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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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Politics

Oyetola To Aregbesola: We’re Proud Of You, You Performed Well As Gov, You’re Doing Well As Minister; Those Calling For Nigeria Break-up Ignorant, Says Aregbe 

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The Governor of Osun State, Adegboyega Oyetola has stated that the state is proud of its former Governor and Minister of Interior, Ogbeni Rauf Aregbesola. 

 

Oyetola spoke in Ilesa on Saturday, 5 June, 2021 at an event marking the 64th birthday celebration of the Minister.

 

He noted that the former Governor of the state performed very well while ruling the state and still performing as the Minister Of Interior.

 

Oyetola who was represented at the event by the state Commissioner for Political Affairs and Inter-governmental Relations, Mr Taiwo Akeju, said: “You performed very well in the State of Osun and you are performing well as the Minister of Interior. We are very proud of you.”

 

The events celebrating the 64th birthday of the Minister included the presentation of a book titled “The Rauf I Know “, written by a journalist, Mr Dayo Olanipekun. Mr Olanipekun covered him as state house correspondent for the Broadcasting Corporation of Osun State (OSBC) in his two terms as governor.

 

Speaking later, Ogbeni Aregbesola warned that it would take 50 years for Nigeria to recover from another civil war.

 

He therfore warned Nigerians to desist from any act capable of threatening Nigeria’s unity, describing those calling for the separation of the country as ignorant.

 

Ogbeni Aregbesola said: “Those calling for Nigeria’s break-up are ignorant. Every Nigerian should work for Nigeria’s unity and development.

 

“It will take Nigeria 50 years to recover from civil war. Whoever likes women and children should not support, but rather condemn any call of separation and conduct capable of threatening Nigeria’s unity.

 

“Nigeria is a country created by God for us and for the black race.

 

“I am not saying everything that is happening in Nigeria is good. We should treat the problems and challenges facing Nigerians, not calling for her break-up. Decapitation is not the antidote for headache”.

 

Aregbesola also declared support for a new caucus of the All Progressives Congress (APC), The Osun Progressives (TOP), saying that he is in support of any move to consolidate progressives legacies in the State of Osun, strengthen the party from the polling units, wards and local government levels and strengthen internal democracy in the party, which are clearly stated in the objectives and mission of TOP.

 

In his address, the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, Ojaja II, said that Aregbesola’s legacy in the development of the State will forever linger in the sands of time.

 

The Ooni of Ife who spoke via Zoom noted that the State of Osun and its people cannot forget Aregbesola as his achievements are beyond what anyone can rubbish.

 

“We will forever remember him. Your work will never cease to reflect in the sands of time. It is during his tenure that landmark achievements occurred in Osun which we cannot forget.

 

“We can never forget you. Your achievements are beyond what anyone can rubbish. We are proud of you and what you represent.”

 

The Registrar of the Joint Admission Matriculation Board (JAMB), Prof Ishaq Oloyede, who delivered a lecture titled “Power is responsibility” at the event, urged Nigerian political leaders to be responsible with power.

 

Oloyede who was represented by Dr Wahab Oyedokun, tasked politicians to operate with ideology that address people’s yearnings.

 

Speaking at the event, Chief Mrs Tokunbo-Awolowo Dosumu, daughter of the late sage, Chief Obafemi Awolowo, said Aregbesola is among the few Nigerian politicians that identify with and promote Awolowo’s legacy.

According to Dosumu, Aregbesola has always been committed to all the activities of Awolowo Foundation, describing him as an exemplary leader.

 

Politicians, traditional rulers, trade union groups and people from all walks of life from the state and across the country graced the occasion, while others spoke via zoom.

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UPDATED: NECO Registrar died of heart failure, not assassinated – says Official

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The Registrar of National Examinations Council (NECO), Prof. Godswill Obioma has been confirmed dead.

The late NECO Registrar reportedly died on Monday night in his sleep in his Minna residence.

The Director, Human resources of the examination body, Abdul Mustapha confirmed the death of the NECO boss, he dismissed viral media reports that Prof. Godswill Obioma was assassinated, says he died in his sleep as a result of heart failure.

Mr. Mustapha disclosed communication from Obioma’s second son, Prince Godswill Obioma, informing him of the death of his father thus:

“Mustapha K. Abdul (Director Human Resource Management, NECO),

“Dear Sir, this is to formally inform you that my father, Prof. Godswill Obioma, the Registrar/Chief Executive of NECO passed to eternal glory yesterday 31/5/2021 after a brief illness.

“We request that you kindly notify the Board, Management and the entire staff of the Council of this development.

“We shall keep you duly informed.

“Prince Godswill Obioma the 2nd, for the family.”

The release of the conversation between the deceased son and Mustapha contradicted some reports in some online and social media platforms alleging that the NECO boss was assassinated in his Minna residence by some unknown gunmen.

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INSECURITY: Arewa Consultative Forum directs Northerners to boycott Southeast

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The Arewa Consultative Forum (ACF) has directed Northerners to boycott traveling to Southeast as a result of the level of insecurity in the region.

The warning under the guise of a statement was issued by the National Chairman of ACF, Audu Ogbe, on Monday, May 31. He expressed concern over increasing attacks and killings of northern residents in the southeast or those visiting the zone. He said the travel advisory was issued while taking into cognizance the killings of northern leaders in 1966, which he said triggered the events that led to the civil war.

“ACF issues a very strong advisory to all northerners who may wish to travel to the southeast. Northerners should weigh the importance and necessity of such travels. Unless such trips are absolutely necessary and of compelling nature, like matters of life and death, they should not be made.”the statement in part read

The travel advisory comes barely 24 hours after former presidential aide, Ahmed Gulak, was murdered by IPOB members in Imo state.

 

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