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Unity Bank Partners RIFAN Mega Rice Pyramid Display, Pledges More Support For Farmers – Naijanewsdirect

  Agric-focused lender, Unity Bank Plc has partnered Nigerian rice farmers under the aegis of Rice Farmers Association of Nigeria, RIFAN to unveil a mega rice pyramid on the occasion of the National Rice Festival held in the Federal Capital Territory, Abuja on Tuesday. The event, which coincided with the flag-off of the dry season farming, was used to showcase the gains produced by rice farmers in driving self-sufficiency in rice production through the Central Bank of Nigeria’s Anchor Borrowers Programme, ABP. Speaking to newsmen at the event, the Managing Director/Chief Executive Officer of Unity Bank, Mrs. Tomi Somefun, while going down memory lane on the support of the rice farmers by the Bank since the inception of the Anchor Borrowers Programme, ABP commended the rice farmers for their unwavering belief and collaboration in the implementation of the intervention programme, adding that as the PFI (Preferred Financial Institution) for the ABP transactions, the Bank will continue to support the farmers and ensure that more smallholder farmers get the requisite financial support to boost rice production. She said: “Our strategic partnership with RIFAN started in 2018 when we financed about 273,000 smallholder farmers. This was the largest single-ticket transaction in that year. This financing cut across 33 states of the Federation including the FCT. “In 2019, the Bank increased the tally by financing another 146,810 smallholder farmers for the wet and dry season farming. This funding cut across 35 States of the Federation including the Federal Capital Territory (FCT). “Additional funding was granted to finance additional 221,450 smallholder farmers of the Association across the 32 states of the Federation including FCT for the wet season and additional 300,000 hectares was financed in sixteen states for the 2020 dry season cropping season. “As of March 2021, the Bank has financed no fewer than 190,000 smallholder rice farmers across 35

Unity Bank Gets NYSC Recognition, Wins Icon of Youth Empowerment Award – Naijanewsdirect

    In recognition of Unity Bank Plc’s contribution to the growth of entrepreneurship among Nigerian youths, the National Youth Service Corps, NYSC has named the lender “Icon of Youth Empowerment” in an award presented to the Bank during the Skills Acquisition & Entrepreneurship Department, SAED Festival held in Abuja recently.   The NYSC management said it was on record that Unity Bank under the able leadership of the MD/CEO, Mrs. Tomi Somefun had been unwavering in its commitment and support for the Skills Acquisition and Entrepreneurship Development programme of the NYSC as evident in the Corpreneurship initiative through which businesses of hundreds of corps entrepreneurs are being funded.   “In view of the foregoing, NYSC Management honours (Unity Bank) with the award of “Icon of Youth Empowerment” at the closing ceremony of the 2021 NYSC SAED Festival at NAF conference centre, Abuja on this 17th Day of December 2021,” said the Director-General of the NYSC, Brigadier General S. Ibrahim, while presenting the award to Unity Bank.   Speaking after receiving the award, the Group Head, Retail, SME and E-Banking, Mr. Olufunwa Akinmade said: “We are encouraged by this award to continue to partner with SAED in driving the Corpreneurship initiative. We believe that the Corpreneurship Challenge possesses the capacity to unlock the entrepreneurship ingenuity of the youths in Nigeria. “We commend the leadership of the NYSC for the award, even as we appreciate the leadership and the team at SAED for working hard to make this partnership produce the desired outcome. We are optimistic that the partnership will be sustained for as long as possible until it has impacted a critical mass that considerably reduces graduate unemployment in our nation.”   The Corpreneurship Challenge, which earned the lender the award is a business plan competition that provides corps members with the opportunity to pitch their business ideas and stand a

Unity Bank Posts N36.18 Billion Gross Earnings In Nine Months; Records 23% Growth In Profit – Naijanewsdirect

