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The President of the Trade Union Congress of Nigeria (TUC), Bobboi Kaigama, said on Thursday that the labour union is poised to acquire majority shareholding in Unity Bank for about N80 billion.

Speaking to journalists at Unity Bank’s head office in Lagos yesterday, Kaigama said the TUC will pay N80 billion over three years to acquire 57 percent stake in the bank.

“We intend to acquire 57 percent shares of Unity Bank once the necessary due diligence are done. We are thinking of investing something in the region of N80 billion into the bank and ultimately turn it into workers bank,” Kaigama said.

Black Tritium Capital Management Limited, an equity and investment fund manager, is acting as consultants to TUC on the acquisition.

Kaigama said the labour union will raise the funds for the transaction from an “international organization” that is looking to invest $1 billion into Nigeria. Kaigama said Nigerian workers will be encouraged to buy and own shares in the bank as part of the deal.

“There is strength in numbers,” Kaigama said. “I have done it in the past while in Taraba State when I set up a small contributory scheme for workers. That little scheme then is now worth over N250 million.”

The TUC president said the Unity Bank acquisition is part of the Union’s plan to invest in key sectors in Nigeria’s economy, including agriculture and real estate. He said the TUC invested in Nigeria’s transport sector four years ago after securing a loan from the Bank of Industry to acquire 100 high capacity buses to run in Lagos State.

In his remarks, Thomas Etuh, the Chairman of Unity Bank, said the partnership with TUC and Black Tritium is a positive development that would add value to the bank’s business.

“On our part, we have always been known to be a Pan-Nigeria bank occupying 7th position in terms of branch network, meaning that we have the tentacles to service TUC members across the nation,” Etuh said.

Unity Bank is a mid-sized Nigerian lender. In 2015, the bank reported gross revenues of N78.8 billion, after-tax profits of N4.6 billion, and total assets of N443 billion.