Banking
FY 2018: Unity Bank Returns to Profitability, Nets N1.3bn Profit
By Modupe Gbadeyanka
After being underwater for a while, Unity Bank Plc has bounced back to profitability, its result for the 2018 financial year have revealed.
On Friday, the lender released its audited financial statements for the year ended December 31, 2018 and the balance sheet grew by 50.8 percent during the year.
The bank’s balance sheet size increased from N156.51 billion in 2017 to N235.98 billion, culminating in gross earnings of N37.33 billion for the year.
Similarly, in the period under review, the bank grew its bottom-line by 109.9 percent as Profit Before Tax (PBT) moved in a positive trajectory to close at N1.41 billion, with the bank recording a Profit After Tax (PAT) of N1.27 billion, shaking off the negative position it posted in 2017FY.
The year’s performance is supported by noticeable fundamentals derived from the bank’s corporate action to clean up its book by eliminating all the legacy non-performing loans (NPLs) which resulted in full de-risking of its balance sheet and creating a new lease of life for the Bank
A cursory review of the bank’s performance showed significant growth across key financial metrics, with Net Operating Income for the year ended December 31, 2018 growing by 112 percent to N21.63 billion from N10.22 billion in the corresponding period of 2017, Non-Interest Income also increased to N6.3 billion from N1.61 billion recorded in 2017 and earnings per share (EPS) for the year 2018 stood at N13.03k, up from negative of 127 kobo recorded in 2017 FY.
The bank’s improved performance was attributable to the reinvigorated business transformation initiatives implemented during the year, in addition to strategic corporate actions taken by the management of the bank to prioritize customer service, product delivery as well as optimize its operations for operational efficiency, thus setting a stage for its sustainable business growth model.
The bank’s strong performance feat was achieved through composite strategic focus involving the complete revamp of its service delivery channels, products revamp and profiling as well as building structured and secured operating environment to protect customers’ businesses.
In this regard, the bank, not only aggressively pushed out its USSD platform (the newly introduced customer-centric platform for easy banking), but also launched its youth-focused UniFi app – a robust omni-channel app that goes beyond banking services but also offers lifestyle services including gamification for increased customer satisfaction.
These, along with aggressive transaction push led to a 290 percent increase in non-interest income (income from transactions, cards, mobile, ATMs, commissions & fees, FX etc.).
Furthermore, the bank also optimized its operations and services through process simplification and automation while promoting cost efficiency across the entire value-chain.
The bank rolled out its Central Processing Centre (CPC) for standardized operations and operational risks mitigation thus improving service delivery to customers in the bank.
In effect, these and several modest initiatives led to the huge 17.3 percent reduction in total operating expenses and a major improvement in the efficiency ratios.
Unity Bank also leveraged on its core competence and strategic advantage in deepening its reach in Agribusiness and attendant value-chain, driving the over 360 percent growth in loan portfolio in this segment of the market.
A major feat achieved without material increase in loan quality – with NPL ratio closing the year at 0.69 percent (the best in the industry).
On cost optimization, Unity Bank’s focus yielded positive results as the lender brought down its total operating expenses by 17.3 percent from N24.46 billion in 2017 to N20.22 billion in 2018FY. This reduction is primarily as a result of the management drive to build strong processes in its operations by leveraging on key business alliances that attract better efficiency in resource allocation and growing scales in the network.
Commenting on the result, the MD/CEO, Mrs Tomi Somefun said: “The most gratifying aspect of our 2018 performance is that the bank has made a dramatic turnaround from losses in the previous year to a promising profit position in 2018FY.
“This was made possible by growth in the business throughputs and transaction-based banking with its attendant strong non-interest income.
“We equally recorded significant growth in our customer acquisition through enhanced customer-centric products that we rolled out during the year riding on our rebranded channels and platforms which were well accepted by the youth.
“We leveraged on our exceptional competencies in agribusiness and rural economy niche market which contributed to substantial growth in loans through on-lending schemes to farmers in the last quarter of 2018, all of which buoyed our performance for the year under review”.
