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Unity Bank Posts N36.18 Billion Gross Earnings In Nine Months

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Unity Bank

Nigerian lender, Unity Bank Plc has declared gross earnings of N36.18Billion for the nine-month period ended September 30, 2021, and a 23% growth of PAT totaling N1.94Billion for the same period.  

A review of the unaudited results for the 3rd Quarter of 2021 released to the Nigerian Exchange Group Limited showed that the Bank’s gross earnings of N36.18Billion represents a moderate 7% growth from N33.9 Billion recorded in the same period in 2020.

Also, with the strong performance recorded during the period under review buoyed by a 31% growth in its loan book to N265.32Billion from N202.08Billion recorded in 2020, the lender also grew its asset base by 17% to N574.56Billion from N492.02Billion recorded in December 2020.

The Bank’s Profit Before Tax for the period under review grew by 23% to N2.11Billion from N1.71Billion in the corresponding period in 2020.

This sterling performance comes amid fragile recovery and volatilities in the operating environment and key macroeconomic indicators following the global Covid-19 pandemic, weak market sentiments and inflationary trends, as well as tough regulatory headwinds that have impacted severely on economic activities.

The lender also substantially grew its net interest income to N14.63Billion from N12.67Billion in the same period in 2020; creating a 15% uptick from the value of the Bank’s rising loan portfolio and an improvement in its transaction banking activities with its customers, achieved through excellent service delivery.

The lender’s fees and commissions averaged 16% to report an increase of N4.56Billion from N3.92Billion within the period under review, attributable to a dividend of the Bank’s strategic retail play which has boosted transaction volume.

Commenting on the result, Unity Bank’s Managing Director/CEO, Mrs. Tomi Somefun expressed satisfaction with the performance indices of the Q3/2021 financials. Particularly inspiring are the growing loan book and quality of assets (31% growth), cash and balances with the CBN (24% growth) and PBT (23% growth), altogether adding to the consecutive growth of the balance sheet in the last couple of years.

In her overall assessment, she stated that “the market is increasingly beginning to see the efforts in the strategic refocussing of our business and diversification of our earnings base which is translating into tangible results even as we strive to meet the expectations of our esteemed customers and cherished stakeholders.

“In addition, she said that while the Bank’s focus on agribusiness has provided both brand and business benefits while the institution has also made significant investment in the development of the retail market in order to grow its market share in various target segments by scaling up operations in the niche market.”

Somefun also stated that the Bank shall remain dynamic by embracing current and emerging market trends in technology, effectively targeting the youth market, driving financial inclusion in the women segment, developing robust product marketing to create value through a focus on digital strategies to facilitate transaction and e-banking channels.

Looking ahead, Mrs. Somefun stated: “We are optimistic that nothing will threaten to upend the current COVID-19 recovery, especially as the Bank is poised towards building an increased momentum to ride the wave of the economic headwinds, even as the growing inflationary pressures and the soaring energy prices still remain a concern.

According to the Unity Bank’s boss, “Ours is a continuous balancing act and revolutionary performance towards repositioning the business nationwide via tapping into emerging opportunities across the banking space, including the digital financial services spheres”.

Analysts believe that the consistent growth trajectory in the Bank’s balance sheet as shown in Q1, H1 and Q3, 2021 results continue to reinforce growing market confidence as well as demonstrates the commitment and drive of the management to enhance shareholder’s value.

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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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