Business
Towards a Stronger Union – Year 105 in Review
The year 2022 was remarkable for Union Bank of Nigeria (Union Bank). The leading financial institution celebrated its 105th year of serving Nigerians with the announcement of the completion of a landmark transaction that saw the integration of the Bank with Titan Trust bank to form a stronger union. This announcement kicked off several noteworthy events and major milestones, and Union Bank is pleased to recapitulate these milestones the Bank recorded in 2022. The noteworthy events in each month are summarised below under their respective headings.
January 2022: Union Bank celebrates its 105th year of operations as Titan Trust Bank gets nod from regulators for the official integration. The fusion of both entities created expanded networks, increased operational efficiency and capacity as well as improved service delivery for the customers. The new direction set Union Bank on a path of delivering prosperity and shared growth for its partners and customers all over the African continent.
February 2022: As part of its commitment to push beyond banking to promote innovation and creativity nationwide, Union Bank partnered with AfricaNXT – formerly known as Social Media Week, to host the largest gathering of innovators across Africa. As an organisation focused on accelerating digital innovation, Union Bank showcased some of its ‘Digital Ventures’ products (Kula, Booster and M36) at the event via an interactive booth. The Bank also hosted two insightful sessions – a panel discussion and a masterclass session – targeted at the tech ecosystem.
March 2022: As an organisation committed to leading the charge for inclusion and parity, Union Bank has consistently leveraged International Women’s Day (IWD) to promote impactful discourse and encourage positive action for gender equality 2022 was no different. In in line with the 2022 global theme #BreakTheBias, the Bank hosted an event to celebrate everyday women breaking biases and shattering barriers in their professional and personal lives.
A key highlight of the event was the inauguration of the first executives for Wehub – Union Bank’s Women Empowerment Hub which is an internal network launched in 2016 to motivate, connect and provide support to women within the Bank. The newly elected executives were charged with the task to drive the implementation of impactful initiatives aimed at advancing the Bank as a progressive place to work.
April 2022: As part of its ‘Beyond Banking’ strategy and commitment to innovation and technological advancement in Nigeria, Union Bank launched SpaceNXT a future-forward, purpose designed co-working technological and innovation hub built to promote innovation and encourage collaboration within the tech ecosystem in Nigeria. Located within the Union Bank Head Office in Lagos Nigeria, SpaceNXT provides an enabling environment where tech enthusiasts, visionaries and creators can converge for the propagation of new ideas. It is a launching pad for innovators to collaborate, develop and improve on ideas around digital systems and tech-based solutions.
May 2022: Following the completion of the official integration, and the subsequent receipt of all necessary regulatory approvals, Union Bank posted a formal notice of change in control with TGI Group, parent of TTB, now the majority shareholder and core investor in Union Bank. In addition to this, the Bank also announced the completion of the divestment of the Bank’s entire shareholding interest (direct and indirect) in its subsidiary, Union Bank (UK) Plc (“UBUK”) and the effective appointment of a Chief Executive Officer, Board Chair, and the reconstitution of a new Board of Directors. The new CEO, Mr Mudassir Amray and Board Chair, Farouk Gumel assumed office on the 2nd of June 2022
June 2022: Leading development bank Afrexim Bank backed Titan Trust Bank with the sum of $300,000,000 to support the integration with Union Bank. This is to ensure the Bank is well positioned to deliver value to its customers and shareholders.
July 2022: Following a successful first season, Union Bank announced the return of Save & Win Promo, its flagship campaign aimed at rewarding new and existing customers with cash rewards and other gift items worth over N55,000,000. The second edition of the nationwide campaign coincides with the Bank’s 105th anniversary and will benefit more customers to appreciate them for their support and loyalty over the years.
August 2022: As part of its continued commitment to UN SDG5, Union Bank continued its long-standing partnership with Junior Achievement Nigeria (JAN) to impact over 300 girls, in the 21st edition of the Leadership Empowerment Achievement and Development (LEAD) Camp which marked the eighth year of collaboration between JAN and Union Bank. The week-long event was used to provide guidance and improve the skill sets of the girls in areas of financial literacy, entrepreneurship, technology, creative arts, and entertainment. Development sessions in the program included coding, understanding sexual abuse, and personal hygiene, while the participants also received mentorship from respectable and high-ranking women in the country’s private and public sectors.
September 2022: Mr. Farouk Gumel, Chairman, Board of Directors, Union Bank of Nigeria delivered the keynote address that formed part of the theme for the 15th Annual Banking and Finance Conference tagged Repositioning the Financial Services Industry for an Evolving Global Context. In his remarks, Farouk Gumel emphasised how the rapidly expanding agricultural sector in Nigeria has the potential to grow exponentially and contribute not just to the advancement of the Nigerian economy, but also the welfare of the local farmers who form a large percentage of the unbanked.
