Union Bank gets shareholders nod to raise N50bn Right Issue

The Board of Directors of Union Bank of Nigeria Plc has been given the required backing of the shareholders to raise N50 Billion as it continues to strategise to sustain the growth recorded in the year 2016.

The positive signal was handed to the management of the bank at an Extra Ordinary General Meeting (EGM) held in Lagos on Wednesday.

While giving the approval, stakeholders urged the board to play by the rules and ensure every regulatory conditions and requirements are strictly adhered to.

Furthermore, the management of the bank were enjoined to take a cursory look at the present economic situation in the country before taking the steps. They were also advised on the right pricing for the shares so as to attract investors.

Speaking at the occasion, Chairman of the bank, Mr Cyril Odu, extols the efforts of the board as well as the staff of the bank for the growths recorded in recent time.

Union Bank navigated some troubled waters in the past but was able to scale through.