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Unity Bank Posts Assets Growth of 67.90% to N492.02 Billion, As Gross Earnings Hit N42.71 Billion in FY 2020

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Unity Bank Plc grew its assets base to N492.02billion representing a significant increase of 67.90% from the N293.05 billion of total assets value recorded in 2019. This is even as the agric-focused lender declared gross earnings of N42.71 billion within the period under review.

A review of the Bank’s audited results for full year ended 31 December 2020, released to the Nigerian Stock Exchange, showed that the Bank improved its bottom line marginally as Profit After Tax, PAT stood at N2.09 billion. Profit Before Tax, PBT closed at N2.22 billion, in a year that was defined by the unmitigated impact of global pandemic characterized by disruptions in business activities and general downturn that resulted in revenue/returns dip in major leading sectors globally.

The lender substantially grew its customers’ deposit portfolio to N356.62 billion, up from N257.69 billion in the corresponding period of 2019, representing a 38.4% growth. This affirms positive market uptake of the Bank’s product offerings, as well as the lender’s growing customer base to its recent aggressive push with agile customer-centric products, which has played a role in deepening financial services penetration especially to a wider world, underserved spectrum of the retail market.

Other major highlight of the audited financial statement relates to growth in its net operating income which rose to N25.46 billion from N23.21 billion in the corresponding period of 2019, representing a 9.71% increase. This is even as the net interest income recorded a significant jump, as it rose by 7.60% to N17.75 billion from N16.49 billion in the corresponding period of 2019. Earnings per Share closed at 17.85 Kobo.

The Bank’s gross loans portfolio increased by 92.9% to N206.2 billion in December 2020 from N106.9 billion in December 2019. The Bank’s lending strategy was specially tailored to support the nation’s food agenda. This had the added advantage of improving food security across the country, providing employment to thousands of youths and entrepreneurs, contributing to the conservation of FX stocks and mitigating security challenges by ensuring adequate empowerment of citizens and deepening skills acquisition across the value chain.

Commenting on the result, Unity Bank’s Managing Director/Chief Executive Officer, Mrs. Tomi Somefun stated that the results showed the resilience of the Bank during unprecedented times of uncertainties and our ability to innovate and focus on key balance sheet items that will enable us maintain growth trajectory.

She further opined that: “Consequently, for the year under review, the opportunities to significantly create more quality assets for the business, thought to have sustainable impact, informed part of choices made and we have seen some encouraging market uptake in this regard, apart from the benefits to the enterprise bottom-line that have also started trickling in. Other key performance indicators especially on the liability side of the business was equally not left out. The Bank deployed new product features and augmentation supported by omni-channel, USSD promotions and other channels to enhance services delivery efficiency, drive income generation capacities and enhance steady balance sheet growth for the year”.

Looking ahead, Somefun stated: “we will latch on targeted strategies to deploy significant investment in technology in order to ride the waves of the COVID-19 pandemic. On the back of this, the Bank focus on achieving major efficiency gains, deepening its retail footprints and penetrating identified cluster market segments, as bulwarks to tapping into various youth markets platforms, in addition to the mass market would get further boost”.

While laying outlook for the future, the Unity Bank’s Chief further stated: “The Bank is also looking to consolidate on the gains from its core business areas and niche in the agribusiness sector. The Bank has solidly financed over one million farmers over the past three years. These farmers cut across several primary crop production such as rice, maize, cotton, wheat, sorghum, etc coupled with their rich value chains, and we hope to continue to expand on this as we play our part in driving the country’s quest for self-sufficiency in food production.”

Analysts are of the view that having made appreciable impact in the agribusiness and its value chains consistently, the market is excited that the current year performance and different initiatives of the Bank show that the agribusiness is bankable not only as a differential positioning but also for sustainable business performance and profitability.

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5th Bodex Social Media Hangout: Exploring the power influence and impact of digital platforms

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The 5th edition of the Bodex Social Media Hangout (BSMH) unfolded in grand style, spotlighting the transformative power of social media in shaping narratives, fostering collaboration, and addressing societal challenges. With the theme “Social Media: The Influence, Power, and Impact,” the event attracted dignitaries, influencers, and stakeholders from across various sectors.

