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Unity Bank Posts N23.6bn Gross Earnings In H1

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Unity Bank Posts N23.6bn Gross Earnings In H1-Crystal News

Unity Bank Plc has announced gross earnings of N23.6 billion for the six months ended June 30, representing an increase of four per cent.

The bank said this in its unaudited financials submitted to the Nigerian Exchange Limited on Friday.

The gross earnings was higher compared with the N22.8 billion posted in the comparative period of 2020.

The bank grew its bottom-line by 34 per cent as profit before tax closed at N1.50 billion from N1.12 billion in 2020.

Similarly, the profit after tax stood at N1.38 billion against N1.03 billion recorded in the corresponding period of 2020.

The lender also sustained growth the trajectory in its assets as total assets for the period rose by 11 per cent to N547.37 billion from N492.02 billion as of Dec. 31, 2020.

Other highlights of the financial statement include a 21 per cent increase in fee and commission income to N3.07 billion from N2.54 billion in the corresponding period of 2020.

Net interest income stood at N9.87 billion, representing nine per cent increase from the N9.06 billion recorded in the corresponding period of 2020.

Commenting on the result, the Managing Director, Unity Bank Plc, Mrs. Tomi Somefun, said the performance was encouraging in spite of the economic challenges.

Somefun said the double-digit growth recorded in both earnings and profits was the result of a portfolio plan, which the bank embarked on at the beginning of the year to diversify its portfolio.

She added that the bank pursued asset creation in petrochemical downstream, consumer, healthcare and general commerce, with agribusiness providing the bulwark for identified business and brand benefits.

She said the bank would be looking to strengthen its balance sheet from the liability side as it continued to grow its brand franchise in many areas of the retail market by promoting and leveraging its agriculture value chain businesses.

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Dr. Babatunde Onadeko Appointed as Chairman of AERMP Public Sector Committee

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The Association of Enterprise Risk Management Professionals (AERMP), Nigeria’s leading body for risk management practice, has announced the appointment of Dr. Babatunde Onadeko as the new Chairman of its Public Sector Committee.

Dr. Onadeko, who also serves as the Chief of Staff to Distinguished Senator His Excellency Otunba Engr. Gbenga Daniel, was inaugurated during the AERMP’s 2024 Year-End Conference and Induction of new members held on Saturday, 14th December, at Victoria Island, Lagos.

The ceremony was graced by notable figures in the industry, including AERMP President Mrs. S. Taiwo Ige, Director-General Olayinka Odutola, and several past and present leaders from related professional bodies like CIBN and the Chartered Institute of Directors.

Notable attendees included Prof. Deji Olanrewaju, Alh. Tijanni Borodo, Dr. Uche Messiah Olowu, Prof. Segun Ajibola, and Dr. Uju Ogubunka.

The event also saw Dr. Ayotunde Coker, CEO of Open Access Data Centres, delivering a keynote address, while Mrs. Folasade Femi-Lawal, Country Manager for West Africa at Mastercard, was inaugurated to lead the Women in Risk Management initiative.

In his acceptance speech, Dr. Onadeko, a distinguished fellow of the AERMP, expressed his commitment to leveraging his extensive experience to meet the committee’s objectives, aiming to enhance public sector risk management practices across Nigeria.

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From Business Maverick to Seasoned Politician: The Enduring Legacy of Otunba Gbenga Daniel

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In the archives of The Guardian newspaper, a publication dated February 29, 1988, reveals a fascinating story of a young and ambitious businessman, Mr. Gbenga Daniel. At the time, Daniel was the General Manager of H.F-Schroeder (W.A) Limited, a company that distributed Express and Sabiem lifts, Demag cranes, and Hoists.

The article highlights Daniel’s business acumen and strategic vision as he embarked on a European tour to explore new business opportunities. His itinerary included meetings with officials from Express Lift Company Limited in Northampton, Morganite International Limited in London, and Onan International in Peterborough.

Little did anyone know that this young businessman would go on to achieve greatness in multiple fields. After leaving Schroeder, Daniel established his own company, Kresta Laurel Ltd which became the first indigenous lift company in Nigeria. This bold move marked the beginning of an illustrious career that would take him to the pinnacle of success.

Today, Mr. Gbenga Daniel is known as Otunba Gbenga Daniel (OGD), a renowned politician who has made an indelible mark on Nigeria’s political landscape. A two-time governor of Ogun State, OGD has consistently demonstrated his commitment to public service and his ability to drive positive change.

Currently, OGD serves as a senator of the Federal Republic of Nigeria, representing the good people of Ogun East Senatorial District in the National Assembly. His dedication to his constituents and his passion for nation-building have earned him a reputation as a respected and effective leader.

As we reflect on OGD’s remarkable journey, we are reminded that success is often the result of hard work, determination, and a willingness to take calculated risks. From his humble beginnings as a young businessman to his current status as a respected politician, Otunba Gbenga Daniel’s story is a testament to the power of vision, perseverance, and leadership

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AICL’s GMD, Tamuno hosts Indian Investors

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Amb. Dr. Maureen Tamuno, the Group Managing Director and Chief Executive Officer, recently hosted a delegation of investors from India to discuss strategic collaborations aimed at driving Abuja’s development.

The meeting focused on identifying areas of mutual interest and potential investments that align with the city’s growth objectives. With shared goals and a mutual vision for progress, the discussions underscored the importance of fostering international partnerships to unlock new opportunities for sustainable development.

Dr. Tamuno emphasized the significance of such collaborations in boosting economic activities, enhancing infrastructure, and creating employment opportunities in Abuja. Both parties expressed optimism about the prospects of these initiatives, which are expected to contribute meaningfully to the city’s future.

This engagement marks a pivotal step in strengthening Abuja’s position as a hub for global investment and innovation.

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