The Nation Newspaper

Tag: Unity Bank

  • Unity Bank commits N24b to commercial agric credit scheme

    Unity Bank commits N24b to commercial agric credit scheme

    Unity Bank Plc has supported the Central Bank of Nigeria’s (CBN’s)  initiated Commercial Credit Scheme  (CACS) with N24 billion disbursed to farmers.

    The bank said it sees agribusiness as its major strategic business focus and has effectively keyed into various intervention fund by Federal Government and CBN  to boost agriculture.

    The lender said its commitment towards participating in the agriculture on-lending schemes is borne out of its belief in pursuing benefits of greater financial inclusion and reaching out to greater number of farmers all around Nigeria initially excluded with financial services.

    Commenting on the development, the Head of Agribusiness at Unity Bank, Olugbenga Emmanuel Adelana, said: “it is understandable why the Unity Bank is making inroads and being reckoned with when it comes to disbursing the intervention funds. The key beneficiaries which the intervention programmes are designed for ply their agribusiness mostly in the rural areas and this is a space that Unity Bank has not shied away from”.

    Continuing, he said the lender is unleashing the strength of its business model and placing its structures at the disposal of the intervention schemes in its bid to support government’s key initiatives to drive the growth and transformation of Nigeria’s Agricultural economy.

    He said Unity Bank is currently the fourth largest provider of single digit interest loans at nine per cent maximum to agribusinesses under the CBN’s CACS.

    The CACS is a sub–component of the Federal Government of Nigeria Commercial Agriculture Development Programme (CADP) and it is aimed at promoting commercial agricultural enterprises in Nigeria. The scheme targets the promotion/production of cash crops, food crops, poultry, livestock, aquaculture, processing, storage, farm in-put supplies and marketing for agricultural commercial enterprises with asset base of N50million to N100 million.

  • Unity Bank rewards Verve cardholders

    Unity Bank Plc will be giving out gifts to Verve cardholders in its planned campaign tagged Unity Verve for Value promo.

    The bank will be rewarding old and new card holders by offering incentives to deserving active customers who use their Verve debit card on electronic platforms such as Automated Teller Machines, Point of Sale (POS) and web payments.

    The star prize is an all- expense paid trip to Ghana which will be won by four customers from the four geographical zones. The winners will emerge out of highest frequency of transactions and volume. The lucky winners will embark on a four-day fun filled vacation.A statement from Unity Bank said the four runners- up in each of the four zones will be rewarded with eight 5.0 KVA Generators while N100, 000 worth of airtime will be given out to customers monthly, between August and November 30.

    Head, E-Business Group, Unity Bank Plc, Taiwo Oluwole, urged customers to partake and take advantage of this special offer by requesting for Verve Cards and use the card frequently to increase chances of winning.

    Verve is a naira denominated card linked to customer’s savings, current or corporate account and used to settle purchases within Nigeria. For multiple account holders of Unity Bank Plc, all accounts can be linked to one card to enable accessibility to funds on any account type.

    As a Chip and PIN secured debit Cards, it offers customers with 24-hour access to funds on ATMs, POS, and WEB within Nigeria thereby reducing the risk and the inconvenience of carrying cash. “By encouraging the repeat and frequent customer usage of verve card on all alternate channels: ATM, POS, Web, Unity Bank is no doubt pushing the frontiers of the Central Bank of Nigeria’s (CBN) cashless initiative (policy) even as it drives increased adoption of e-payment by customers” Mrs. Oluwole said.

    According to her, the promo dynamics are divided into three major categories:  The monthly reward targets top 100 customers with highest ATM Value added services (such as airtime top up, bills payment & inter/intra bank transfer) POS and WEB transactions within one month. The 100 winners in this category would be rewarded with 1000 airtime each.

    The second category- called the ‘Runner-up Reward’ would see 8 customers selected based on highest volume of transactions on those alternate channels across the  delineated four zones smiling home with a 5.0 KVA generator each.

     

     

     

    Unity Bank is poised to empowering our customers by promoting the benefits of convenient payment even as it leverages on this scheme to deepen its retail footprints and drive financial inclusion. With Verve Card, customers can settle prepaid PHCN bills, buy Airtime and transfer funds on a quick teller platform.

  • Unity Bank donates relief materials to IDPs’ school

    Unity Bank donates relief materials to IDPs’ school

    Unity Bank has donated relief materials to The Praxis Catholic School for Internally Displaced Persons (IDP) and Vulnerable Children. The donation was made during an excursion of the pupils to the bank’s regional office in Abuja. A delegation of the school led by its proprietor, Ben Onwujifor, received the items.

