The Shady Titan Trust Bank and Union Bank Deal: A Closer Look at Controversy and S Alam’s Shadow

In late 2021, Nigeria’s banking sector witnessed a seismic shift when Titan Trust Bank, a relatively new player established in 2018, announced its intent to acquire a majority stake in Union Bank of Nigeria, a century-old institution with deep historical roots. By June 2022, the deal was formalized, with Titan Trust Bank securing 93.41% of Union Bank’s issued share capital in a transaction valued at approximately N191 billion (around $500 million USD at the time). The acquisition, one of the largest in Nigeria’s banking history, raised eyebrows due to the disparity between Titan’s youth—barely three years old—and Union Bank’s entrenched legacy. What began as a celebrated merger soon unraveled into a web of allegations, regulatory scrutiny, and questions about the shadowy overseas investors allegedly tied to the deal, notably Bangladesh’s S Alam Group.