Union Bank Dissolves Board As Titan Trust Takes Over

Union Bank Dissolves Board As Titan Trust Takes Over

* Mudassir Amray Emerges New CEO

The Union Bank Nigeria Plc has finally announced the dissolution of its board and the appointment of a new Chief Executive Officer.

The new CEO is Titan Trust Bank’s Managing Director, Mudassir Amray, according to a note to the Nigerian Exchange Limited.

The decisions came after Titan Bank concluded the takeover of Union Bank, Nigeria’s second oldest bank.

The bank has also appointed a new Chairman and three directors.

The new Chairman is Farouk Gumel while Andrew Ojel, Abubakar Mohammed and Lawrence Mackombo were appointed directors.

Titan Trust Bank purchased 93.4 per stake of Union Bank. With the new acquisition, 10 of 13 members of Union Bank have exited the company.

The appointment of Mr Amray took effect from June 2.

Mr Amray, a seasoned banker with well-rounded exposure of over 25 years in senior management roles, will replace Emeka Okonkwo.

“Prior to being appointed the Chief Executive Officer for Union Bank, Mr Amray led the establishment of Titan Trust Bank Limited and Mr Amray became the Bank’s pioneer CEO in October 2019,” the notice said.

 Mudassir holds an MBA from the University of Santo Tomas and a Bachelor of Commerce from National College, University of Karachi.

He holds the position of Executive Group Director for TGI Group also, Chairman, Board of Directors at Wacot Rice Ltd, a subsidiary company of TGI Group, and Non Executive Chairman at the Nigeria Sovereign Investment Authority (NSIA).

Mr Gumel was a partner at PwC and Head the West African Advisory/Consulting business, covering Nigeria, Ghana, Liberia, Sierra Leone, and Angola.

He holds a BSc. in Materials Technology (Leather) from the University of Northampton and an MSc, in Clean Technology from Newcastle University.

“He is also a chartered accountant with Institute of Chartered Accountant of Nigeria and a Fellow of the Institute of Chartered Accountants in England and Wales,” it said.

Mr Ojel brings his over 21 years of experience in financial service as he sits as a director on the board of the company.

A Fellow of The Institute of Chartered Accountants of Nigeria and Fellow and Council Member of The Institute of Credit Administration of Nigeria Ojel was previously an Executive Director of Zenith Bank Plc in charge of Enterprise Risk Management.

Mr Ojel attended the University of Lagos where he obtained a BSc. in Accounting and the Enugu State University of Science and Technology for an MBA.