The Nation Newspaper

Tag: Unity Bank

  • Unity Bank promotes eco-friendly schemes

    Unity Bank Plc, in line with its commitment to promote eco-friendly initiatives, partnered Selah Gardens. Both institutions will be holding an Open Day and Exhibition for Gardeners and stakeholders in the Botanical and Horticultural fields.

    The Open Day was conceived to promote entrepreneurship amongst Florists, Plant Farmers, Garden Furniture makers, Hand Crafters, Landscape Artists, and Dealers in Garden equipment & Accessories, who participated in the Trade show to display their wares and designs at the two-day Exhibition and Fair.

    As a further demonstration of the Bank’s commitment to supporting Agriculture and SMEs in general, the event formed part of efforts by Unity Bank to promote sustainable agriculture and preserve, restore, beautify and enhance the environment.

    Speaking on the collaboration, the Managing Director/CEO of Unity Bank Plc, Mrs. Tomi Somefun, said the  event was not only part of its Corporate Social Responsibility but also a further demonstration of its commitment to supporting Agriculture and SMEs. She further opined that “the Bank is convinced that the impact of this initiative will be well felt in a number of areas as it falls within the Bank’s core strategic focus, agriculture and its extended value chain”.

    It would be recalled that Unity Bank has been in the forefront in promoting access to finance by players in agriculture and agri-business, leveraging on the bank’s rich history and experience in supporting agricultural businesses through robust financial inclusion strategy, the Bank’s extensive branch network in Nigeria’s agricultural belt and a supporting technology that enables it reach millions of Small Holder Farmers in rural Nigeria.\

  • Unity Bank to reward 3,000 Verve cardholders

    Unity Bank Plc has flagged off the Season 2 Unity Verve for Value promo meant to reward over 3,000 winners, using Point of  Sale (PoS) and Web channels. The lender will be giving out cash prizes and other material rewards to promo winners.

    The Season 2 offer is a set of incentives that have been packaged as a reward scheme for deserving customers and active users of the verve debit card on electronic platforms such as Point of Sale (POS) and web.

    Unity Bank Managing Director/CEO, Mrs. Tomi Somefun, said the promo will bring more verve card holders into the reward net, adding that  the 300 Unity Bank Verve cardholders will from July to December, 2018 receive cash gifts while 3,000 others will receive airtime top-up.

    At the end of every month, 50 customers with highest number of transactions will enjoy reward of N5, 000 worth of cash, while another 500 will be rewarded with airtime top up.

    General Manager, Product and Channels, Unity Bank Plc, Bonaventure Okhaimo urged customers, old and new, to take advantage of the offer and participate actively. He said the promo promotes consumer lifestyle and e-commerce experience by encouraging customers’ uptake to transact more on the POS and Web channels.

    He said “apart from the Season 2 reward promo, the bank is interested in the customers accessing wide-ranging electronic solutions that will give them control, convenience and product experience as more and more Verve card holders make purchases on PoS and Web”.

    According to him, Unity Bank is committed to ensuring ease, convenience and security in banking transactions for all its customers and its Verve Card holders which is accepted for payment for goods and services.

  • Unity Bank promotes career devt for young professionals

    Unity Bank has partnered Young Professionals Breakfast Roundtable to mentor youths in career development.

    Its Chief Executive Officer (CEO), Mrs Tomi Somefun, who spoke at the 2018 edition of the youth programme in Lagos, enjoined participants to see the “pursuit of greatness as a process rather than a one-off-event”.

    She was among the over 50 chief executives of companies and ventures that facilitated the programme.

    The programme, tagged: ‘YP 2018’, was the third edition and Mrs. Somefun has facilitated all the sessions in the past three years.

    Unity Bank’s commitment matches the enthusiasm of promoter of the Young Professions Breakfast Roundtable, Wale Adenuga, a multi-talented entrepreneur, whose initiative assembles an array of accomplished professionals cutting across sectors periodically to mentor up-coming professionals.