Nigerian lender, Unity Bank Plc has declared gross earnings of N36.18Billion for the nine-month period ended September 30, 2021, and a 23% growth of PAT totalling N1.94Billion for the same period. A review of the unaudited results for the 3rd Quarter of 2021 released to the Nigerian Exchange Group Limited showed that the Bank’s gross earnings of N36.18Billion represents a moderate 7% growth from N33.9 Billion recorded in the same period in 2020. Also, with the strong performance recorded during the period under review buoyed by a 31% growth in its loan book to N265.32Billion from N202.08Billion recorded in 2020, the lender also grew its asset base by 17% to N574.56Billion from N492.02Billion recorded in December 2020. The Bank’s Profit Before Tax for the period under review grew by 23% to N2.11Billion from N1.71Billion in the corresponding period in 2020. This sterling performance comes amid fragile recovery and volatilities in the operating environment and key macroeconomic indicators following the global Covid-19 pandemic, weak market sentiments and inflationary trends, as well as tough regulatory headwinds that have impacted severely on economic activities. The lender also substantially grew its net interest income to N14.63Billion from N12.67Billion in the same period in 2020; creating a 15% uptick from the value of the Bank’s rising loan portfolio and an improvement in its transaction banking activities with its customers, achieved through excellent service delivery. The lender’s fees and commissions averaged 16% to report an increase of N4.56Billion from N3.92Billion within the period under review, attributable to a dividend of the Bank’s strategic retail play which has boosted transaction volume. Commenting on the result, Unity Bank’s Managing Director/CEO, Mrs. Tomi Somefun expressed satisfaction with the performance indices of the Q3/2021 financials. Particularly inspiring are the growing loan book and quality of assets (31% growth), cash and balances with the CBN (24% growth) and

SCOA Boss Commends Unity Bank, Others For Facilitating Supply Of N15.5b Worth Of Trucks, Equipment To Julius Berger – Naijanewsdirect

The Group Managing Director/Chief Executive Officer of SCOA Nigeria Plc, Dr. Massad Boulos has commended Unity Bank Plc and other banks for facilitating a credit facility of N15.5 billion for the importation and supply of 33 MAN Platform Trucks and equipment to construction giant, Julius Berger Plc. The equipment is to be deployed for the construction of the 380km Abuja-Kaduna-Kano roads.  “I commend Unity Bank, their MD and the members of the Executive Management; and the entire team of banks who have worked closely with us on this project,” he said. Unity Bank advanced the largest sum of N4.24 billion for SCOA Equipment, which is a portion of the N17 billion total line of credit that the Bank extended to both SCOA Motors and SCOA Equipment. The other seven Banks – Heritage, Zenith, Providus, Wema, UBA, Union and Coronation Merchant Banks – pulled the total sum to facilitate the equipment supply deal to be deployed for the construction of roads across the country. Of the 33 trucks that the total sum covered, 16 trucks were delivered during the first phase and handed over to Julius Berger. The second phase, which will see to the delivery of the remaining 17 trucks will be executed next month. Commenting during the official handover ceremony of the equipment to Julius Berger Nigeria Plc, the Managing Director/CEO of Unity Bank Plc, Mrs. Tomi Somefun stated that the involvement of Unity Bank in the project financing deal was in line with the Bank’s strategic business objective to redistribute resources and channel funds to critical sectors of the economy. “We looked at the strategic importance of this project and how such infrastructure could contribute to stimulating economic activity and decided that Unity Bank must play its part. Unity Bank will continue to provide support to such projects as we have been doing in other

Unity Bank Corpreneurship Challenge Produces 30 More Winners in 6th Edition – Naijanewsdirect

