Fresh allegations have raised questions about the 2022 acquisition of Union Bank of Nigeria by Titan Trust Bank, with reports claiming that a $300 million facility from Afreximbank may have been used to finance the transaction.
According to the reports, there are claims that some Union Bank-linked assets were allegedly included in the collateral structure for the loan used in the takeover. The development has sparked renewed scrutiny over how the deal was structured and approved.
The allegations also suggest possible irregularities in the financing arrangement, including concerns around compliance with banking regulations and the handling of funds connected to the acquisition. These claims have not been independently verified by regulators or confirmed by the parties involved.
The controversy has also revived discussions around regulatory oversight at the time of the transaction, with attention now shifting to past approvals and governance processes within the sector.
Union Bank, Titan Trust Bank, and other institutions mentioned in the claims have not issued detailed public responses to the latest allegations.
The matter remains under public and regulatory interest as questions continue to be raised about the transparency and structure of the acquisition process.