Breaking News

Integrity Group backs CBN’s reform in Union Bank

The Integrity Group in  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 Group” We have over the past week watched events in the  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 CBN’s action presently.”

The Integrity Group is     a coalition of all shareholders of Union Bank Nigeria Plc. According to the statement, “ 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 our  bank. These acts have today led to the collapse of due process, failed loans and increased case of internally related debts.

“As 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 and  the real sector of Nigeria economic life.”

THE Group stated that the post  merger challenges ,however brought  in persons with inherent diversities which  polarize the system and  brought it to its knee; leading  to the several intrigues  and subsequently the failure of the board to its duties and responsibilities.

According to the Statement “ Our organization was quick to warn against trade and outer trade which went on and led  to the release of  broad bank share against the earlier agreement in the merger document. This singular action led to the position we are in today.

“ 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 come  at a  better time.

The CBN  actions challenges the sensibility of all shareholders to move forward and defend their investments. UBN is  today the largest employer of labour in the  banking sector of  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 “if Union Bank falls, the Nigerian economy falls”.


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.