Union Bank Completes Takeover of Titan Trust Bank

The Nigerian banking industry has entered a new era with the official conclusion of the merger between Union Bank of Nigeria and Titan Trust Bank Limited. With this move, Titan Trust Bank has ceased operations as a standalone institution, becoming fully absorbed into Union Bank’s structure. The development marks one of the most significant consolidations in recent years, reshaping the competitive landscape of the financial sector.

The Central Bank of Nigeria approved the consolidation after months of regulatory scrutiny, customer engagements, and back-end harmonization of assets and liabilities. A statement issued by Union Bank’s Head of Brand and Marketing, Mrs. Olufunmilola Aluko, confirmed that Titan Trust Bank’s identity has been retired. “Union Bank has fully absorbed Titan Trust Bank’s operations and assets. The combined institution will continue to operate under the Union Bank brand, while Titan Trust ceases to exist as a separate entity,” she explained.

For many customers of Titan Trust Bank, the announcement may feel like the end of a relatively short but eventful journey. The bank, incorporated just a few years ago, had gained attention for its ambitious drive, fresh market strategies, and focus on digital banking innovation. Despite these efforts, the weight of regulatory reforms, recapitalization targets, and financial market realities left the bank with limited options. Union Bank, on the other hand, brought to the table more than a century of history, a vast customer base, and a wider footprint across Nigeria. The merger effectively combines Union Bank’s legacy and stability with the innovative streak that Titan Trust was beginning to build.

Both institutions have reassured customers that the transition will not disrupt services. Union Bank emphasized that existing Titan Trust account holders will retain their account details, balances, and access to banking platforms. There will be no interruption to transactions, and customers can expect improved services as the consolidation progresses.

Titan Trust Bank has also updated its digital presence, signaling the completion of the transition. On its social media pages, including X (formerly Twitter), the bank confirmed: “Titan Trust Bank is Now Union Bank of Nigeria.” This change, though symbolic, reflects the integration of systems and branding that will be visible to the public over the coming weeks.

Union Bank has promised to use the merger as an opportunity to accelerate its digital transformation agenda. With a growing emphasis on financial inclusion, the institution plans to leverage Titan Trust’s innovative culture while expanding its reach. Currently, Union Bank boasts over 293 service centers, 937 ATMs, and a customer base exceeding eight million. The addition of Titan Trust’s assets and human capital is expected to strengthen its market positioning.

The road to this point has been anything but straightforward. In 2021, Titan Trust Bank entered into a Share Sale Agreement that gave it a controlling stake in Union Bank. By 2022, the bank had acquired an 89.4 percent shareholding in Union Bank, triggering a Mandatory Takeover Offer for an additional 6.59 percent of shares. The deal was finalized at 50 kobo per share, a figure that raised eyebrows but also underscored the urgency of regulatory compliance.

The acquisition led to Union Bank’s delisting from the Nigerian Exchange after 52 years of trading. However, the process was soon clouded by allegations. A leaked report from the Central Bank of Nigeria’s Special Investigations Unit suggested that Titan Trust Bank may have been backed by proxies with ties to former CBN Governor Godwin Emefiele. The report raised concerns about governance, regulatory breaches, and the true origins of Titan Trust’s capital base.

In January 2024, the CBN intervened decisively, dissolving the boards of both Union Bank and Titan Trust Bank. The regulator cited governance failures and non-compliance with banking standards. Following this move, the CBN appointed Yetunde Oni as the new Managing Director and Chief Executive Officer of Union Bank. Her mandate has been clear: restore stability, drive recapitalization efforts, and steer the merged entity through regulatory challenges.

The merger between Union Bank and Titan Trust is more than a corporate transaction. It is a signal of the pressures and opportunities shaping Nigeria’s financial industry. The CBN has set March 2026 as the deadline for banks to meet new recapitalization thresholds, a policy designed to strengthen balance sheets and safeguard depositor funds in an increasingly complex economic environment.

For Titan Trust Bank, meeting this requirement alone proved difficult. Reports indicate that the bank faced a N30 billion shortfall, making the merger with Union Bank a strategic necessity rather than an optional move. By consolidating, both institutions are better positioned to withstand regulatory shocks, expand service delivery, and build competitive resilience.

Experts believe that the merger could serve as a model for other banks. With tighter regulations and more demanding capital requirements, smaller banks may struggle to compete unless they explore partnerships or mergers with larger institutions. In that sense, Union Bank’s absorption of Titan Trust may be the first in a wave of consolidations expected before 2026.

Union Bank’s Chairman, Bayo Adeleke, described the merger as the dawn of a new era. According to him, the consolidation represents more than just an operational adjustment; it reflects a vision of shared prosperity and long-term growth. He emphasized that Union Bank is committed to broadening access to financial services, deepening economic inclusion, and driving innovations that empower individuals and businesses across Nigeria.

With its reinforced capital base, expanded branch network, and enhanced digital systems, Union Bank now stands among the top ten banks in Nigeria by assets. The challenge moving forward will be to integrate cultures, retain customer confidence, and deliver on the promise of stronger financial services.

For the average Nigerian, what matters most is stability and trust. Customers want to know that their money is safe, their transactions will be seamless, and their banks can weather the storms of inflation, currency fluctuations, and global economic uncertainty. The Union Bank and Titan Trust merger is a reminder that while institutions may change names or structures, the ultimate goal must always remain the same—delivering reliable, accessible, and innovative banking services to the people.