He highlighted how Union Bank in their 105-year history continues to support the Nigerian farmer and pointed out that the recent integration with the parent TGI group has further opened more opportunities for the Bank to leverage international partnerships to service the rural economy.
In the same month, Union Bank partnered with WACOT Rice Limited – a foremost rice producing company and subsidiary of Tropical General Investment (TGI) Group, to provide banking solutions for 6,000 local farmers including men, women, and young people across 4 Local Government Areas in Kebbi State. This partnership, called the Kebbi Financial Inclusion Drive is in line with Union Bank’s commitment to boost financial inclusion in Nigeria.
October 2022: Union Bank signed a partnership with Mobihealth – a globally recognised, integrated telehealth provider based in the UK, facilitating health solutions for underserved communities in Africa. This first of its kind partnership is part of Union Bank’s commitment to enabling success for its customers. The Bank aims to leverage this partnership to expand access to high-quality and convenient healthcare services for its customers at discounted rates.
In addition, Union Bank also secured a $25 million funding line from Africa Agriculture & Trade Investment Fund (AATIF) to expand its agricultural business footprint in Africa. This funding aims to support the Bank’s agri-expansion and outreach strategy and is expected to further contribute to the growth of the competitive food and agricultural sector in Nigeria that is fully aligned with national priorities – including improving food security, increased agricultural production and local food processing.
November 2022: To expand its footprint in Africa, Union Bank signed an MOU with Attijariwafa Bank – a leading multinational commercial bank and financial services company based in Morocco. Through this partnership both Banks will develop new joint business opportunities for their respective customers that seek to support the trade finance and investment corridors between Nigeria and all the countries where Attijariwafa bank operates.
December 2022: To closeout it’s 105th year anniversary activities, Union Bank launched a brand-new sonic identity tagged ‘The Sound of Union’. The launch of the Sound of Union – a 9-track EP, spanning different genres including afrobeats, highlife, jazz, alternative rock and more – is part of the Bank’s strategy to engage with todays and tomorrow’s generations. The goal of the launch is to leverage the universality of music to build better connections with new and existing audiences through this unique sound identity. The Sound of Union EP is now streaming exclusively on Boomplay.
Awards & Recognitions: In 2022, the Bank received several awards and recognitions both locally and globally including the Global Finance award for the Best SME Bank 2023, the Euro Money Euromoney ‘Highly Regarded’ Bank for Corporate Banking, Corporate and Social Responsibility (CSR) and Environmental, Social and Governance and ‘Notable’ Bank for SME Banking and Digital Solutions. We were also awarded the Middle East and Africa Banking Innovation Awards for Best Trade Finance Platform 2022, and Budgit Active Corporate Citizens award for Civic Investments.
Please note that as a summary, this is not a comprehensive listing of the Bank’s events and activities during each stated period. As we look ahead to 2023, Union Bank remains committed to providing simpler and smarter solutions for its customers.
Sterling Bank, on Wednesday, announced the removal of account maintenance fees on all personal accounts, describing the decision as a “gift” to Nigerians in celebration of the country’s 65th Independence Day.
The decision, which follows the abolition of transfer fees on local online transactions in April 2025, was outlined in a statement shared by the bank. The bank said the policy would allow customers to keep more of their earnings, framing it as a step toward financial freedom.
“Every fee we remove is one less barrier between our customers and true financial freedom. This was the rationale behind eliminating transfer fees in April, and it is the same principle we uphold as we eliminate account maintenance fees,” Sterling Bank’s Managing Director, Abubakar Suleiman, said.
The statement highlighted that in 2024 alone, tier-1 banks in Nigeria earned over ₦650 billion from account maintenance and e-banking charges. “This decision cuts at the heart of a revenue model that has long cost Nigerian customers dearly,” the bank noted.
Obinna Ukachukwu, Sterling’s Growth Executive for Consumer and Business Banking, said the initiative was intended to strengthen long-term relationships with customers. “This initiative is about building lasting relationships that fuel sustainable growth. We put transparency and customer value first, and in doing so, we are building a foundation that serves both our customers and Sterling’s future,” he said.
Sterling Bank also framed the removal of fees as part of a broader strategy to make banking more inclusive and customer-focused. The April 2025 transfer fee abolition had already eliminated charges on all local online transactions, easing costs for individuals and small businesses. At the time, Ukachukwu described the move as a values-driven decision aimed at ensuring fair access to money.
“Access to your own money shouldn’t come with a penalty. This is more than a financial decision—it’s about redefining banking to put customers first,” Ukachukwu said.
