Mr. Cornelis Vink, the Nigerian/Dutch billionaire businessman who owns TGI group and is the owner of Titan Trust Bank, a subsidiary of his TGI group, paid the total sum of 191 billion Naira for the total acquisition of Union Bank.
How Titan Trust Acquired Union Bank
The deal was concluded on the floor of the Nigerian Exchange (NGX) on June 2, 2022, with the purchase of 27.34 million units of Union Bank shares at N7.00 each in an off-market transaction. The share price of Union Bank closed flat afterward at N6.25.
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You may recall that in December 2021, it was reported that the two-year lender Titan Trust Bank was planning to buy an 89.39 percent stake in the 104-year-old bank.
With the complete payment of the Union Bank shares, Mr. Cornelius G. Vink (MFR) is now the majority owner of Union Bank through his Titan trust bank.
Who Is Mr. Cornelius G. Vink?
Mr. Cornelius G. Vink is a Dutch Nigerian and is not known to many Nigerians as he is known among the business elites as the silent billionaire and operator who makes audacious moves silently.
Mr. Cornelius G. Vink (MFR) arrived in Lagos, Nigeria from his country, the Netherlands, in the ’70s.
He later incorporated his company, TGI Group, in 1980, and their first product was the importation of Caparison juice into Nigeria in 1982, which was a big hit.
Tropical General Investments (TGI) Group has grown over the years into a global conglomerate with a majority of its investments based in emerging markets.
Across markets (globally), TGI Group owns over a hundred leading brands in fast-moving consumer goods, agricultural inputs, industrial chemicals, home care products, and pharmaceuticals.
What You Don’t Know About Cornelius G. Vink & Tropical General Investments Group
Mr. Cornelis G. Vink later started CHI Limited, makers of the popular Chivita products. TGI eventually sold the company to Coca-Cola in 2019 for $1 billion.
Mr. Cornelis G. Vink’s TGI also owns WACOT Rice Mill located in Kebbi State, which is said to be the largest parboiled rice mill in Africa.
TGI Group’s CORMART is one of the foremost & largest manufacturers of styrene-acrylic in Nigeria—a key raw material for the paint industry.
CHI Farms is one of the largest suppliers of “day-old chicks” in Nigeria.
CHI Pharmaceuticals is the youngest pharmaceutical company in West Africa to obtain the World Health Organization (WHO)’s Good Manufacturing Practice (GMP) certification. Only eight pharmaceutical companies have the certification in the region.
FLUDOR Benin, has the largest cashew processing plant in the Republic of Benin, employing over 1000 women, who make up 85% of the entire workforce.
When Was Titan Trust Bank Established?
Titan Trust Bank was established just three years ago by TGI Group, which owns over 85% of the bank.
With the 191 billion naira acquisition of Union Bank by Titan Trust Bank, Mr. Cornelis G. Vink, who owns the bank, just made a huge statement of intent to announce the arrival of his global business, TGI, in Nigeria’s financial sector. And that statement was heard loud and clear all over the country.