Alleged $300m Union Bank Takeover Deal Sparks Fresh Concerns Over Titan Trust’s Financing Structure

Story: written by springnewsng May 1,2026
What was presented in May 2022 as a straightforward acquisition of Union Bank of Nigeria by Titan Trust Bank is now drawing renewed scrutiny, following claims that raise questions about the financing of the deal.
Emerging documents suggest that Titan Trust Bank may have obtained a $300 million facility from African Export-Import Bank to fund the takeover. While Titan Trust Bank was listed as the borrower, reports allege that assets linked to Union Bank—including shares and treasury instruments—were used as collateral.
This has led to concerns that the institution being acquired may have indirectly backed the loan used to purchase it, an arrangement that, if confirmed, could challenge established regulatory norms.
The transaction has also drawn attention due to alleged links between Titan Trust Bank and business figures such as Rahul Savara and Cornelius Vink. Observers claim the structure of the deal could potentially place the repayment burden on Union Bank itself.
Further allegations suggest that depositors’ funds may have been exposed to servicing the loan, raising concerns among stakeholders about transparency and risk management in the banking sector.
Questions have also been raised about the role of former Central Bank of Nigeria Governor Godwin Emefiele, with claims that regulatory safeguards may not have been fully enforced during the transaction. However, these claims remain subject to verification.
By the third quarter of 2025, the financial exposure linked to the deal was reportedly impacted by exchange rate fluctuations and rising interest rates, with estimates suggesting liabilities may have exceeded ₦500 billion.
An internal review is also said to have flagged the transaction as questionable, citing concerns around financial structuring, reporting practices, and the handling of funds.
The situation has already triggered regulatory action. In January 2024, following leadership changes at the apex bank, the board and management of Union Bank were dissolved—a decision that is currently being challenged in court.
Titan Trust Bank, established in 2018, is reportedly backed by offshore investment entities, further fueling debate about ownership transparency and corporate governance.
As scrutiny intensifies, the development is increasingly seen as a broader test of accountability within Nigeria’s financial system. At the heart of the controversy lies a critical question: how was the Union Bank acquisition truly financed, and what are the implications for customers and the banking sector?