    For Mrs. Somefun, the motivation to participate as one of the facilitators of the programme lay in the discovery of the impact mentors have had in redirecting the mentees towards the options they could leverage to attain success in life.

    The disposition, according to Mrs. Somefun, also aligned with the thinking in Unity Bank, which enabled the bank to make significant inroad into the youth market through the introduction of youth-centric product, particularly the recently launched UniFi app, as a model for promoting financial inclusion among the unbanked youth/students.

    UniFi is a banking product tailored to allow youths to carry out financial transactions with ease. It is developed as a lifestyle app to enable customers do more banking on digital platform and from anywhere, anytime in their comfort zones.

     

  • Unity Bank promotes career devt for young professionals

    Unity Bank has partnered with Young Professionals Breakfast Roundtable to mentor youths in career development.

    Speaking at the 2018 edition of the youth programme in Lagos, Unity Bank’s CEO Mrs. Tomi Somefun, who was among the over 50 Chief Executives of companies and ventures that facilitated the programme, enjoined participants to see “pursuit for greatness as a process rather than a one-off-event”.

    The programme, tagged ‘YP 2018’, was the third edition and Mrs. Somefun has facilitated in all the sessions in the past three years. The commitment of Unity Bank Plc matches the enthusiasm of promoter of the Young Professions Breakfast Roundtable, Wale Adenuga, a multi-talented entrepreneur whose initiative assembles an array of accomplished professionals cutting across sectors periodically to mentor up-coming professionals.

    For Mrs. Somefun, the motivation to participate as one of the facilitators of the programme lies in the discovery of the impact mentors have had in redirecting the mentees towards the options they could leverage on to attain success in life.

    This disposition, according to Mrs. Somefun, also aligns with the current thinking in Unity Bank which enabled the bank to make significant inroad into the youth market segment through the introduction of youth-centric product, particularly the recently launched UniFi app, as a model for promoting financial inclusion among the unbanked youth/students.

     

     

    Unifi is a banking product tailored to allow youths to carry out financial transactions with ease. It is developed as a lifestyle app to enable customers do more banking on digital platform and from anywhere, anytime in their comfort zones.

  • Unity Bank rewards winners in UniFiers Project

    Unity Bank Plc has rewarded three youths through its UNiFi product, the bank’s new Youth and Digital Banking initiative. The bank said the recipients – referred to as Unifiers – demonstrated innovativeness and distinguished themselves during an online competition.

    The winners are Tolulope Falope – Builders category, Mobolaji Oriola – Humanitarian category and Albert Kure – Lantern Category.

    The initiative was conceived as part of the bank’s Corporate Social Responsibility (CSR) to empower youths who had developed definitive initiatives that had an impact on their immediate communities. Each was celebrated at the recent UNIFI-launch held at the University of Lagos (UNILAG).

    The candidates received half a million Naira each for displaying their projects online as part of the UniFiers challenge and garnering highest number of votes from fans who endorsed their projects in each of the project category.

    According to the General Manager, Products & Channels, Bonaventure Okhaimo, “the UniFiers project is aimed at encouraging creativity and motivating Nigerian youths”, adding: “The bank identified three broad categories for the competition, which included ‘the Lanterns; targeting science and technology innovation,  ‘the Humanitarians’, riding on social development and charity,  and the ‘Builders’ – highlighting excellence in Art, design and culture”.

    As the initiative continue to reflect the core essence of UniFi product offering, the Bank is taking the three winners through a mentorship programme intended to enhance the three winning projects and their promoters for the benefits of the society.

    UniFi is Unity bank’s new youth-focused proposition. In addition to an affordable Savings account offering, Unifi also offers a lifestyle app which provides customers with a full digital platform, packaged to appeal to undergraduates and young professionals.

    The Group Head Retail & SME Banking Group, Funwa Akinmade, described UniFi as a “product for the youth generation, which offers a full digital experience that does not require them to ever visit the bank’s branch”.

    UniFi offers youths an interface with Unity Bank, giving them access not only to standard banking like transfers and payments, but also the ability to make school payments, shop online, book movie tickets, among others. As an industry first, Unifi also allows the account holder to enjoy rewards and loyalty benefits, as well as refer friends and family to the platform.