    The bank’s Head, Corporate Communications, Matthew Obiazikwor, in a statement, explained that the gesture was part of the lender’s Corporate Social Responsibility (CSR), aimed at partnering government, institutions, donor agencies, non-governmental organisations and humanitarian agencies for Northeast rehabilitation, particularly by reaching out to the IDPs.

    Such gestures, he said, would ameliorate the sufferings caused by the insurgency in the North East. “Beyond our CSR and the bank being in the forefront of private sector intervention initiative in the Northeast, it has equally kept faith in the Northeast, being the only lender that did not close operations to its teeming customers even in the thick of the insurgency experienced in Borno State,” he said.

    Commending the bank for hosting Praxis School for the IDPs, Onwujiofor urged the bank to open a dedicated IDPs account to assist in collecting voluntary donations from other public-spirited individuals and organisations wishing to support IDPs cause.

    He noted that Praxis Catholic School for the IDPs has an ambitious educational programme for its pupils and this can be sustained if there is increased assistance and inflow of donations to execute outlined initiatives to fully reintegrate the IDPs into the mainstream of activities in the society.

    “We are grateful to Unity Bank and for the opportunity of the excursion and we use this platform to call for greater partnership from all well-meaning members of the public to bring succor to the victims of the insurgency”.

    The stament said the Praxis Catholic School for the IDPs was opened in December 2016 by the First Lady  Hajiya Aisha Buhari.

    In 2016, Unity Bank supported Borno State Government with the donation of relief materials worth millions of Naira, having also been acknowledged by Governor Kashim Shettima for another donation of N25million made in the previous years.

  • Children’s Day: Unity Bank MD hosts Holy Child College students

    Children’s Day: Unity Bank MD hosts Holy Child College students

    The Unity Bank Managing Director/ Chief Executive, Mrs. Tomi Somefun has advised students to be cautious in embracing  social media.

    The bank chief said that addiction to all forms ‘gadgetisation’ and social media tools could result  to major distraction and negative influences that may derail their future.

    Mrs. Somefun gave the advice when Unity Bank hosted students of the   Holy Child College, Ikoyi, as part of the activities to mark the 2017 Children’s day celebration. The high point of the activities was the role played  by Miss Stephanie Okafor, who was the One-Day CEO of Unity Bank.

    “The internet is a good resource for academic work as well as for sharing of information in a cost effective manner and there is no doubt about the values it has brought to the society. However, there is need for caution as excessive exposure/use of the internet and other social media tools could adversely affect children in their formative years”, she stated.

    She tasked the students to remain focused and work hard for the attainment of their respective dreams while making career choices. “You can be anything you want to be. No dream is too big, keep your focus and never allow anything to distract you”, she advised.

    She had informed the students of the core values of the Bank which include: teamwork, honesty, integrity, excellence, dependability, empathy and passion, adding that the values are philosophies that guide the business in fulfilling its obligation to stakeholders

    The hosting of the Holy Child College students by the MD/CEO of Unity Bank at the bank’s Head Office in Lagos was the climax of week-long activities which witnessed the excursion of many schools across the country to different branches of Unity Bank in commemoration of this years’ Children’s Day celebration. Mrs. Tomi Somefun is an alumnus of Holy Child College, Ikoyi.

  • Unity Bank posts N84b gross earnings

    Unity Bank posts N84b gross earnings

    •PAT hits N2.1b 

    Unity Bank has recorded gross earnings of N84 billion and profit after tax of N2.1 billion

    The bank’s audited financial results for the year ended December 31, 2016, released to the Nigerian Stock Exchange (NSE), showed that the bank recorded growth across key financial metrics, indicative  of the progress of its repositioning efforts.

    Despite the economic headwinds, the bank’s gross earnings for the review period grew by seven per cent to N84 billion from N78 billion reported in December 2015. This was driven largely by growth in transaction-based income.

    Operating expenses dropped by three per cent to N26 billion in 2016 from N29 billion in December 2015. This represents a significant step by the bank in maximizing derived benefits through the efficient allocation of resources and cost containment initiatives embarked upon by the new management.

    Profit before tax stood at N1.82 billion, representing a decline of 22 per cent from N2.34 billion recorded in the December 2015. This is attributed to higher impairment charge of N35 billion in 2016; up by eight per cent from N27 billion charged in December 2015 arising from impairment charges on loans.

