The Integrity Group inÂ Union Bank Nigeria Plc (UBN) has given its backing to the ongoing reforms in Union Bank of Nigeria Plc
According to a statement signed by Joe Olubunmi, National Co-ordinator, and Mallam Inuwa Gomba, General Secretary, of the Groupâ€ We have over the past week watched events in theÂ banking sector with mixed feelings-hope and fear.
Hope because we believe Union Bank Nigeria required a change and fear because of the general systemic failure in Nigeria which could reverse the gains of the process of the said change.We thus desire to make categorical statement in support of CBNâ€™s action presently.â€
The Integrity Group isÂ Â Â a coalition of all shareholders of Union Bank Nigeria Plc. According to the statement, â€œ This group as the name connotes stands for integrity, due process and the growth of the bank. In the very recent past, we have used every media within our reach to warn against impending danger and challenges which today are manifest. We worked during this time, tirelessly to alert the regulatory authorities (CBN, Nigeria Deposit Insurance Corporation (NDIC) and Economic and Financial Crime Commission (EFCC) ) about unwholesome acts as in ourÂ bank. These acts have today led to the collapse of due process, failed loans and increased case of internally related debts.
â€œAs earlier stated in our press releases to the media; the root cause of the challenges we face today is the post-merger and acquisition challenges. Union Bank Nigeria PLC is a bank with resilience, dedicated staff and loyal shareholders, loaded with strong culture and strong management skill which has lead to our investment in almost all the sector of the Nigerian economy particularly Agriculture andÂ the real sector of Nigeria economic life.â€
THE Group stated that the postÂ merger challenges ,however broughtÂ in persons with inherent diversities whichÂ polarize the system andÂ brought it to its knee; leadingÂ to the several intriguesÂ and subsequently the failure of the board to its duties and responsibilities.
According to the Statement â€œ Our organization was quick to warn against trade and outer trade which went on and ledÂ to the release ofÂ broad bank share against the earlier agreement in the merger document. This singular action led to the position we are in today.
â€œ The relationship amongst the board of directors of our bank had due to reasons aforemented degenerated to an alarming rate that the CBN action could not have comeÂ at aÂ better time.
The CBNÂ actions challenges the sensibility of all shareholders to move forward and defend their investments. UBN isÂ today the largest employer of labour in theÂ banking sector ofÂ Nigeria and unarguably remains to date the only truly Nigerian Bank with well spread shares across a wide spectrum of Nigerians and thus her destiny must not be toyed with. In fact, we make bold to say that â€œif Union Bank falls, the Nigerian economy fallsâ€.