  • Unity Bank rewards winners in UniFiers project

    Unity Bank Plc has rewarded three young persons through its UNiFi product, the bank’s new Youth and Digital Banking initiative.

    The bank said the recipients – referred to as Unifiers – demonstrated innovativeness and distinguished themselves during an online competition.

    The winners are Tolulope Falope – Builders category; Mobolaji Oriola – Humanitarian category and Albert Kure – Lantern Category.

    The UniFiers initiative was conceived as part of the bank’s Corporate Social Responsibility (CSR)  to empower young people, who have developed definitive initiatives that have an impact on their immediate communities. Each of them was celebrated at the UNIFI launch at the University of Lagos.

    The three successful candidates received half a million naira each for displaying their projects online as part of the UniFiers challenge and garnering the highest number of votes from fans, who endorsed their projects in each of the categories.

    According to the General Manager, Products and Channels, Bonaventure Okhaimo, “the UniFiers project is aimed at encouraging creativity and motivating Nigerian youths”, adding: “The bank identified three broad categories for the competition, which included  ‘the Lanterns, targeting science and technology innovation;  ‘the Humanitarians’, riding on  social development and charity and  the ‘Builders’ – highlighting excellence in art, design and culture.”

    As the Unifiers initiative continued to reflect the core essence of UniFi product offering, the Bank is taking the  winners through a mentorship programme intended to enhance the winning projects and their promoters for the overall benefits of the society.

    UniFi is Unity Bank’s new youth-focused proposition. In addition to an affordable savings account offering, Unifi also offers a lifestyle application, which provides customers with a full digital platform, packaged to appeal to undergraduates and young professionals.

    Group Head Retail and SME Banking Group, Funwa Akinmade, who addressed students during the launch described UniFi as a “product for the youth generation, which offers a full digital experience that does not require them to ever visit the bank’s branch”.

     

     

  • Unity Bank clarifies plan for recapitalisation

    •Says no agreement on Milost Global

    Unity Bank Plc yesterday clarified that it did not enter into any definitive agreement or sign any binding commitment with Milost Global Incorporation.

    At an interactive session at the Nigerian Stock Exchange (NSE) yesterday in Lagos, the management of the bank stated that it had with the mandate of shareholders of the bank had engaged in series of discussions and engagement with prospective value-plus investors. Milost Global was one of the prospective investors introduced to the bank.

    The bank stated that all through the process of engaging prospective investors, it was properly guided by the extant regulations concerning capital raising and equally made the process open to all prospective investors.

    “It is not unusual that this introduction and expression of interests would involve some level of preliminary discussions and exchange of nonbinding documentary communications between the intending parties towards establishing mutual foundation on which the transaction contemplated will be initiated,” Unity Bank noted.

    According to the bank, the purported “term sheet” dated September 4, 2017 said to have been executed was a “proposal” submitted by Milost Global Inc “for discussion purposes only and not a commitment” by the parties.

    “No definitive documentation governing the proposed financing was executed,” the bank clarified.

    The bank stated that there was no agreement whatsoever with Milost Global alluding to its acquisition of 60 per cent equity stake in Unity Bank and there was no iota of truth in the allegation that the bank had executed a ”binding commitment agreement”.

    “The bank’s position is on the premise that a document prepared by Milost and which the bank acknowledged merely contained the suggested terms and conditions on which Milost was planning to consider its possible participation in the capital funding of the bank. As stated in our previous correspondence, the bank through the mandate of its board and shareholders has been involved in series of preliminary engagements with several prospective investors including Milost, but the bank did not execute a binding definitive agreement with Milost Global Inc. It is therefore a misnomer for anyone to claim that the bank issued a false statement relative to the nature of the communication between Milost and the bank,” Unity Bank stated.

    The bank noted that the nomenclature “Commitment Letter” was apparently adopted by Milost in its communication to buttress its seriousness to proceed with the transactions subject to relevant compliance requirements.

