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House requests SEC to suspend Union Bank Plc recapitalisation

Category: Mergers & Aquisitions

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House requests SEC to suspend Union Bank Plc recapitalisation

December 06, 2011 / 1833pm

Abuja - The House of Representative has formally asked SEC to suspend the recapitalisation exercise of Union Bank Plc today.

The decision was taken by the House Committee on Capital Markets and other Institutions following the review of the outcome of their iinteractive meeting with the management of Union Bank of Nigeria Plc on Monday, December 05, 2011 on the subject of their recapitalization.

The letter to the SEC stated that “In view of the inability of the management of Union Bank Nigeria Plc to provide key answers to various queries this committee has raised relating to Union Bank's compliance with rules, procedure and statutes guiding ‘rights issues, placing and capital reorganization’, we request that the Securities and Exchange Commission (SEC) withhold further approvals of the said transaction pending the outcome of a rescheduled hearing where Union Bank Plc will be expected to come up with relevant documents and information regarding the matter in question.”

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