The chairman of Flutterwave, Tunde Lemo, has acquired the majority stake in Union Bank after substantial shareholders exited their investment from the Nigerian lender.
Lemo bought 89.39 percent of Union Bank from Union Global Partners Ltd. (UGPL) and some other unnamed existing stakeholders through his investment firm, Titan Trust Bank Limited.
This gives a substantial control of Union Bank to Lemo, who was previously the Managing Director of Wema Bank between 2000 and 2003, before joining the Central Bank of Nigeria (CBN) as a deputy governor.
Prior to his recent acquisition, Lemo was appointed chairman of the Federal Emergency Road Maintenance Agency (FERMA) by President Muhammadu Buhari in 2017, but became effective in 2018.
Commenting on the acquisition of Union Bank, the investment banker said, “The Board of Titan Trust Bank and our key stakeholders are delighted as this transaction marks a key step for Titan Trust in its strategic growth journey and propels the institution to the next level in the Nigerian banking sector.
“The deal represents a unique opportunity to combine Union Bank’s longstanding and leading banking franchise with TTB’s innovation-led model which promises to enhance the product and service offering for our combined valued customers.” Lemo said in a statement obtained from NGX on Thursday.