    According to the bank, considering that Milost and the bank were only still engaged in preliminary discussions, which must necessarily be subjected to relevant regulatory, statutory and corporate governance compliance parameters before such discussions could become elevated to the level of a “binding commitment agreement” properly so called, the issue of “Termination” of the “Transaction” does not arise.

    “The bank is fully aware of all regulatory steps and requirements on such investment proposition and the imperative to comply with them, and will continue to engage all stakeholders on achievements made in this regard,” Unity Bank assured.

     

  • Milost cancels $1b Unity Bank stake plan

    Milost Global Inc., a New York private equity firm, yesterday terminated a $1 billion equity and debt deal meant to grant it 60 per cent stake in Unity Bank Plc.

    In a statement, the management of Milost said it had analysed all its facts about the deal, and decided to terminate it. It said a letter terminating the transaction was yesterday morning sent to Unity Bank, even as the firm reaffirmed its interest in the Nigerian market.

    Unity Bank Plc had, last week dismissed reports that Milost Global Inc. planned to invest $1 billion in the bank.

    In a statement, the bank stated that it has not reached any agreement with Milost to warrant such a speculations. The statement, signed by the bank’s Head, Corporate Communications, Matthew Obiazikwor, said: “We categorically dismiss media claims of any such deal and advise the public to disregard any information to the contrary.”

    “The bank hereby makes further clarifications regarding its on-going recapitalization programmes to the effect that Unity Bank has not received commitment for investment of $1 billion from Milost. Unity Bank is in talks with a number of potential investors and has not concluded to pave the way for commitment of an investment,” he said.

    But Milost Global Inc gave more details of the transaction. It disclosed that on August 7, 2017 it had received a request for a call with the Chief Executive Officer (CEO) and Chief Finance Officer of Unity Bank Plc.

    “On the call, Unity Bank expressed its interest in working with Milost Global Inc. as its funding partner for its growth plans in Nigeria. Following the call, a desk top due diligence was conducted by Milost to its satisfaction. On September 4, 2017 a $1 billion financing term sheet was fully executed by both Milost and Unity Bank. The facility, a combo of equity and debt, was provided on the exciting understanding that Unity Bank would delist on the Nigerian Stock Exchange and move its listing to the USA. The signed term sheet was approved by the board of Unity Bank,” the firm explained.

    Continuing, it said that On Monday October 23, 2017, Milost Global Inc. was visited by Mrs. Oluwatomi Somefun, the CEO of Unity Bank Plc,  at its New York offices.

    The meeting which went ahead as planned was attended by Milost Global Inc. analysts and the Chairman, Egerton Forster. At the meeting she explained the need for capital funding at the bank and also their expansion plans.

    It was then agreed that Milost Global Inc. would start further due diligence on Unity Bank Plc. Further due diligence process started on the same week on the instruction of the Chairman of Milost Global Inc., Egerton Forster. The statement stated that further due diligence was satisfactory and Milost issued a binding commitment agreement to Unity Bank, which was approved by the board of Unity Bank and executed by both parties on November 14, 2017.

    “It is normal practice for all the publicly quoted companies which we fund to notify the market regulator on signature of the commitment letter since it has material effect to the stock; however Unity Bank did not. Milost assumed that this did not happen because Unity had agreed to move its listing to the United States of America.”

    It said a report on Bloomberg on the matter was factual, except for that Milost was to acquire 30 per cent of the bank, whereas in reality Milost was to take a controlling 60 per cent of the bank at closing, in a transaction that would retain the same board members and the same management for continuity of operations.

    “Soon after the story broke, Milost started receiving threatening emails from a gentleman who says he is politically connected to the powers that could shut Milost out of Nigeria if Milost didn’t terminate the Unity Bank transaction. The said individual was very well informed about our dealings with Unity Bank, such that he knew the audit group Milost had hired to carry out the final due diligence. He told Milost to tell the board of Unity Bank that the audit firm had instructed Milost that Unity Bank was a bad investment, failing which he would unleash the media on Milost, using among other things accusations that would cause the government to send Milost packing. These threatening emails were shared with the CEO of Unity Bank and the then CFO Ebenezer Kawole,” it said.