    The bank also grew its deposit liabilities by 14 per cent from N231 billion recorded in December 2015 to N264 billion in December 2016. This is indicative of increased customer confidence in the bank, renewed customer care and the emerging innovative products rolled out during the year to delight its teeming and growing customers throughout Nigeria and beyond.

    The bank’s Managing Director/CEO, Mrs. Tomi Somefun said: “the key performance indicators point to increasing resilience in the face of challenging economic headwinds that characterized the operating environment in 2016.

  • Unity Bank supports Nigerian Immigration Service

    Unity Bank supports Nigerian Immigration Service

    Unity Bank Plc has upgraded the Nigerian Immigration Service (NIS) lounge in Festac Town, Lagos. The facility, the bank said, would make it easier for people to obtain and renew their international passports at the NIS office.
    The inuaguration of the facility, the bank said, supports its Corporate Social Responsibility (CSR) objectives of supporting programmes and projects that are in public interest.
    The bank’s Managing Director /Chief Executive Officer, Mrs. Tomi Somefun, said the upgrade of the facility was informed by the need to provide conducive ambiance for numerous stakeholders that visit the centre for one service or the other.
    “For us at Unity Bank Plc, it is about extending our service to the public, hence, we observed the need to intervene by providing quality ambiance for the NIS Lounge with the hope that it will impact the public meaningfully,” she said.
    Mrs. Somefun, represented by the Executive Director South, Temisan Tuedor, praised NIS management at FESTAC Town for providing the platform, noting that it was the bank’s desire to continue to partner government on other touch points that could impact on the communities where they operate.
    The NIS Assistant Comptroller General in charge of Zone 2, I. Y. Ahmad, praised Unity Bank for upgrading the facility to enhance NIS service quality to numerous applicants. He called on other corporate bodies to emulate the bank’s example.

  • Unity Bank partners World Wide Fund on environment

    Unity Bank has partnered with World Wide Fund for Nature and Connected Development (CODE) to promote sustainable environment. The bank was praised for championing environmental sustain-ability initiatives aimed at reducing the impact of climate change.

    A  renowned Environmentalist and Chairman of Lekki Urban Forest and Animal Shelter Initiative, Desmond Majekodunmi, made the commendation over the weekend at the advocacy forum to observe the annual ‘Earth Hour’ Day – an initiative of World Wide Fund for Nature (WWF) aimed at mobilising global support for climate action.

    Addressing stakeholders at the event, Majekodunmi stated: “The Earth is still the only planet that has been proven to support life but with the threats posed by climate change, our attitude to environment has to change to preserve life support systems.”

    In its commitment to environmental sustainability, Unity Bank hosted Earth Hour event to draw participation of all stakeholders to join the global movement against environmental degradation.

    The event which took place at the Unity Bank Head Office in Victoria Island, Lagos was climaxed by observance of the symbolic switching off of all non-essential lights at the Head Office Towers of the Bank from 8:30pm to 9:30pm.

    The Hosting of Earth Hour is a collaborative initiative of Unity Bank, Connected Development (CODE) and WWF, World Wide Fund for Nature.

    Unity Bank also used the event to announce its sustainable Agriculture initiative to align with ‘The Good Growth Plan’ targeted at farmers and the entire agric value chain.

    Unity Bank Plc has integrated eco-friendly initiatives in its operations and businesses to entrench sustainability principles and reduce the impact of carbon emissions in communities in which it operates.

  • Unity Bank’ll deliver value to investors, says CEO

    Unity Bank’ll deliver value to investors, says CEO

    The Managing Director/CEO of Unity Bank Plc, Mrs. Tomi Somefun has assured investors of the lender’s commitment to deliver bountiful returns on their investments.

    The bank chief who spoke after the bank posted N3.8 billion   Profit Before Tax (PBT) for the third quarter ended September 30 this year, said the lender remained committed to delivering value to its stakeholders, saying its profits came from efficient balance sheet management and cost containment initiatives.

    Mrs. Somefun emphasised that the bank has continued to maintain and sharpen its focus on executing strategic choices aimed at creating a large diversified bank with a strong retail/SME base, development of array of products and consolidating market confidence to boost its growth trajectory”.

    According to analysts, with the bank’s repositioning efforts and consistent focus to tap into the emerging opportunities in the enlarged financial services space within Nigeria, Unity   Bank   is   poised   to   deliver   quality   banking   services   to   emerging   sectors   in Retail/Small and Medium Enterprises, Commercial and the Agricultural value chain.

    The bank also grew its assets to N476.15 billion within the period, representing an increase of 7.4 per cent or N32.6 billion over N443.3 billion recorded as at 31 December, 2015.

