed over $2b share scam

    The Federal Government has begun the interrogation of those implicated in the alleged fraud that left over 65,000 Nigerian shareholders losing two billion dollars worth of shares.
    Those invited for interrogation were the former minister of Budget and National Planning, Sen. Udo Udoma and his counterpart in the Ministry of Trade and Investment, Okechukwu Enelamah.
    Mr Chukwuemeka Obasi, the legal representative of the whistleblower disclosed this to newsmen on Wednesday in Abuja.
    Obasi said that the Managing Director of Union Bank Nig Plc, Mr Emeka Emuwa was also questioned.
    According to him, the various representatives of all private and public institutions linked with the fraud were also invited and quizzed.
    Obasi said the establishments mentioned in the petition included the Chapel Hill, National Security Exchange (NSE), Security Exchange Commission (SEC) and the Central Bank of Nigeria (CBN).
    The interrogation hinged on a petition reporting the alleged fraud submitted to the Attorney-General of the Federation, Mr Abubakar Malami, SAN, dated April 3, 2019.
    The petition is titled “Official corruption, misuse of FGN USD two billion, fraud and unjust enrichment of persons who dispossessed more than 65,000 Nigerians and conferred ownership of the Bank on few Nigerians and their foreign accomplices’’.
    The petitioners also accused former Central Bank Governor, the Emir of Kano, Alhaji Sanusi Lamido Sanusi II, under whose watch the alleged fraud was perpetrated.
    Also accused of alleged complicity in the transactions were the two former ministers.
    Enelamah was accused of being the mastermind of the transaction by allegedly leading his company, Africa Capital Alliance to form the Mauritius shell company owned by Nigerians, who pretend to be foreign investors.
    The transactions allegedly dispossessed Nigerian shareholders and investors in order to transfer ownership of the bank to a few persons including insiders, chieftains of competitor banks and others who would not pass CBN’s “fit and proper’’ test for bank ownership.
    The petition claimed that Enelamah allegedly organised the registration of the offshore shell company in Mauritius called Union Global Partners Limited for the purpose of disguising the true majority ownership of Union Bank shares concealed in the offshore company.
    The petition also alleged that the transactions commenced under Udoma’s supervision as Chairman of Securities and Exchange Commission and was consummated when he became the Chairman of Union Bank of Nigeria Plc.
    “The circumstances can best be described as official corruption and insider trading’’, the petitioners alleged.
    The petition further alleged that Udoma and other officials illicitly granted a renewable five year waiver to Union Bank of Nigeria to remain listed on the exchange in spite of being owned by a few private equity firms till today.
    According to the petition, the alleged unlawful action is to ensure the more than 65,000 Nigerian former shareholders whose shares were diluted from 85 per cent to less than 15 per cent of public float to still be listed on Nigerian Stock Exchange (NSE).
    “It is to be recalled that 49% shares of Union Bank of Nigeria plc is now majority owned and controlled by London listed Atlas Mara, the investment company led by Robert Diamond Jr.
    “Mr Diamond is a former Chief Executive Officer of Barclays Bank who was sacked for his involvement in manipulating Libor.
    “Not only is Mr Diamond not a fit and proper person to own a bank according to the rules of Nigeria, he had also been blacklisted by the Bank of England as a result of the Libor manipulation.
    “One wonders how the former CBN Governor, Sanusi Lamido Sanusi authorised the Union Bank change of ownership transaction and bridged it with USD two billion national patrimony, in spite of glaring evidence of fraud and the nature of the ultimate foreign owner who was already known and waiting in the wings.
    “There are evidence that Atlas Mara has visions of owning 100% of Union Bank of Nigeria plc which they can only achieve by buying shares warehoused by the few privileged Nigerians that acquired the bank in apparently unwholesome circumstances.
    “Those few privileged Nigerians are now cashing in on their loot in transactions with Atlas Mara, at the expense of dispossessed Nigerians,’’ the petition said.
    News Agency of Nigeria (NAN) reports that the alleged fraud has international dimensions reaching United Kingdom, Canada, USA, Netherlands and Mauritius.
    NAN further reports that official record has it that Atlas Mara controls 49 per cent control share of the bank which is in turn controlled by Fairfax Africa based in Canada and United States.
    According to the petition, Mauritius equally has a significant control right, because the offshore shell company called Union Global Partners Limited (UGPL) is another significant owner that has sold and continues to offload its shares to Atlas Mara.
    Nigerians who were former shareholders of Union Bank of Nigeria eagerly await the outcome of this investigation.
    NAN reports that UGPL acquired 65 per cent of the bank in the odious transaction that dispossessed Nigerians.
    NAN further reports that the Assets Management Corporation of Nigeria (AMCON) was also compelled to divest its 20 per cent shares to Atlas Mara which the UGPL consortium was unable to pay for.

