CBN Approves Union Bank–Titan Trust Merger, Creating Stronger Pan-Nigerian Institution
Union Bank of Nigeria Plc has announced the successful completion of its long-awaited merger with Titan Trust Bank Limited, following final approval from the Central Bank of Nigeria (CBN).
The transaction, which began in 2021 with a share sale agreement, cements Union Bank’s position as a stronger and more competitive force in Nigeria’s financial services sector. Under the arrangement, Union Bank has fully absorbed Titan Trust Bank’s operations and assets, with the combined entity continuing to operate under the Union Bank brand, while Titan Trust ceases to exist as a standalone institution.
A Heritage of Trust Meets Agility and Innovation
With 293 service centres and 937 ATMs nationwide, alongside expanded digital channels, the merger blends Union Bank’s 108-year legacy with Titan Trust’s youthful dynamism. The goal: a more agile institution capable of driving growth across retail, SME, and corporate banking segments, while advancing Nigeria’s financial inclusion agenda.
Yetunde Oni, MD/CEO of Union Bank, described the merger as “a pivotal moment in our journey and a launchpad for delivering greater value to customers. By blending stability with innovation, we are better positioned to meet the evolving needs of Nigerians and to be their most trusted financial partner.”
Chairman of the Board, Bayo Adeleke, called it “a new era of growth, collaboration, and shared prosperity”, stressing that the combined strengths of both banks would create lasting value for customers, shareholders, and communities.
Customer Assurance: Seamless Integration, Digital Push
Union Bank has assured customers that there will be:
- No disruption to services.
- Account details remain unchanged.
- A seamless continuation of products and services.
- An accelerated digital banking push, to meet the rising expectations of tech-savvy customers.
The strategic focus is to leverage Union Bank’s scale with Titan Trust’s agility to deliver efficient, technology-driven financial solutions.
Governance Shadows: The Titan Trust–Emefiele Connection
While the merger is being celebrated as a milestone, it comes against the backdrop of regulatory scrutiny. In March 2025, the Federal High Court in Lagos ordered the final forfeiture of $1.43 million linked to former CBN Governor Godwin Emefiele, found lodged in an account domiciled with Titan Trust Bank.
The Economic and Financial Crimes Commission (EFCC) successfully argued that the funds were proceeds of unlawful activities, adding a layer of controversy to Titan Trust’s legacy just as it is being absorbed into Union Bank.
Though unrelated to the merger process itself, the ruling underscores the importance of governance, compliance, and transparency in Nigeria’s banking reforms.
Strategic Implications for Nigeria’s Banking Sector
The Union Bank–Titan Trust integration is significant in three ways:
- Industry Consolidation – strengthens Union Bank’s market share amid CBN’s recapitalisation drive.
- Financial Inclusion – broader reach, more SME financing, and digital penetration into underserved communities.
- Governance Lessons – reinforces the need for compliance to restore confidence, especially in a sector under reform and regulatory tightening.
BRANDECONOMY Takeaway
The CBN’s approval of the Union Bank–Titan Trust merger is both a growth opportunity and a reputational test. On one hand, it creates a stronger, more innovative Union Bank capable of competing in a fast-evolving financial landscape. On the other, it highlights the sector’s urgent need for governance integrity in the wake of the Titan Trust–Emefiele scandal.
For Union Bank, the path forward is clear: leverage scale, deepen innovation, and reassure customers and investors that its heritage of trust is not only intact but strengthened.
