UNITY BANK MD FINALLY FORCED TO RESIGN

The Board of Directors of Unity Bank is repositioning the lender even as its Managing Director Henry James Semenitari resigned on Friday.
This is after a successful recapitalisation and re-branding that evolved the bank into a profitable and customer-focused financial services company.
Sources said that Semenitari would be replaced by “someone from within who meets all the central bank of Nigeria (CBN) requirements”.
“The board made a pre-emptive move based on the future direction of the company after a successful stint as MD by Semenitari with strong support of the board and executive management,” the source said.
With an average professional banking experience of 24 years each, led by Thomas Etuh (Chairman) and Aminu Babangida (Vice Chairman), the bank’s board has a combined 120 years of experience with highly talented, leadership to drive growth and continued improvement in services to customers while upholding the principle of responsible banking practices.
Furthermore, none of the banking regulatory institutions in the country – Central Bank of Nigeria (CBN), NDIC or Securities Exchange Commission (SEC)—has raised any concern over happenings in Unity Bank.
The NDIC 2014 yearly report recently released gave the bank a clean bill of health.
Unity Bank concluded a right issues and private placement of N39.224 billion last year, which was largely oversubscribed.
The lender reported that net income rose 11 per cent to N8.23 billion in the half year 2015 period, despite the tight money and tough macro environment.
Lenders are struggling with a 40 percent slump in oil prices in the past year and the depreciation of the currency by the Central Bank of Nigeria (CBN).
The Central Bank also decided to set a unified cash reserve ratio for public- and private-sector funds at 31 per cent to improve the transmission of monetary policy. Some banks say this has reduced their ability to earn interest income by making loans as funds sterilised by the CBN sit idle.
Unity Banks fee and commission income increased by 23 per cent to N4.66 billion to offset the dip in interest income this year from the earlier period.
Total assets increased by 4 percent to N429.6 billion, while cash and cash equivalents stood at N23.46 billion as at June 30, this year.
Unity Bank Plc came into existence from one of the largest mergers in Nigeria’s banking history.
The bank has developed competences in investment, corporate and retail banking, since commencing operations in January 2006 following the merger of nine financial institutions.
It is now one of the leading retail banks in Nigeria with 256 business offices and cash centres spread across the 36 states of the federation.
Sources also say the Unity Bank board has employed the services of audit and consulting firm Price Waterhouse Coopers (PwC) to improve processes and strategies in the banks SME, Agriculture and rural development sectors.