Unity Bank Board Meets for 2018 FY Results, Capital Raising

January 24, 2019

By Dipo Olowookere

A meeting of the board of directors of Unity bank Plc has been scheduled for Friday, February 8, 2019, the company has announced.

During the meeting, which is expected to start by 10am, the board will look into the audited financial statements of the financial institution for the year ended December 31, 2018.

In a statement issued yesterday, the lender said members of the board will also be deliberating on efforts by the firm to raise fresh capital aimed at taking the bank to the next level and making it more competitive in the banking sector.

“The board of directors of Unity Bank Plc is scheduled to meet in Lagos at 10am on Friday, February 8, 2019 to consider, amongst other matters, the Audited Financial Statements and Reports for the year ended December 31, 2018, as well as the update on the bank’s capital raising efforts.

“The result would only be published after relevant regulatory approval,” the statement signed Company Secretary, Mr Mohammed Shehu, said.

As a result of the meeting, Unity Bank has declared a closed period to prevent trading of its shares on the local stock exchange by those with sensitive information that could tamper with the price of the stock.

“In compliance with the NSE Rule Book and the Amendments to the Listing Rules, Unity Bank hereby declares the commencement of the closed period for trading in the Bank’s shares from January 23, 2019 in respect of the Reports and Financial Statement for the period ended December 31, 2018, as well as the update on the bank’s capital raising efforts.

“Accordingly, no Insider with sensitive information, advisers and consultants of the bank and their connected persons may directly or indirectly deal in the securities (shares) of the bank until 24 hours after the release of the Audited Reports and Financial Statements of the bank for the period ended December 31, 2018, to the Nigerian Stock Exchange (NSE),” the statement said.

Business Post recalls that Unity Bank was almost close to signing a $1 billion capital injection deal with a private equity firm based in the United States.

However, issues between both parties were not handled well by the duo, which led to the pulling out of the investor from the deal.

Since then, Unity Bank has been making efforts to secure investors willing to key into the lender’s dream.

Shares of the bank were traded yesterday at 87 kobo per unit and there are no assurances that the board will reward shareholders with dividend for the 2018 financial year.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

Leave a Reply

Previous Story

Isoko Monarchs Endorse Uduaghan for Senate

VAT Nigeria Tax hike
Next Story

Apprehension as FG Plans to Raise VAT from 5% in 2019

Latest from Banking