50% Stake Aquisition: Union Bank Debunks Premium Times’ Report

Union Bank of Nigeria Plc has debunked report of plans by majority shareholder Atlas Mara Limited to sell off 50 per cent stake in its Bank. 

Premium Times had four days ago quoted Bloomberg news while reporting that Atlas Mara had received offers to sell off its stake in the first generation bank.

But Union Bank in a statement by Somuyiwa Sonubi, its Company Secretary on Wednesday tittle “Re: Unsubstantiated Online Publication by Premium Times”, dismissed the report as “unsubstantiated report is based on mere rumours and speculations”. 

The statement read, “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.Furthermore, Atlas Mara has also published a response to the story.”

Union Bank added that the Nigerian Stock Exchange, other regulatory agencies and members of the public are hereby advised to disregard the publication in its entirety.

In the sane vein, Atlas Mara had also rubbishes the Premium Times report, describing it as incorrect. 

“Atlas Mara Limited (“Atlas Mara” or the “Company,” 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 Union Bank.”

“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 Union Bank of Nigeria (“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.”

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