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Unity Bank Grows Earnings to N59.3bn, Deposits to N402.9bn in FY23

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By Aduragbemi Omiyale

In the 2023 financial year, one of the top retail lenders in Nigeria, Unity Bank Plc, improved its gross earnings by 3.84 per cent to N59.3 billion, with a significant growth in customer deposits, 23 per cent, to N402.9 billion from N327.4 billion in the preceding fiscal year, showing a sustained retail growth and customer confidence.

In the results released to the Nigerian Exchange (NGX) Limited, the bank posted a rise in interest income by 9.6 per cent to 53.7 billion from N48.8 billion a year earlier.

According to the chief executive of Unity Bank, Mrs Oluwatomi Somefun, the bank was able to rebound from the low level of growth and negative trends that characterized the year because of the strategies deployed by the team.

Recall that Unity Bank had issued a profit alert to reflect revaluation loss arising from Naira devaluation which was due to the acute shortage of forex that created an inclement business environment and, on the aggregate, set in an economic headwind.

“As we begin to see the margins being closed, it is an indication that the measures, being taken to revamp all aspects of the business, are being well received by the market: be it workable recapitalization plan, aggressive drive for asset creation, product innovation, or digital banking.

“We will need to covet the improvements and further build upon it. As a corporate brand, we have a lot that is keeping us going: the positive sentiments and optimism, the growing franchise of the business and steady growth in different segments of the retail market across all the geo-political zones of Nigeria,” she stated.

“We have the right indicators to reclaim lost grounds – innovating with the development and soon to be launched an omnichannel digital app to improve reliability, customer experience, support diverse products functionality which will impact earnings, income and profitability,” she added.

The Central Bank of Nigeria (CBN) recently approved a business combination with another innovative bank in Nigeria, marking a significant milestone in the lender’s growth strategy as it advances its recapitalization plans.

This partnership is built on a shared vision to redefine the banking experience for our customers and will drive the transformation of the consolidated entity.

By leveraging Unity Bank’s extensive branch network and strong customer relationships alongside the entity’s digital expertise and commitment to innovation, it aims to create a seamless integration of traditional and modern banking services.

Amid a review of key highlights that support the steady growth of the retail business, analysts are of the view that the bank has continued to reflect a good outlook in terms of perception and confidence in the market, which by and large creates an entity with remarkable resilience whilst investors’ sentiments remain positive.

Banking

Defunct Diamond Bank Founder Pascal Dozie Dies Day to 86th Birthday

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By Modupe Gbadeyanka

A veteran bank and founder of the defunct Diamond Bank Plc, Mr Pascal Gabriel Dozie, has died at the age of 85.

The former chairman of MTN Nigeria, a leading telecommunications firm, died in the early hours of Tuesday, April 8, 2025, just a day to his 86th birthday.

The Nigerian entrepreneur and businessman chairman of Pan-Atlantic University established Diamond Bank in 1990. The company later became one of Nigeria’s most respected financial institutions.

The current Governor of Abia State, Mr Alex Otti, once headed the lender before handing over to the founder’s son, Mr Uzoma Dozie, when he veered into politics.

Diamond Bank merged with Access Bank in 2019.

Mr Pascal Dozie, who was once the President of the Nigerian Exchange Limited, then known as the Nigerian Stock Exchange (NSE), was born on April 9, 1939, in Egbu, Owerri, Imo State, and began his career as an economist at the National Economic Development Office in the United Kingdom.

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FCT Communities Get Food Packs from Fidelity Bank

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By Modupe Gbadeyanka

Some food packs have been distributed to residents of the Federal Capital Territory (FCT) Abuja recently by Fidelity Bank Plc as part of i​ts Corporate Social Responsibility (CSR) initiatives under the Fidelity Food Bank.

This is one of the key pillars of the bank’s CSR strategy, focusing on health and social welfare. As a nationwide project, the initiative seeks to provide food relief to underserved communities across Nigeria, with a particular focus on supporting women and children.

Officials of the financial institutions distributed the food items to seven communities in the Mabushi district of the FCT.

One of the beneficiaries, Mr Mukhtar Mohamed, expressed his gratitude to the bank, acknowledging the significant impact of food distribution.

Similarly, the District Head of Mabushi Community, Mr Hassan Danagna, commended Fidelity Bank for its generosity and its impact on the community.

“Fidelity Bank’s support to our community is unprecedented, and we are deeply grateful for this initiative, which provides relief to vulnerable households and less privileged families.

“Given the current economic challenges, this support is timely, particularly as we approach the holy month of Ramadan,” Mr Danagna stated.

Speaking at the distribution event, the Executive Director for North at Fidelity Bank Plc, Mr Sufiyanu Garba, emphasized the lender’s commitment to community development and its alignment with Sustainable Development Goal 2, which seeks to eradicate hunger.

“This initiative stems from our deep-seated responsibility to support underserved communities and contribute to the fight against hunger in Nigeria.

“At Fidelity Bank, we firmly believe that by addressing the root causes of poverty and hunger, we can make a meaningful impact on the lives of those in need.

“While we may not be able to solve all societal challenges, our contributions are making a difference, as evidenced by the positive feedback we continue to receive,” Mr Garba said.

“We recognize the importance of fostering growth and prosperity within the communities where we operate. By investing in their well-being, we contribute to the creation of a more sustainable and equitable society,” he added.

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Over 100 Exhibitors for 2025 Oja Oge by Ecobank

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By Modupe Gbadeyanka

The second edition of Oja Oge by Ecobank Nigeria Limited will attract more than 100 exhibitors, who will showcase their products to potential customers.

The 3-day fashion, beauty, wellness, and lifestyle exhibition will take place at the state-of-the-art Ecobank Pan African Centre (EPAC) in Lagos from April 18 to 20, 2025, at 10 am.

The financial institution is organising the 2024 edition following on the immense success of its first edition last year.

This programme will have exhibitors displaying a wide range of fashion, beauty, wellness, and lifestyle products, as well as entertainment offerings.

Oja Oge by Ecobank provides a dynamic platform for businesses to engage with a diverse audience of shoppers and entrepreneurs.

Already, Ecobank Nigeria has partnered with leading corporates in the telecoms, payments, airline and FMCG space – Airtel Nigeria, Flutterwave, Qatar Airways and Maltina respectively to deliver this second edition of its premier fashion pop up event Oja Oge over the Easter weekend.

Oja Oge by Ecobank offer premium entertainment and provide a platform for local vendors to showcase and sell their products to a wider audience.

Participants will also have the chance to network and build relationships, gaining access to new markets. For us, as a Pan African bank, supporting small businesses in this way is a core part of our mission,” the Head of SME, Partnerships, and Collaborations at Ecobank, Ms Omoboye Odu, stated.

“Participation is free, and we invite everyone to come along with family and friends to enjoy the fair. It’s not just about buying and selling; it’s an opportunity to experience the creativity and luxury of current fashion and lifestyle trends, alongside a variety of music, food, and entertainment,” she added.

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