Business
Unity Bank Posts N33.9bn Gross Earnings in Nine Months, Grows Assets Base by 44%
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Unity Bank Plc has declared gross earnings of N33.906 billion for the nine months’ period ended September 30, 2020 and also recorded a 44% asset growth during the period.
A review of the unaudited results released to the Nigerian Stock Exchange showed that the gross earnings of N33.906 billion represents an 8 per cent growth from N31.256 billion recorded in the same period in 2019.
The lender’s total assets rose significantly to N420.870 billion in the nine-month period ended September 30, 2020, from N293.052 billion in the corresponding period of 2019, representing a whopping 44% growth.
This is even as the Bank grew its bottom-line by 6% as Profit Before Tax, PBT moved up to close at N1.710 billion from N1.611 billion in 2019.
Profit After Tax, PAT equally grew by 6% to N1.573 billion compared to the N1.482 billion recorded in the same period in 2019.
Specifically, in the Q3, the lender declared a N590 million Profit Before Tax, PBT, representing another 6% increase from the N559.381 million recorded in the corresponding quarter of 2019.
This performance comes on the heels of the unmitigated impact of the global pandemic on the economy, which lingered throughout the quarter with its attendant headwinds that slowed down economic activities.
The lender also substantially grew its customers’ deposit portfolio to N332.362 billion from N257.691 billion for the same period in 2019, creating a 29 per cent increase, affirming the confidence reposed by its wide spectrum of the banking public. The lender, it was gathered, rolled out massive customer-centric products to the public especially in the retail space which accelerated the banking patronage during the period.
Commenting on the result, Unity Bank’s Managing Director/Chief Executive Officer, Mrs. Tomi Somefun welcomed the steady growth of the balance sheet especially from both assets and liability side of the business and across key performance indices.
She said that this has had sustained impact on the bottom-line, even as the Bank continues to innovate in its e-business product bouquet to target and support value chain business with robust technology and thus diversify its earnings base’’.
Looking ahead, Mrs. Somefun stated that “One of the areas that will define our strategic direction going forward is investment in alternative channels leveraging further deployment of resources in technology. COVID-19 gave us a chance to test the integrity and scalability of our technology, the IT infrastructure, and the electronic banking channels, and provided us an opportunity to see where we needed to improve and strengthen, knowing that the future of sustainable banking business is in alternative channels”.
The results can also be attributable to the Bank’s growing brand profile and leadership in agribusiness, especially having provided loans and financing to over one million smallholder farmers especially those in primary production and other value chain businesses in the agricultural sector.
During the period under review, the Bank enhanced and deepened its collaboration and partnership with major commodity associations including the Rice Farmers Association of Nigeria (RIFAN), Maize Farmers Association of Nigeria and the National Cotton Association of Nigeria (NACOTAN) to finance over 400 smallholder farmers’ crop production with its overall strategic intent of fostering food security, employment generation and aggregate economic welfare of citizens across the value chains.
The Bank also worked with processors and members of Millers’ Association of Nigeria to provide working capital through the CBN’s various intervention funds, while providing credit facilities to large number of input suppliers and vendors through the Anchor Borrower’s Programme.
In recognition of the above, Mrs Somefun added that the Bank will continue to focus on agriculture, while deepening business in various new markets that have been developed alongside to pull more resources and enhance multiple streams of income.
In the view of analysts, the consistent upward trajectory in the performance of the Bank as shown in Q1, H1 and Q3, 2020 results continue to reinforce growing market confidence as well as demonstrates the commitment and drive of the management to enhance shareholder’s value.
Business
Access Sets New Benchmark for Nigeria’s Finance Talent Pipeline
New data from CFA Society Nigeria is reshaping how the country’s financial sector thinks about talent development, with Access emerging as the single largest source of CFA candidates in Nigeria, a distinction industry watchers say signals a deeper shift in how leading institutions are building investment expertise from within.
In its Where Nigeria’s Finance Professionals Work series, published in a national daily, CFA Society Nigeria placed Access first among employers of CFA candidates nationwide, with 82 candidates enrolled in the programme, more than double the 38 recorded at the next-placed institution and well ahead of every other bank or financial services firm on the list.
Access also ranked second among employers of CFA charterholders, with 11 professionals who have completed all three levels of the Programme and met its experience and ethics requirements.
For an industry that has long measured itself by balance sheet size and branch count, the rankings point to a different kind of competition: one over who is building the deepest bench of certified, globally credentialed talent. CFA Society Nigeria compiled the data from its Salesforce Membership Database as at June 2026, and described the exercise as a way of recognising employers whose people “bring rigour, integrity and global best practices into the workplace every day.”
Analysts following the sector say the outcome is notable less for the ranking itself than for what it suggests about talent strategy across Africa’s financial services industry. A single institution developing more aspiring charterholders than the rest of the market combined raises the floor for professional standards nationally, not just within one balance sheet. Every candidate who advances through the CFA Programme adds to a shared pool of ethics-trained, analytically rigorous professionals that Nigeria’s capital markets, pension funds and asset managers all eventually draw from.
Access Holdings Group Chief Executive Officer, Innocent C. Ike, commenting on the rankings, framed the achievement in terms of institution-building rather than recruitment: “Every candidate on that list represents our commitment to building institutions and professionals that endure.” The remark echoes a broader thesis increasingly voiced by market observers, that talent depth, not scale alone, is what will determine which African financial institutions earn lasting global credibility.