  • EFCC moves for interim forfeiture of Bankers Warehouse’s $2.8m

    The Economic and Financial Crimes Commission, EFCC, Enugu Zonal Office, has filed a motion at a Federal High Court, Enugu, seeking an order for the interim forfeiture of the $2.8million seized from two men last week.

    Also filed is an affidavit of urgency for the matter to be heard on December 27, 2018, before a vacation Judge sitting in Port Harcourt.

    The Commission on December 20 arrested two persons, Ighoh Augustine and Ezekwe Emmanuel, along with the money at Akanu Ibiam International Airport, Enugu.

    The duo said they work for Bankers Warehouse. But EFCC suspected they were money launderers.

    The suspects told the EFCC they have been in the business of moving cash for “some notable banks”, for over six years and that the money they had was for Union Bank Plc, located at New Market, Onitsha, Anambra State.

    The EFCC spokesman , Tony Orilade said on Monday that Union Bank or its officials were yet to step forward to establish their claim.

    “Efforts are being made to secure warrant for the detention of the suspects pending when they will be charged to court”, he said.

    Bankers Warehouse in a statement at the weekend claimed ownership of the money and asked the EFCC to apologise and return the money.

    The company which said it is licensed by the Central Bank of Nigeria to carry out Cash/Asset movement and Currency Processing said the men arrested were not involved in any money laundering and were carrying out a legitimate movement of cash.

    “We hereby state emphatically that the movement of this currency was a legitimate exercise, being carried out on behalf of a legitimate Financial Institution,” the company said..

    “We emphasize that our employees are in no way criminals, carrying out any act of illegality as the EFCC has tried to portray. The young men whose character and reputation have been deliberately soiled by the EFCC operatives were conducting their legitimate duties as requested by a bank customer of our company.

    “We request for the swift and immediate release of our employees and our customer’s currency, both detained without proper cause.

    “We also demand an immediate retraction by the EFCC and an apology issued to our company and our employees whose images have been maligned”.

  • Union Bank blasts EFCC, claims ownership of N1bn recovered at Enugu Airport

    Union Bank Limited has claimed ownership of a large consignment of cash intercepted by operatives of the Economic and Financial Crimes Commission (EFCC) on Friday at the international airport in Enugu.

    Recall that the EFCC announced in a statement Friday evening that two men were arrested at Akanu Ibiam International Airport with a combined cash of $2.8 million (over N1 billion at N360 a dollar).

    The agency said the suspects mentioned their affiliation to Union Bank and Bankers Warehouse, a cash-in-transit contractor.

    The anti-graft office said it was investigating the recovery as money laundering.

    But Union Bank strongly denied wrongdoing, saying the practice was standard in the banking industry and its contractors were licenced by the Central Bank of Nigeria.

    In a string of tweets directed at the EFCC on Friday night, Union Bank criticised the anti-graft office for being too hasty at disclosing the development to the public, “prior to the completion” of investigation.

