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Swiss Firms Challenges New Ownership Of Union Bank, Demands Forensic Audit On Change

Two Swiss firms, GG Private Limited and Rainmaker BV Limited, have pleaded with a Federal High Court sitting in Abuja to order a forensic audit of the change of ownership of Union Bank of Nigeria Plc.

The change of ownership of the bank was conducted by the Central Bank of Nigeria (CBN), Chapel Hills Advisory Partners Limited and former CBN Governor, Sanusi Lamido Sanusi, when it was sold to new investors in 2013.

The transaction conferred 85 per cent ownership of UBN on Africa Capital Alliance and United Global Partners Limited.

In addition, the Swiss firms are demanding an order declaring the decision by the CBN and its former governor to approve United Global Partners Limited and Africa Capital Alliance as core investors and majority owners in UBN as ill-motivated, contrary to the public interest and ultimately injurious to them and other former stakeholders.

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