    The bank’s customers’ deposit equally rose by N32.5 billion to N263.91 billion indicating an increase of N32.5 billion. The figures, analysts said, showed a   measure   of   customers’   growing confidence and increased business momentum.

    “Furthermore, the various cost optimisation strategies and other operational overhauls which were embarked upon by the new Management of the bank saw operating expense dropped by 14 per cent or N3.1 billion to N19.6 billion against N22.8 billion recorded in September 2015.

    The bank recently introduced the UnityBiz account to enable it boost its support for Micro, Small and Medium Enterprises (MSMEs).

    The lender reiterated its commitment to the Small and Medium (SMEs) segment of the market, which has been identified as the fulcrum of economic growth.

    “The value proposition embedded in the UnityBiz current account lies in the fact that structured businesses in the SME space are able to access both the asset and liability side of the product at concessionary rates, which benchmark the best pricing offered in the industry,” the lender said in a statement.

    The SME target markets include retailers, social services, schools, contractors, professional service firms, wholesalers, manufacturers, hospitality, non-governmental organisations, clubs and associations, suppliers and the agri-business value chain. The purpose, it said, was to offer the SME products that bring immense value to the operators.

     

  • Unity Bank’s Q3 profit dips

    Unity Bank’s Q3 profit dips

    •Grows total assets to N476b

    Unity Bank Plc has announced a dip in profit before tax to N3.8 billion   for the third quarter ended September 30 this year against N10.3 billion during same period of last year.

    The lender however announced that its total assets grew to N476.15 billion during the period under review. The figure represents an increase of 7.4 per cent or N32.6 billion over N443.3 billion recorded as at 31 December, last year.

    According to the company’s filing with the Nigerian Stock Exchange (NSE), customer’s deposit grew to N263.91 billion, indicating an increase of N32.5 billion. The figures, analysts said, showed a   measure   of   customers’   growing confidence and increased business momentum.

    “Furthermore, the various cost optimisation strategies and other operational overhauls which were embarked upon by the new management of the bank saw operating expense drop by 14 per cent or N3.1 billion to N19.6 billion against N22.8 billion recorded in September last year.

    The bank’s managing director, Mrs. Tomi Somefun noted that “economic headwinds stifled business growth during the period accompanied by increased inflation and foreign exchange illiquidity.”

    She said the lender remained committed to delivering value to its stakeholders as it has  made profit on the back of an efficient balance sheet and cost containment initiatives.

    In addition, she said the bank has continued to maintain and sharpen its focus on executing strategic choices aimed at creating a large diversified bank with a strong retail/SME base, development of  array of  products and consolidating  market confidence to boost its growth trajectory.

    According to analysts, with the bank’s repositioning efforts and consistent focus to tap into the emerging opportunities in the enlarged financial services space in the country, the lender   is   poised   to   deliver   quality   banking   services   to   emerging   sectors   in retail/small and medium enterprises, commercial and the agricultural value chain.

  • Unity Bank, women group partner on entrepreneurship development

    The need to create wealth through conscious financial management skills was the crux of a paper presented by the Head, SME Banking of Unity Bank, Opeyemi Ojesina, at the ‘Lagos And The Woman Conference’ held in Lagos over the weekend.

    He commended the Amazing Amazons Initiative, a Non Governmental Organisation (NGO) under the leadership of Mercy Makinde, for initiating Lagos and The Woman Conference’.

    According to Ojesina, the awareness created by the conference will not only promote entrepreneurship development, but also build the confidence of women in their pursuit of financial independence.

    Speaking on the theme: “The Place of the Women Entrepreneur”, Ojesina acknowledged the ability of women to multi-task, but enjoined them to shift from mere buying and selling to creating businesses that will enable women fulfill the longer term drive of reaching their goals.

    He charged women to strive to have a clear understanding of the concepts of the businesses they engage in as a guarantee for attracting the funding support they seek from banks.

    Ojesina, who noted that good business ideas are as important as finance for budding entrepreneurs, urged women to be open to sharing creative business ideas as that could be the leverage upon which funding support could be found.

    “Believe that you can start small and shelve the idea that you must have all the money or materials to take off. Existing businesses attract funding easier than yet-to-take-off ones,” Ojesina said.

    He noted that the initiative tallies with Unity Bank’s focus of supporting rural economy. This, he said, was the Unity Bank’s contribution to reducing the vulnerabilities of the rural dwellers and creating opportunities that could enhance their standard of living.