    According to Tony Orilade, a spokesperson for the EFCC, that the money was intercepted at about 7:00 p.m. on Thursday, and it came barely a few weeks after operatives recovered about N940 million from a Lebanese and another $370,000 at Lagos Airport.

    Orilade said the EFCC made concerted efforts to get Union Bank to corroborate accounts of the suspects, but was frustrated for nearly 24 hours.

    “We made serious efforts to get Union Bank officials in Enugu and other parts of the country to confirm details of the money, but there was no one ready to cooperate with us. “We then decided to count the money before the suspects and took it to the CBN in Enugu where it was deposited and records taken,” Orilade said.

    Orilade said as of 4:00 p.m. Friday, Union Bank representatives had not come around to claim the money or ask about their staff members arrested.

    “It was after we released a statement to the media that they started calling and making noise,” the spokesperson said.

    It was not immediately learnt whether Union Bank or Bankers Warehouse has reached out to the anti-graft office to sort out the matter.

    Orilade said the agency was unconvinced by Union Bank merely claiming ownership of the money on Twitter.

    “Investigation is ongoing, which might prompt prosecution or no prosecution,” the EFCC chief said. “But we would like to let Nigerians know that when we see anything close to infringement of the law, we do not leave anything to chances.”

     

  • Etisalat debt predicament: 13 Banks’ shareholders mount huge pressure

    …ask telecoms firm to clear debt

    Shareholders of the 13 banks involved in the N1.2 billion loan for Etisalat Nigeria have asked the telecoms company to pay up its debt in order to guarantee the payment of annual dividends.

    The shareholder group told the News Agency of Nigeria in Lagos on Tuesday that the company risks legal action by the banks if it failed to settle its outstanding loan obligation.

    The National Coordinator, Progressive Shareholders Association of Nigeria, Boniface Okezie, said the affected banks should approach the court for receivership if Etisalat failed to settle the debt.

    Mr. Okezie said in view of the obligations the banks have to their shareholders, in terms of dividend payment at the end of the financial year, it was incumbent on Etisalat to pay the debt.

    On his part, the Chairman of Nigeria Professional Shareholders Association, Godwin Anono, said the company was under obligation to settle the debt, since the transaction was in line with the customer-bank relationship, involving terms and conditions that must be obeyed.‎

    Mr. Anono said the shareholders were in support of the banks’ move to acquire the company if it failed to settle the loan.

    “This is like any other transaction. It’s not government business. I stand on existing protocol to say that the banks should acquire the company if it fails to settle the debt,” he said.

    The Head Research, SCM Capital Ltd, Sewa Wusu, said where there was any breach of the terms and conditions of the loan between Etisalat and the consortium of banks, then the normal legal process should be followed.‎

    Mr. Wusu said the issue was beginning to elicit concerns in the banking industry considering the amount involved and its potential impact on the balance sheets of the banks banks.

    “Since the monetary authority is also involved in the negotiation, I am sure this will ensure prompt settlement of the situation among the parties,” he said.

    Etisalat had obtained a $1.2 billion (N377.4 billion) syndicated loan in 2013, from a consortium of 13 Nigerian banks, to finance a major network rehabilitation, upgrade and expansion of its operational base in Nigeria.

    The consortium of banks include Access Bank, Zenith Bank Plc, Guaranty Trust Bank Plc, First Bank Limited, Fidelity Bank Plc, First City Monument Bank (FCMB), Stanbic IBTC, Ecobank, United Bank for Africa (UBA) Plc and Union Bank of Nigeria Plc.

    Zenith Bank, Guaranty Trust Bank and Access Bank have the top three exposures of the total loan – N80 billion, N42 billion and N40 billion respectively.

    Etisalat Nigeria said last week it had paid about half of the initial loan (about N504billion), leaving a total outstanding sum of about $574 million.

    >>Also read: United Arab Emirates-based Etisalat Group says willingness to release its brand name is conditional