    “For the record, Milost did not violate any of the SEC regulations in the US; instead, Milost was sued by Alex MacGregor as he claimed he had paid, a Milost Global Inc. former sister company, Milost Advisors LLC, which was dissolved in 2016”.

    Senior Partner & CIO of Milost, Solly Asibey, stated: “We will not be deterred by media attacks that are baseless and unfounded. Our funding objectives for the Nigerian market remain solid and unwavering.”

    Managing Partner & CEO of Milost, Kim Freeman, stated: “Milost will continue to do business in Nigeria despite any negative publicity and this will ultimately benefit Nigeria and Africa.”

    Milost also accused a business newspaper and its journalists of being used by the Unity Bank shareholder threatening to tarnish its image if the transaction went through.

    “Milost Global Inc. wishes to reaffirm its interest in the Nigerian market and to also state that it will soon be releasing the first and second drawdowns to Japaul Oil & Maritime Services PLC to the total of $21 million in a combo of equity and debt. Another first and second draw down proceeds of $10 million will be released to Resort Savings & Loans PLC; the funds will be released to both companies within the month of April.”

    Milost Global Inc. also states on the record that it has hired one of Nigeria’s finest law firms to represent it in the lawsuit against the newspaper and its two journalists. It accused the newspaper of reporting fake news.

  • Milost cancels $1bn equity deal with Unity Bank

    Milost Global Inc., a New York based private equity firm, on Monday terminated $1 billion equity and debt deal designed to grant it 60 per cent stake in Unity Bank Plc.

    In a statement, the management of Milost said it has analysed all the facts on the Unity Bank deal and decided to terminate the transaction.

    It said a letter terminating the transaction was on Monday morning sent to Unity Bank, even as the firm reaffirmed its interest in the Nigerian market.

    Unity Bank Plc had last week dismissed report that Milost Global Inc. plans to invest $1 billion in the bank.

    The bank said in a statement it has not reached any agreement with Milost to warrant such speculation.

    The statement signed by the bank’s Head of Corporate Communications, Matthew Obiazikwor, said “we categorically dismiss media claims of any such deal and advice the public to disregard any information to the contrary.

    “The bank hereby makes further clarifications regarding its ongoing recapitalization programs to the effect that Unity Bank has not received commitment for investment of $1 billion from Milost. Unity Bank is in talks with a number of potential investors and has not concluded to pave way for commitment of an investment.”

     

     

  • Unity Bank denies $1b investment claim by US firm

    Unity Bank Plc yesterday dismissed a report claiming that a United States-based firm, Milost Global Inc, planned to invest $1 billion in the bank.

    In a statement, the lender stated that it had not reached any agreement with Milost to warrant such a speculation.

    The statement, signed by the bank’s Head, Corporate Communications, Matthew Obiazikwor, said: “We categorically dismiss media claims of any such deal and advise the public to disregard any information to the contrary.

    “The bank hereby makes further clarifications regarding its on-going recapitalisation programmes to the effect that Unity Bank has not received commitment for investment of $1 billion from Milost. Unity Bank is in talks with a number of potential investors and has not concluded to pave way for commitment of an investment,” he said.

    The bank has set realistic milestones on the recapitalisation programme and will update the public on the progress from time to time.

    It was earlier reported that an American private equity firm, Milost Global Inc, is seeking to inject $1 billion to recapitalise Unity Bank.

    According to a report, the U.S. firm plans an initial stake of about 30 per cent in Unity Bank in exchange for its first equity investment of $250 million.

    Bloomberg quoted two sources believed to be aware of talks on the transactions, and reports that Milost plans to invest $700 million in equity and $300 million in five-year bonds that can be converted into shares in the lender.

    It, however, claimed  the transaction is still subject to a due diligence as well as regulatory approvals, but the first part of the deal may be completed by next quarter.