“Also, the two-prong customer-centric banking approach being deployed to deliver quality banking services to emerging sectors in Retail/Small and Medium Enterprises and the Agricultural value chain are impacting positively on the bank’s bottom-line. In furtherance of our vision to be the Retail Bank of Choice, the bank revamped its digital strategy to provide convenient, simple and efficient platforms that are already attracting the next generation of Nigerians and expand the volume of loyal customers that have kept faith with us through the years. These are designed to guarantee double digits growth in both earnings and profits for the bank in the near future,” she stated.
The bank is aggressively and creatively pushing the frontiers of its business by creating robust platforms to support emerging digitalization of strategic businesses as well as corporate service units aimed at unlocking inherent potentials that will enable the bank effectively ride on economic headwinds and target opportunities in the markets.
Analysts are of the view that the full impact of the initiative on the account and shareholder’s value began to manifest at the fourth quarter of 2018 and early 2019, thereby gradually regaining investors’ confidence in the mid-tier lender after a period of uncertainty prevailed in the preceding year.
A statement from the bank further adds that the board of the bank expects that barring unforeseen circumstances, the trend of the results achieved in 2018 would be surpassed in 2019.
With the margins steadily looking up, the outlook for the future holds even brighter prospects for the bank even at this period that the bank closes its recapitalization programme and sets a new phase of its strategic pursuit.
The bank’s board further expects that barring unforeseen circumstances, the trend of the results achieved in 2018 would be surpassed in 2019.
By Modupe Gbadeyanka
A new report highlighting the transformation from a newly established fintech venture into one of Nigeria’s leading payment infrastructure providers has been launched by HabariPay Limited.
The report, known as the HabariPay Impact Report 2025, provides stakeholders with a comprehensive evolution, innovation journey, business performance, and impact of the fintech subsidiary of Guaranty Trust Holding Company (GTCO) Plc on the digital payments landscape.
The company’s contributions to enabling digital commerce, supporting businesses, strengthening payment infrastructure, and expanding financial access through technology-driven solutions were also captured in the piece.
The HabariPay Impact Report 2025 also highlights the organisation’s strong financial and operational performance, the growth of the Squad platform, and the development of infrastructure that powers payment acceptance, switching, transfers, merchant services, and value-added solutions.
The publication further explores the role of innovation, talent development, and ecosystem partnerships in driving the company’s success.
It showcases HabariPay’s investments in innovation through initiatives such as the Take on Squad Hackathon and the Squad Hackademy, both of which are helping to develop future technology talent and accelerate the creation of practical solutions to real-world challenges.
“As a technology-driven company, we believe that impact extends beyond financial performance. It is reflected in the businesses we enable, the merchants we support, the infrastructure we build, and the opportunities we create for the next generation of innovators.
“The HabariPay Impact Report 2025 captures this journey and demonstrates our commitment to creating sustainable value for customers, partners, and the broader economy,” the Managing Director of HabariPay, Ms Eduofon Japhet, said.
“The HabariPay Impact Report 2025 represents more than a reflection on our achievements; it is a testament to the deliberate investments we have made in building sustainable payment infrastructure, empowering businesses, fostering innovation, and creating long-term value for our stakeholders.
“As we look ahead, we remain committed to expanding our capabilities, deepening our impact, and shaping the future of digital payments through technology-driven solutions that are secure, scalable, and inclusive,” she added.
By Modupe Gbadeyanka
Some top foreign exhibitors participating in the much-anticipated Ecobank Adire Lagos Experience commencing on Thursday, June 11, 2026, are already in Nigeria.
The four-day event, closing on June 14, will witness participation from notable African fashion brands from Ghana, Sierra Leone, Senegal and the Benin Republic.
Among the international exhibitors confirmed for this year’s edition are Creative Hub Africa and Shades of Class from Sierra Leone, Drame Khadidatou from Senegal, Tampoori from Ghana, and Naylah Collection from the Republic of Benin. Their participation highlights the growing continental appeal of the Ecobank Adire Lagos Experience as a platform for cultural exchange, business collaboration and market access across Africa.