That distinction sits at the centre of Access’s stated ambition to become the World’s Most Respected African Financial Services Group. If the CFA numbers are any indication, the Group’s route to that goal runs less through square metres of branch network and more through the calibre of the people sitting inside it, a bet that Nigeria’s finance professionals, and the institutions that will one day hire them, are already placing alongside Access.
Business
UBA Partners Mikano to Launch Auto Financing Scheme
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has partnered Mikano Motors to launch an auto financing scheme, themed: ‘Drive Your Dream Today’, specifically designed to ease the purchase of new vehicles by making them more accessible to Nigerians. The flexible Financing solutions Initiative, requires customers to make an initial payment of just 30 percent while the Bank finances the remaining 70 percent.
Unveiled at the Mikano Motors showroom in Victoria Island, Lagos, the scheme allows eligible customers to repay the financed amount in instalments over a period of 36 months at an interest rate of 23 percent.
The financing is available to a broad range of customers, including individuals who are not on a salaried income, providing entrepreneurs, and other eligible Nigerians with a structured pathway to vehicle ownership.
The process begins with a simple eligibility check. Interested customers can visit their nearest UBA branch or email consumerlending@ubagroup.com to confirm their eligibility. Once approved, customers can proceed to Mikano Motors to obtain a proforma invoice for their preferred vehicle and continue with the financing process.
Speaking at the launch, UBA’s Group Executive Director, designate, Personal and Business Banking, Chidi Okpala, said the partnership reflects the Bank’s commitment to making everyday aspirations more attainable while promoting a stronger credit culture and advancing financial inclusion.
“Owning a car should not be out of reach for hardworking Nigerians, and this partnership makes it far more achievable,” Okpala said. “A customer puts down 30 percent, we finance the rest, and they pay us back comfortably over a three years period. By removing the single biggest barrier to vehicle ownership where a customer just commits with an upfront cost, we are showing what customer-first banking looks like in practice, which is making their lives easier, by meeting our customers where they are and helping them get where they want to be.”
Also speaking, UBA’s Group Head, Consumer Lending, Frank Okoh, said the scheme was designed to make vehicle financing straightforward and accessible to both salaried and self-employed customers.
“We have kept the entry simple and the terms clear, whether you earn a salary or run your own business,” Okoh said. “A short eligibility check at any branch or by email is all it takes to begin, and our team guides the customer through every step to the moment they collect their keys.”
For Mikano Motors, the partnership provides an opportunity to extend its vehicle ownership proposition to a wider pool of Nigerians
The company’s General Manager, Tarek Mostafa, said the collaboration aligns with Mikano Motors’ vision of providing customers with a high-end ownership experience supported by reliable after-sales services.
“Mikano Motors was established to give Nigerians a high-end ownership experience, from the showroom to years down the road,” Mostafa said. “The backbone of any automotive business is not just the sale, but the after-sales service that follows. Every vehicle we sell is backed by genuine spare parts, reliable maintenance and quality service available anywhere in the country. Wherever you are we would come meet you at no extra cost”
“Partnering with UBA lets more customers enjoy that experience, and we are proud to build lasting relationships alongside a bank that shares our commitment to service,” he added.
Established in 2018 under Mikano International, Mikano Motors builds on more than 35 years of the group’s presence in Nigeria. The company offers a diversified portfolio of vehicles supported by nationwide sales and after-sales services.
The partnership further strengthens UBA’s consumer lending proposition, providing customers with structured financing solutions designed around accessibility, affordability and convenience. Through partnerships such as this, the Bank continues to expand access to credit while helping customers meet significant personal and lifestyle needs with ease.
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.
Business
Access Bank Issues Disclaimer, Says Shutdown Notice False, Misleading
Access Bank Plc has said that a social media post announcing a shutdown of the bank’s operations, is false and misleading.
In a statement signed by the bank’s management, and made available to the media, the Bank insisted that the notice is the handiwork of mischief makers, who impersonated the bank’s official handle.
It advised members of the public to disregard the notice, and pay attention only to verified information from the verified accounts of the bank.
Below is the full statement:
“A message impersonating Access Bank’s official handle is currently circulating on social media and WhatsApp. It is false and misleading.
“We wish to reassure our customers, partners, stakeholders, and the public that Access Bank is safe, financially strong, and fully operational across all our subsidiaries. Our services continue to run seamlessly, and we remain committed to serving our customers with the highest standards of excellence.
“We are working closely with the relevant regulatory and law enforcement authorities to identify those responsible for creating and spreading this false information to cause panic and business disruption. Appropriate legal action will be taken in accordance with applicable laws and regulations.
“We also remind members of the public that creating, publishing, and disseminating false information capable of causing public alarm, damaging reputations, or undermining confidence in institutions constitutes an offence under Section 24 of the Cybercrimes (Prohibition, Prevention, etc.) (Amendment) Act, 2024.
“If you receive a false and misleading message, please do not share or forward it. Instead, disregard it and rely only on information communicated through Access Bank’s official and verified channels.
“We thank our customers, partners, and stakeholders for their continued trust and confidence in Access Bank.”