The event was moderated by the visionary Bodex Florence Hungbo, who guided the discussions with her signature poise and depth. Representing Governor Babajide Sanwo-Olu, Dr. OreOluwa Finnih, S.A. on SDG who delivered a keynote address on behalf of the governor, who was on an official trip.

The presence of Dr. OreOluwa Finnih highlighted the Lagos State Government’s commitment to leveraging social media as a tool for growth and societal well-being.

The Bodex Social Media Hangout is a distinguished media talk-shop fostering collaboration among social media users, professionals, and stakeholders. Focused on promoting responsible digital citizenship, BSMH aligns with the United Nations Sustainable Development Goals (SDG 3) to enhance the well-being of users and encourage cultural and societal advancements through social media.

The event emphasized the urgent need for Nigeria to address challenges such as fake news, cyberbullying, and online harassment.

A recent survey by The Guardian Nigeria revealed that 86% of Nigerians have encountered fake news, reflecting the pervasive influence of misinformation on social stability. Additionally, issues like mental health threats, cybercrime, and privacy concerns were discussed as critical challenges requiring immediate attention.

Through its sessions, the event showcased how social media has become a powerful tool for fostering awareness, driving economic growth, and promoting cultural exchange. Speakers and panelists also examined the darker side of digital platforms, including the rise of cyberbullying, mental health issues, and the spread of divisive content.

The event featured an impressive lineup of speakers and panelists who provided unique perspectives on the influence, power, and impact of social media:
Dotun Babatunde – The Impact of AI on Social Media

Dotun Babatunde explored the transformative role of Artificial Intelligence in the social media landscape, emphasizing its impact on the “attention economy.” He remarked, “We live in an attention economy, where human attention is a scarce commodity.” Babatunde explained how AI-driven algorithms prioritize engagement, often amplifying sensational content, but also creating opportunities for personalized and meaningful interactions. He encouraged users and creators to approach AI with a balanced perspective, recognizing both its potential and pitfalls.

A/Prof Tayo Popoola Ph.D. – Social Media: The Influence, Power, and Impact

Associate Professor Tayo Popoola from the Department of Mass Communication, University of Lagos, provided a thought-provoking analysis of social media’s role in society. He stated, “Social media is a double-edged sword: it empowers the voiceless but also creates spaces for misinformation and toxicity. The challenge lies in managing its influence responsibly.” Prof. Popoola underscored the importance of digital literacy in enabling users to harness the benefits of social media while mitigating its negative impacts.

Akin Olaniyan – Navigating the Social Media Age: Clout, Influence, and the Ethics of the Attention Economy

Akin Olaniyan delivered a compelling critique of clout-chasing in the social media era. He commented, “Give any moron a smartphone, and anything and everything becomes content. To such a fellow, clout-chasing is an end in itself, and the smartphone just makes it super-easy.” Reflecting on the quality of content creation, he added, “I am tempted to believe that their choice of subjects reflects their intellect, with the more empty-headed being the most daring.” Olaniyan called for ethical standards in digital content creation and urged society to value substance over virality.

ACP Olumuyiwa Adejobi – The Digital Detective: Solving Crimes in the Social Media Age

The Force Public Relations Officer, ACP Olumuyiwa Adejobi, showcased how social media has revolutionized law enforcement. He stated, “Social media is not just a platform for entertainment; it’s a valuable tool for law enforcement. By leveraging the power in the mass number of social media active users, we can solve more crimes and make our communities safer.” Adejobi shared examples of cases solved through digital platforms and emphasized the need for digital-savvy officers to maximize this potential.

In addition to the keynote speakers, the panelists brought fresh insights and diverse expertise to the event. Notable contributors included:
Olufemi Oguntamu, CEO of Penzaarville Africa.
Tomiwa Talabi, Founder/CEO of Lagos Life Influencer.
Dayo Oketola, Author, PR Consultant, and Former Editor at The Punch.
Iyabo Ojo, Actress, Filmmaker, and Influencer.

Hosted by celebrated media personality Frank Edoho, the event featured workshops, live sessions, and networking opportunities, creating an interactive atmosphere for attendees. Discussions covered a range of topics, from personal branding and content creation to the role of digital platforms in fostering community and enhancing security.

The panelists emphasized the power of social media in amplifying voices, holding leaders accountable, and fostering a sense of global connection. However, they also called attention to the darker aspects of the digital world, advocating for measures to combat negativity and promote a safer online environment.

