The people and shareholders behind Titan Bank


Union Bank Plc announced during the week that its major shareholders have reached a deal that will see their shares acquired by the 2-year-old Titan Bank.

The deal will see major existing investors in Union Bank, Union Global Partners Ltd (64.98%), Atlas Mara (25.53%) and other shareholders sell their core stakes totaling 89.39% in Union Bank to Titan Trust Bank. The bank did not comment on the consideration for the purchase.

As expected, the announcement sparked excitement among investors and the general public, given the historical and financial importance of a bank like Union Bank to the Nigerian economy. While Union Bank is a household name in Nigeria, many Nigerians may not know who owns the Titan Bank and who runs it. Here’s what we know so far.

Titan Bank

Titan Trust Bank was approved as the National Commercial Bank in Nigeria in 2019 and began operations in October of the same year. The bank currently has two bank branches and is promoting itself as a digital bank, a common goal for new banks looking to challenge more established commercial banks. The company is not a listed company and as such does not publish its financial statements publicly. However, we did get a copy.


  • In its financial statements, Titan Bank reported gross profit of 8.5 billion naira in 2020, up from 2.5 billion naira a year earlier when it just started operations. It started its activities in October 2019.
  • Profit after tax was 2.9 billion naira, yielding an average return on equity of around 8%.
  • The company has customer deposits of about 85.9 billion naira and loans and advances of about 38.7 billion naira.
  • Its net assets in 2020 are 32.9 billion naira.
  • Most of the company’s income comes from fees generated from letters or credits and from currency trading.


Titan Bank has 7 directors, namely Mr. Tunde Lemo (Chairman), Mr. Mudassir Amray (MD / CEO). Mr. Andy Ojei (non-executive director), Alhaji Abubakar Mohammed (independent non-executive director), Mr. Mackombo Chukwudi Lawrence Omoile (independent non-executive director) and Dr Adaeze Udensi (executive director).

  • Its management team includes Mr. Amray, Dr. Udensi, Mr. Ademola Ajayi (Chief Compliance Officer). Stella Nwihim (Head of Human Resources), Mr. Mark Oguh (Chief Financial Officer). Chineyeoke Uga (Chief Risk Officer) and Uche Ugboh (Treasurer). Dr Adaeze, for those who remember, is a veteran of Zenith Bank Plc and also an executive director of Heritage Bank.
  • Mr. Amray was formerly Managing Director / Group Head of Global Corporate and Investment Banking and Senior Credit Officer for Citibank Nigeria and Ghana. Mr. Oguh was also the former CFO of Diamond Bank between 2015 and March 2019.


A search of Titan Bank’s shareholding structure reveals the following information regarding major shareholders and ownership percentages.

  • Aminu Yao, Shares held 5,299,700, Percentage held 9.07%
  • Luxis Int’l DMCC, Shares held 28,090,400, Percentage held (48.09%)
  • Magna Int’l DMCC, Shares held 21,840,000, Percentage of ownership (37.39%)

They are all related parties to TGI.

  • Titan Trust Bank is primarily owned by Tropical General Investment Group (TGI).
  • TGI operates in Nigeria and West Africa as an investment company with stakes in various companies ranging from consumer goods, raw materials, agriculture, agricultural processing, pharmaceuticals and petroleum, real estate and trade services.
  • One of TGI’s most notable companies was CHI Limited, maker of the popular Chivita products. TGI eventually sold the company to Coca-Cola in 2019. TGI also owns the WACOT rice mill located in Kebbi State, which is said to be the largest parboiled rice mill in Africa.

The consideration for the purchase has not been disclosed, however, we understand that it is approximately $ 1 billion. Nairametrics also brings together TGI owns up to 85% of Titan Trust Bank while the remainder belongs to other shareholders of Nigerian origin.

The president and founder of TGI is Mr. Cornelius G. Vink (MFR) and has been operating in Nigeria since the early eighties. In fact, older Nigerians will remember Caprisomme, one of the country’s most popular drinks, as its first blockbuster product. Vink Corporation DMCC is the commercial arm of the Group.

  • Mr. Vink is a silent billionaire, and our sources say his organization already has the financial strength to pay for Union Bank’s majority stake.
  • TGI Group also has the following people as executive directors; Rahul Savara as Group Executive Director, Jerome Shogbon (Group Executive Director), Farouk Gumel (Group Executive Director), Remi Oni (Group Executive Director), Martin Middernacht (Group Executive Director). Mr. Gumel is also a member of the board of directors of the NSIA.

Note: this article has been updated


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