By BUKOLA IDOWU, Lagos
The Central Bank of Nigeria (CBN) has confirmed the appointment of Aminu Babangida as chairman of Unity Bank.
In a notice posted on the Nigerian Stock Exchange website, the management of Unity Bank had on Thursday announced its appointment of Aminu, son of former military president, Ibrahim Babangida.
The notice, which was signed by company secretary Mohammed Shehu, noted that Aminu Babangida will succeed Thomas Etuh who retired from the bank recently.
The notice reads: “This is to formally notify shareholder of Unity Bank Plc and other takeholders of the Bank that, the board of Unity Bank Plc held at an emergency meeting held on October 4, 2017 approved the appointment of Aminu Babangida (the erstwhile vice chairman of the board) a the new chairman of the board in line with the bank’s sucession plan policy.
“The appointment of Aminu Babangida as chairman, board of directors of Unity Bank Plc has been approved by the Central Bank of Nigeria”.
A brief biography of the new chairman of Unity Bank posted bank’s website reads: “Aminu Babangida is an entrepreneur, a co-founder/chief executive officer of Phoenix Energy, Abuja and team member of the El-Amin International School, Minna. He has also worked on the trading floor of Trafigura BV, London, UK.
“Babangida was appointed to the board of Unity Bank Plc in 2011. He attended Regents Business School, London and Westminster Business School London where he obtained a BA in International Business and MA in International Business Management respectively”.
As an Entrepreneur, Aminu is a co-founder/Chief Executive Officer of Phoenix Energy, Abuja and Team Member of the El-Amin International School, Minna. He has also worked on the trading floor of Trafigura BV, London, UK.
Unity Bank Posts N2.4bn PAT In Q3 2018
Meanwhile, Unity Bank Plc has released its unaudited financial result for the third quarter of 2017, posting a profit after tax of N2.45 billion as its gross earnings for the nine months period, which rose marginally.
The bank said despite the challenging operating environment, it was able to grow its gross earnings by one per cent to N65.03 billion from N64.58 billion in the corresponding period of 2016, while its pre-tax profit stood at N2.7 billion.
Operating expenses was down by about two per cent to N18.6 billion in 2017 from N18.9 billion in Q3 2016 which the bank said was as a result of its cost containment initiatives instituted by the management aimed at optimizing resources that attract efficiency and effectiveness of the bank’s assets.
The bank’s earnings per share for the period under review stood at 20.94 kobo.
Commenting on the results, managing director and chief executive of Unity Bank Plc, Mrs. Tomi Somefun, noted that the bank in the process of repositioning itself has tapped into the emerging opportunity in the enlarged economic space within Nigeria, particularly in the Agriculture and SME value chains.
“The bank is building strong infrastructure for retail banking and attracting youths for its sustainable banking business by developing customer-centric products to meet the needs of its esteemed customers”, she said.
She noted that the bank is aggressively and creatively pushing the frontiers of its business with initiatives aimed at unlocking inherent potentials that will enable it to effectively ride on economic headwinds and target opportunities in the markets.
The Bank recently recorded unprecedented success in the resolution of its Non-performing Loans (NPLs), an initiative now considered as an industry-wide direction in Private Asset Management Company (PAMC) as encapsulated in the new CBN exposure draft for addressing banks’ NPLs challenges.
The full impact of the initiative on the account and shareholder’s value is expected to begin to manifest soon.
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