Dr. OreOluwa Finnih reaffirmed the Lagos State Government’s vision of creating a digital ecosystem that promotes economic growth, cultural exchange, and societal well-being. The event’s mission remains clear: to foster collaboration, combat negativity, and shape Nigeria’s digital landscape for the better.

The Bodex Social Media Hangout remains a leading force in shaping Nigeria’s digital landscape.

In the words of Bodex Florence Hungbo: “Social media is the new oil well, Let us go fetch it.”

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“Tunji Ojo Has No Case To Answer” -Shehu Sanni

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Olubunmi Ojo

Former Kaduna Central Senator, Shehu Sani, says Minister of Interior, Olubunmi Tunji-Ojo, has no case to answer regarding the contract awarded to a company linked to him by suspended Minister of Humanitarian Affairs, Betta Edu.Sani, in a chat with The Whistler, said Tunji-Ojo did not violate any public service law since he resigned from the company years ago.
” It could have been a conflict of interest if he hadn’t resigned.The senator further said it is “not his ministry (that awarded contracts), and companies have the right to pursue businesses anywhere.“Edu’s case is very clear and can’t be equated with that of a company associated with Hon Ojo.“Legally, he can’t be held to account on this matter.“Let’s not be distracted,” Sani said.“The extant provision of the law under the 1999 Constitution is that anybody who is a public servant cannot engage in any business other than farming,” said Nelson Kebordih, a senior lawyer whose interest is in public policy.He said the implication of the law is “that a person must be in active control and directorship of the company in the management of any enterprise.“You are permitted to own shares because owning a share does not put you in the day-to-day management of the company or any enterprise.“If he (Tunji-Ojo) has resigned from being a director, the law does not stop him from owning shares in the company,” he stated.The former lawmaker’s position aligns with the 2008 Federal Service Rules on Chapter 4 which states that “Public officers are not prohibited from holding shares in both public and private companies operating in Nigeria or abroad except that they must not be Directors in private companies, and may only be Directors in public companies if nominated by Government.”
Following the suspension and quizzing of Edu, concerning alleged financial sleaze, the Minister of Interior has come under pressure to resign or equally be suspended by the president after it emerged that his company, New Planet Project Ltd, also received a contract from Edu.Edu had awarded some companies contracts, some of which were unregistered with the Corporate Affairs Commission (CAC) raising concern of fraud and illegality.Tunji-Ojo is also being pressured to step down with many commentators saying he has flouted the Public Service Rules which barred public servants from being awarded contracts or contracting any business except farming.But the Minister while speaking on television explained that he had resigned since 2009 from the company.“Almost five years ago, I resigned as director of the company, so I’m not a director. I resigned on 1st of February, 2009, you can take that to the bank,” the minister had said.

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”Your mentorship, humility, and resilience was exemplary” Oando Boss, Wale Tinubu Mourns Barkindo

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The Group Chief Executive, Oando Plc, Jubril Adewale Tinubu, has mourned the death of H.E. Mohammad Sanusi Barkindo, the Secretary General of the Organisation of Petroleum Exporting Countries, OPEC.
Tinubu said Barkindo’s death has robbed him of a good friend.
He wrote: “We had many conversations and speeches together  yesterday but this wasn’t one of them.
“The most profound reminder of the fragility of life is death.
“You were a good man who lived a great life. Y
“I still can’t believe the news, but Allah knows best. Till we meet again my good friend.”
Barkindo died at about 11pm on Tuesday, 5th July 2022.
His death confirms the old saying of a thin line separating life from death. But once that line is crossed, the gulf created becomes as large as an ocean, and so treacherous that it’s impossible to cross back.
The sad incident of the death of H.E. Mohammad Sanusi Barkindo has again brought to the fore what difference a few hours coiuld make between life and death.
Mohammad Sanusi Barkindo was among other top and eminent personalities that delivered speeches at the ongoing 21st Nigeria’s Oil and Gas conference in Abuja . His speech earned him a standing ovation.
Unfortunately, the technocrat died of heart attack hours after he was honoured by President Muhammadu Buhari at the Presidential Villa.
A former managing director of the NNPC,  Barkindo was appointed OPEC Secretary-General in 2016. He was the fourth Nigerian to hold that position and the 28th person in the role overall.
He was GMD of the NNPC between 2009 and 2010.
He was 63 years old.


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