More than 100 exhibitors and vendors, including leading Nigerian brands such as Obida Design Associates, This Is Us, Imani Kids, Ashabi Fads, E25Dresses, Miné by Ejiro Amos Tafiri, Buss Fabrics Store, Aina Aladire and many others, will participate, showcasing the richness of African craftsmanship, innovation and entrepreneurship.
It was gathered that organisers are putting finishing touches to the venue of the exhibition, the prestigious Ecobank Pan African Centre (EPAC) on Victoria Island, Lagos.
All necessary arrangements to ensure a seamless, secure and memorable experience for exhibitors and attendees are being put in place by the bank, further underscoring its commitment to promoting African creativity, entrepreneurship and intra-African trade.
The Head of SMEs, Partnerships and Collaborations at Ecobank Nigeria, Mrs Omoboye Odu, said attendees can look forward to a vibrant showcase of fashion, craftsmanship, art, music, culture and entrepreneurship, with participants drawn from Nigeria and several other African countries.
“We are fully prepared and excited to welcome guests from across Nigeria and the African continent to another edition of the Ecobank Adire Lagos Experience. From exhibition spaces and cultural showcases to networking opportunities and customer engagement activities, every necessary arrangement has been put in place to ensure a seamless and rewarding experience for all attendees,” she stated.
“The Ecobank Adire Lagos Experience continues to evolve as a unique platform that connects creatives, entrepreneurs and consumers from across Africa. Attendees can look forward to exceptional products, interactive sessions, entertainment, cultural exhibitions and valuable opportunities to build relationships, explore new markets and expand their businesses,” Mrs Odu added.
Beyond the exhibition, participants will have opportunities to network, explore business partnerships, discover unique products and experience the diversity and vibrancy of African culture.
The event is open to the public, and visitors can look forward to an immersive experience that seamlessly blends tradition, innovation, fashion, enterprise and entertainment in a grand celebration of Africa’s creative economy.
Over the years, the Ecobank Adire Lagos Experience has grown into one of Nigeria’s foremost platforms for promoting indigenous textile production, supporting small and medium-sized enterprises, and showcasing the ingenuity of African creatives.
The programme has also played a significant role in expanding market access for businesses while preserving and celebrating Africa’s rich cultural heritage.
By Modupe Gbadeyanka
Union Bank of Nigeria has again stressed the importance of education to the nation, saying it is a strategic investment and not a social obligation.
The Chief Brand and Marketing Officer of Union Bank, Ms Olufunmilola Aluko, said this is why the company continues to throw its full weight behind quality educational programmes.
According to her, education is central to the financial institution’s purpose rather than a peripheral cause.
She was speaking in respect to the bank’s partnership with Nigerian Breweries Plc and the Felix Ohiwerei Education Trust Fund for the organisation of the 12th Maltina Teacher of the Year Competition.
The flag off of this year’s programme was held in Lagos on Monday, and it is the third consecutive year Union Bank has served as a partner.
“At Union Bank, we believe education is not a social obligation. It is a strategic investment. A nation that does not invest in its teachers and its learners is borrowing from its own future, and we are in the business of building futures, not mortgaging them,” Ms Aluko stated.
She pointed to Edu360, the bank’s flagship education initiative under the UnionCares platform, as the practical expression of that conviction.
Edu360 spans the full education value chain, from widening access for children in underserved communities and investing in the teachers who multiply learning outcomes, to building digital literacy and STEM capability, and preparing young people for employment or enterprise.
On the role of the financial sector, Ms Aluko challenged her peers to think differently.
“Financial institutions need to stop thinking of ourselves as donors and start thinking of ourselves as ecosystem builders. We can embed financial literacy into school curricula, design products that help parents save for their children’s education, and convene policymakers, educators and the private sector around shared goals. Above all, we can show up consistently, not only when it suits our brand calendars,” she disclosed.
She noted that lasting change requires sustained collaboration between the public and private sectors, and pointed to the strength of the signal sent when institutions commit to teachers at scale, citing the competition’s N100 million grand prize. With twelve editions and more than three hundred teachers recognised to date, she described MTOTY as a model of the consistency Union Bank embodies through Edu360.
Her closing message was directed at educators across the country, stating, “To every teacher in this country, what you do is not small. Your story deserves to be told, and Nigeria needs to know your name.”
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