A total of thirty members of the National Youth Service Corps, NYSC, have won cash prizes and business grants totalling N10 million in the 6th edition of the expanded Unity Bank flagship business plan competition known as Corpreneurship Challenge. Unity Bank is currently in 10 states of the federation where three winners each emerged from the Batch B Orientation course in  the Corpreneuship competition held last week. The states that the winners emerged included Lagos, Ogun, Benin, Abuja, Akwa Ibom, Kano, Sokoto, Enugu, Osun and Kwara. As in the previous editions, the cash prizes included a N200, 000 business grant for third place winners; N300, 000 business grant for the second place and a star prize of N500, 000 for the winners. Some of the winners included Yahaya Muhammad, Alade Ayinde and Omolola Kehinde in Kano NYSC camp, while Chiamaka Nweke, Nduke Oduobuk and Victoria Adesope emerged as the winners in the Enugu State camp. In Lagos, Aliu Haira Abimbola, Uzoechi Ihuoma Augustus and Adesanolu Lukmon Abiodun emerged winners to claim the cash prizes. One of the winners in Abuja, Ebingha Ogbe John appreciated Unity Bank for the opportunity, which she said, has helped her to showcase her business to the world. “I thank Unity Bank for making my project, Mama’s Ally Crashfish to come alive in this Abuja,” She said. The initiative continues to attract increasing interests among the corps members, as over 2000 applications were received but only 100 were shortlisted for the pitching sessions from where the thirty winners emerged. The contestants’ business plans which ranged from software solutions, fashion, fish production, poultry farming, bee farming, retail chains, piggery to beverages were assessed on originality, marketability, future employability potential of the product and knowledge of the business.   Recall that Unity Bank started the Entrepreneurial Development Initiative in 2019, to specifically target corps members, as part of

Unity Bank Unveils New Code on USSD Platform to Combat E-Banking Fraud – Naijanewsdirect

  In a bid to safeguard its e-banking platforms with enhanced safety and security features, Unity Bank Plc has unveiled a new code on its USSD platform that completely puts the customer in control of his Bank Account against any e-Banking fraud.   The new code which is *7799*9*Phone Number # allows customers to block access to their Bank Accounts, hence without recourse to the Bank, a customer is able to prevent and protect his Bank Account from unauthorised access using any mobile device if fraud is suspected.   As part of the robust feature of the Bank’s USSD platform, Bank customers can directly initiate the new Code and successfully block the account from a third-party mobile device. To unblock the Bank account, customers can walk into any branch of Unity Bank closest to them and request reactivation.   As a result, customers are thus able to exercise unlimited control with the new code as the Account Blockade can be initiated from any phone to prevent any unauthorised transaction or access to the Bank Account. The blockade can also be initiated to stem risks arising from the loss of debit card or incidences of unauthorized transactions.   This feature now offers full control to Unity Bank customers to protect themselves from scams, secure all banking transactions, and puts the customers well ahead in control of their banking transactions.   The new anti-fraud code enhances the Bank’s robust security system to safeguard customers’ bank accounts against any form of cyber threat or incurring financial losses from fraud attempts. According to the latest banking industry fraud report by Nigeria Inter-Bank Settlement System, cyber fraud rose by 534% as Nigerian banks lost a total of N3.5 billion in the past year alone. The unveiling of the new USSD code is, therefore, part of Unity Bank’s strategic move to protect their customers by reducing to zero, losses

Unity Bank Grows 34% Pre-tax Profit, Records N23B Gross Earnings in H1 2021 – Naijanewsdirect

  Nigeria’s retail lender, Unity Bank Plc has declared half-year result posting gross earnings of 23.6 billion Naira, which is a 3% increase compared with the corresponding period of 2020. A review of the unaudited half year result (H1’2021) released to the Nigerian Stock Exchange, the Agric-focused lender showed notable improvement across key financial matrices. The Bank grew bottom-line by 34% as Profit before Tax (PBT) moved up significantly in positive territory to close at N1.50 billion from N1.12 billion recorded in H2 2020.   Similarly, the Profit After Tax, PAT closed at N1.38 billion within the period under review from N1.03 billion recorded in the corresponding period of 2020, a sign of a stronger recovery in the overall economy and the Bank’s key focus market segment after a disruptive pandemic year. A major highlight of the result is the growth in the Bank’s loan book, which saw a 22% increase to N246.90 billion within the period compared to N202.08 billion recorded in H2 2020.   The lender also sustained growth trajectory in its assets as total assets for the period rose by 11% to N547.37 billion from N492.02 billion as of December 31, 2020. Other highlights of the financial statement include a 21% jump in fee and commission income to N3.07 billion from N2.54 billion in the corresponding period of 2020; and N9.87 billion upticks in net interest incomes, representing a 9% increase from the N9.06 billion recorded in the corresponding period of 2020.   Interest and similar income also rose though recording a marginal 2% growth to close at N20.27 billion compared to the N19.79 billion recorded in half-year 2020. Earnings per share rose by 3 kobo to close at 11.82 Kobo within the period compared to 8.82 Kobo recorded in the corresponding period of 2020.   The financial report also contained the details of the three months to June

