Union Bank of Nigeria has fully redeemed its Series 2 15.75% bond, paying a total of ₦6.31 billion ($4.15 million) in principal and coupon on September 3, 2025.
According to a statement by the 108-year-old lender, the payment fulfils all obligations to bondholders under Securities and Exchange Commission (SEC) rules.
The bond — issued under the bank’s ₦100 billion ($65.7 million) debt issuance programme — was fully subscribed, with the final coupon also settled on September 3. Executives say the timely redemption underscores Union Bank’s financial strength and long-term commitment to investors.
This development comes 18 days after the bank finalised its merger with Titan Trust Bank, absorbing Titan’s operations and assets. The combination expands Union Bank’s footprint to 293 service centres, 937 Automatic Teller Machines, and 7.3 million customers, cementing its position as one of Nigeria’s largest retail and commercial banks by branch network and customer base.
Analysts note that prompt execution of bond payments and successful integration of Titan Trust should boost investor confidence in the bank’s governance and stability, setting a positive precedent for future debt offerings.
“By blending stability with innovation, we are better positioned to meet the evolving needs of Nigerians and to be their most trusted financial partner,” Yetunde Oni, Managing Director and Chief Executive Officer of Union Bank, said.
Tosin Ibikunle, Head of Strategy and Planning, added that the timely redemption “signals Union Bank’s commitment to meeting all obligations to our financial stakeholders” and highlights its robust financial position.
“This accomplishment not only enhances investors’ confidence but also underscores the bank’s robust financial position as we continue to innovate and support Nigeria’s growth,” he said.
Union Bank delisted from the Nigerian Exchange Limited (NGX) in 2023 after 52 years as a publicly listed company. Reports say its exit contributed to a ₦132 billion ($204.5 million) drop in NGX market capitalisation at the time.
According to Union Bank, strict compliance with SEC guidelines and collaboration with trustees ARM and UTL reflects its commitment to regulatory excellence and stakeholder engagement — a posture executives hope will position the combined institution for sustainable growth in Nigeria’s increasingly competitive banking landscape.
Note: All naira figures have been converted using average exchange rates of $1/₦1,521.3 as of September 3, 2025, and $1/₦645.2 for November 2023.