The latest move aligns with Sterling’s positioning as a bank committed to transparency, customer value, and digital innovation, and it signals a continued effort to reshape banking practices in Nigeria.
Guaranty Trust Holding Company Plc has reported a profit before tax of N600.9 billion for the half year ended June 30, 2025.
The figure is contained in the company’s audited consolidated and separate financial statements, which were released to the Nigerian Exchange Group and the London Stock Exchange.
The group stated that the performance was driven by growth in core earnings lines, including interest income and fee income, which rose year-on-year by 31.5% and 33.0%, respectively.
It explained that the growth helped to cushion the absence of N493.01 billion in fair value gains recorded in 2024, resulting in a 40 per cent decline.
GTCO stated that its total assets stood at N16.7 trillion, while shareholders’ funds totaled N3.0 trillion during the review period.
It added that its balance sheet remained strong, diversified, and de-risked across operating jurisdictions, as well as its payments, pension, and funds management businesses.
The group disclosed that its Capital Adequacy Ratio closed at 36.2 per cent, while asset quality improved with IFRS 9 Stage 3 loans declining to 3.2 per cent.
At the group level, Stage 3 loans stood at 4.5 per cent, compared with 5.2 per cent in December 2024.
Similarly, the cost of risk improved to 1.7 per cent from 4.9 per cent recorded in December 2024.
The company stated that its net loan book increased by 20.5 per cent, from N2.79 trillion in December 2024 to N3.36 trillion in June 2025.
Deposit liabilities also increased by 16.6 per cent from N10.40 trillion to N12.13 trillion during the same period.
The board of GTCO approved an interim dividend of N1.00 per share for the half year ended June 30, 2025.
Commenting on the results, Segun Agbaje, Group Chief Executive Officer, said the half-year performance reflected business strength and progress towards building a diversified financial services ecosystem.
He said beyond last year’s extraordinary one-off gains, the group was now driving sustainable growth with recurring earnings that demonstrated the resilience and scalability of its model.
Mr Agbaje noted that continued investment in technology, particularly in core banking upgrades, was delivering stronger uptime, efficiency, and greater capacity to scale with a growing customer base.
He added that across banking, funds management, pension, and payments, GTCO was leveraging a de-risked balance sheet to reinforce its market position while maintaining strategic flexibility. According to him, this foundation positions the group to seize emerging opportunities and deliver lasting value for all stakeholders.
Mr Agbaje stressed that GTCO had continued to post some of the best metrics in Nigeria’s financial services industry in terms of key financial ratios. He said the group recorded Pre-Tax Return on Equity of 60.4 per cent, Pre-Tax Return on Assets of 10.6 per cent, Capital Adequacy Ratio of 36.2 per cent, and Cost-to-Income ratio of 30.1 per cent.
NAN
In line with its commitments of promoting sports and developmental initiatives at all levels, First Bank of Nigeria Limited is partnering the organizers of the first of its kind E1 Lagos GP an all-electric powerboat racing championship, set to hold between the 3rd and 5th of October 2025.
Disclosing this at the E1 Lagos GP Stakeholder Immersion session in Lagos recently, Olayinka Ijabiyi, the Acting Group Head, Marketing and Corporate Communication of FirstBank, reaffirmed the Bank’s commitment to supporting initiatives that engender human development across the country while cementing legacies.
“Our involvement in the E1 Lagos GP is about driving legacy and enabling the passions and aspirations that unite Nigerians. We are a bank that has been in business for over 131 years and we recognize that sports drives us as a country, which is why through our First@Sports initiative, we continue to invest in platforms that inspire and elevate our people. We have been supporting legacy sport tournaments like the Georgian Polo Cup which we have hosted for 105 years, and the Lagos Amateur Open Golf Championship for 64 years now,” Ijabiyi said.
With the event slated for the start of the fourth quarter, FirstBank is aligning its partnership with the annual DecemberIssaVybe initiative, a campaign that celebrates the vibrant spirit of Nigerians during the festive season by curating unforgettable experiences that blend culture, entertainment and lifestyle. “FirstBank is deeply woven into the fabric of society and the lives of our customers. As presenting partner, we are creating meaningful touchpoints with customers and prospects, offering them a world-class experience of relaxation and celebration that captures the true essence of Lagos during the festive season,” he added.
Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, who was also at the event, described the initiative as an event that will grow not just the sports but also showcase Lagos’s vibrant culture, dynamic people, and global relevance, while commending FirstBank for their support.
The teams owned by notable stars like Tom Brady, LeBron James, Didier Drogba, Will Smith, Marc Anthony, Steve Aoki, Rafael Nadal will compete in the Lagos leg before the 2025 season of the competition terminates in Miami in the United States.
