Union Bank of Nigeria has announced an upward adjustment in the acquisition price for minority shareholders’ stakes, raising it from N7 per unit to N7.70.

The disclosure came in a statement signed by Company Secretary Somuyiwa Sonubi on Tuesday as the bank approaches the final stages of its delisting plans from the Nigerian Exchange Limited (NGX).

The statement clarified that the increase in the acquisition price aligns with The Nigerian Exchange Rule Book and Amendments to the Listing Rules.

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Union Bank of Nigeria Plc is in the process of securing approval to delist its shares from the NGX, following which shareholders will receive a Scheme Consideration of N7.70 per share.

The move to delist follows an announcement in May by Titan Trust Bank Limited, the core investor in Union Bank, about its intention to acquire the shares of minority shareholders in the bank.

Titan Trust Bank Limited had acquired the controlling stake in Union Bank in 2022.

Upon obtaining the necessary approval, the statement indicated that the Registrars would disburse the Scheme Consideration to all Bank shareholders in accordance with the decisions made during the Court-Ordered Meeting and subsequent sanction by the Federal High Court.

Union Bank, which listed on the NGX (formerly the Lagos Stock Exchange) in January 1970, is undergoing this delisting process to streamline its corporate structure.

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In its first quarter of 2023 financial report, Union Bank revealed a 127.6% increase in profit after tax to N12.6 billion.

Non-interest income also saw significant growth, rising by 122.7% quarter-on-quarter to N25.6 billion, driven by the performance of the trading portfolio and other income lines such as fees and commissions.