Unity Bank Commits Over N30m To Empower NYSC Members – Naijanewsdirect

  Nigerian lender, Unity Bank Plc has committed over N30 million to empower National Youth Service Corps (NYSC) members through the Bank’s flagship Youth entrepreneurship development initiative known as Unity Bank Corpreneurship Challenge. The sum includes N4 million won by beneficiaries on four separate editions across four states and N10 million won by beneficiaries across the ten states in the latest edition. The Corpreneurship Challenge, specially designed to targets corps members has produced no fewer than 48 winners across 14 NYSC camps in 13 States and the Federal Capital Territory since inception in 2019. The Director-General of the NYSC, Brig.-Gen Shuaibu Ibrahim in a recent meeting with the Managing Director of Unity Bank Plc, Mrs. Tomi Somefun commended the bank for providing financial grants to the corps members. He said the pilot project of the “Corpreneurship challenge” had created opportunities for self-employment and wealth creation and would reduce the number of unemployed graduates. “My appeal to you is to be determined, remain focused and fan into flame the training that you have acquired for your empowerment, as it would later translate to societal development,” the DG has said. “Be prudent in your spending, avoid indolence and be committed to what the Unity Bank has done for you,” he added. The initiative was piloted across four locations – Lagos, Ogun, Edo and Abuja – but has now expanded to six other locations including Akwa Ibom, Kano, Sokoto, Enugu, Sokoto and Osun. Each of the locations produce winners of business grants of N200,000 for the second runner ups; N300,000 business grant for the first runner ups and a star prize of N500,000 for the overall winners. The initiative has attracted massive interests and participation among the corps members, as over 10,000 applications have been received over the period. The contestants’ business plans which usually come from any sector such as fashion, fish

CBN Debunks Report On Planned Nationalisation of Unity Bank – Naijanewsdirect

The Central Bank of Nigeria (CBN) has denied planning to nationalise Unity Bank Plc as alleged by an online news medium. Reacting to the report, the Acting Director, Corporate Communications Department, CBN,  Osita Nwanisobi, described it as, “fake news” and should be discarded in its entirety He said: “The report is fake news. There is no iota of truth in it.” He added that the public should disregard such news. The report had claimed that the apex bank’s target examination of Unity Bank showed that the Tier 2 lender is in ”grave financial condition”, with Capital Adequacy Ratio (CAR) and Non- Performing Loans (NPL) ratio that breached prudential standards. However, analysts note that just last month, the CBN’s Monetary Policy Committee ( MPC) noted  in the communiqué it issued at the end  of its meeting that the banking industry is in good health. According to the communique: “the Capital Adequacy Ratio (CAR) and the Liquidity Ratio (LR) both remained above their prudential limits at 15.8 and 38.9 per cent, respectively. The Non-Performing Loans (NPLs) at 5.89 per cent in April 2021, showed progressive improvement compared with 6.6 per cent in April 2020.” Unity Bank’s audited FY’ 2020 results  showed improved performance  in key parameters. For instance,  the Bank’s gross loans portfolio increased by 92.9 per cent to N206.2 billion in 2020 from N106.9 billion in 2019. The bank’s total assets rose by 67.90 per cent when compared with N293.05 billion achieved in the comparative period of 2019. Also, the lender posted gross earnings of N42.71 billion compared with N44.59 billion recorded in the comparative period of 2019, reflective of its business and economic realities of the time. Its customer deposit portfolio grew by 34.4 per cent to N356.62 billion in 2020, up from N257.69 billion posted in the corresponding period of 2019. Profit after tax stood at

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