Unity Bank Continues To Operate On Improved Key Performance Indicator

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…Debunks Plans To Dismiss Tomi Somefun

Unity Bank has denied rumoured plans to sack Mrs. Tomi Somefun (MD/CEO), says it would continue to improve on key performance indicator.

Brand Spur Nigeria understands that there have been speculations of the Unity Bank board of trustees secretly planning to sack Somefun over reported crisis in the bank’s financial fortune.

Reacting to the report, Matthew Obiazikwo Head of communications said, “Our attention has been drawn to some online reports on the purported action of the board of Unity Bank on the performance of the Bank.

“Unity Bank has a cohesive board that is working harmoniously with the Executive Management team led by Mrs. Tomi Somefun (MD/CEO) to drive the growth of the Bank.

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“The management of the Bank, with the support of its Board, has made inroads into key sectors of the economy through initiatives and programs that have improved the fortunes of the Bank over the past five years.

“Notable amongst these are the sale of the Bank’s legacy non-performing legacy loans, the relocation of its corporate head office to Lagos (the commercial hub of Nigeria), deliberate focus on digital, retail and commercial business as well as supporting the growth of the real sector of the economy through its participation in the Central Bank Nigeria (CBN) intervention funds to promote agri-business in Nigeria.

“It is worthy of note that through the CBN’s Anchor Borrowers’ Programme (APB), the Bank has enrolled over one million farmers over the last three years which has boosted the production of critical food items in Nigeria (Rice, Maize, Cotton and Wheat) as well as creating of various value-chain opportunities and employment within the Agric Sector”.

The Bank’s gross earnings for the 9 months ended September 2020 grew by 8 per cent to 33.906 billion from N31.256 billion in the same period in 2019.

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Unity Bank’s Profit Before Tax (PBT) for the 9 months grew by 6 per cent to N1.710 billion from N1.611 billion in 2019, while Profit After Tax, PAT equally grew by 6 per cent to N1.573 billion compared to the N1.482 billion recorded in the same period in 2019. Profit After Tax for the period stood at N543.135 million, an equally 6 per cent increase from the N514.631 billion recorded in Q3, 2019.

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A further review of the result showed that the Bank recorded an impressive 44 per cent rise in total assets to N420.870 billion for the 9- month period ended September 2020, from N293.052 billion in the corresponding period of 2019.

The lender also substantially grew deposits to N332.362 billion from N257.691 billion for the same period in 2019 – a 29 per cent increase showing improved customers confidence in the Bank.

Unity Bank in its statement issued through Nigeria Stock Exchange (NSE) on Friday, April 09, 2021 submitted its 2021 audited report to the CBN and currently awaiting final approval by the regulators.

What You Must Know About Tomi Somefun

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Mrs Tomi Somefun is the Managing Director/CEO of Unity Bank Plc. Prior to her appointment in August 2015; she served as the executive Directorates, the Financial Institution Division and Treasury Department of the Bank. She is a Member of the Broad Finance & General Purpose Committee, Broad Risk Management Committee, Board Credit Committee, amongst others.

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She is a career professional with over 35 years post qualification experience, 27 of which were in the banking Sector spanning key segments such as Treasury & Investment Banking, Corporate Banking, Retail and commercial Banking Operations, Mrs Tomi had a distinguished career with UBA group where she led 2 major subsidiaries of UBA as MD/CEO including a start-up company, UBA Pension Custodian where she pioneer Managing Director.

Prior to UBA, She worked with two leading consulting firms: KPMG and Arthur Andersen (now KPMG). A fellow of the institute of Chartered Accountants of Nigeria and Chartered Institute of Bankers of Nigeria (CIBN), she graduated with Bachelor of Education in English Language.

Mrs. Tomi has extensive Executive Education in leading change and organisation renewal, strategy formulation & execution, business analytics and development, and financial management from various esteemed business school. She is an alumnus of the Columbia Business School, United State of American, and INSTEAD, Fontainebleau, France, and hold a Certificate of Management Excellence from Harvard Business School (HBS).

She is a member of various bodies including the Institute of Directors (IoD), Bank Directors Association of Nigeria (BDAN) and chartered Institute of Bankers of Nigeria (CIBN) In addition; she has served on the board of several quoted and unquoted companies, and Non-Governmental Organization (NGOs).

 

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