Tuesday, May 18, 2021

Unity Bank Plc appoints two new executive directors, explains delay in 2017 earnings report

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This is to formally notify shareholders of Unity Bank Plc and other stakeholders of the Bank that, in line with the resolution of the Board of Unity Bank Plc, the Central Bank of Nigeria (CBN) has approved the appointment of Mr. Usman Abdulqadir and Mr. Ebenezer A. Kolawole as Executive Directors on the Board of Unity Bank Plc.

Usman Abdulqadir
Usman Abdulqadir graduated with Second Class Upper Division in Accounting from Bayero University in 1994. He obtained MA in Islamic Finance from Durham University, United Kingdom in 2013. Usman started his career with FSB International Bank as a Relationship Manager in March 1996. He left in February 2003 to Reliance Bank as a Business Development Manager.

He joined the Central Bank of Nigeria in September 2003 where he rose to the position of Principal Bank Examiner, Offsite Supervision. Usman left the Apex Bank in February 2016 to join Sun Trust Bank Nigeria Ltd as an Executive Director where he set up the Enterprise Risk Management Directorate of the Bank and led the opening of foreign correspondent banking accounts. He served as the MD/COO of FMDQ Clear Ltd and Divisional Head, Post-Trade Services FMDQ OTC from August 2017 until his recent appointment with the Bank.

Ebenezer Kolawole
Ebenezer Kolawole studied B.Sc Accounting from Obafemi Awolowo University, Ile-Ife and graduated with First Class Honours in 1991. He is also a Fellow of the Institute of Chartered Accountants of Nigeria (FCA). Ebenezer started his career with a manufacturing company named Standard International Dec Ltd in 1993 where he served as Chief Accountant. In 1994 he joined EcoBank Nigeria Plc as a Banking Executive in Banking Operations and rose to the position of a Deputy Financial Controller of the Bank.

Ebenezer joined Standard Trust Bank Plc in April 1999 where he rose to the position of Group Head, Compliance / Regulatory Risk Management of the Bank until the merger of STB with UBA Plc in August 2005. While in UBA Plc, he functioned as Chief Financial Officer-UBA Nigeria/ Regulatory External Reporting; Group Head, Financial Reporting and Group Financial Controller until he left the Bank in 2011. He later joined Mainstreet Bank Ltd from November 2011 to January 2015 as Group Chief Financial Officer. He left the Bank on General Manager Grade and joined Glo Communication as Head of Finance.

Mr. Kolawole assumed duty with Unity Bank Plc in September, 2015 as Chief Financial Officer. He has spearheaded a lot of transformation and has displayed exceptional analytical competencies in finance, strategies, operations and performance management.

Meanwhile the Tier-two lender, Unity Bank Plc, has explained why it could not release its audited 2017 financial statements before deadline last month.

Companies listed on the Nigerian Stock Exchange (NSE) were expected to file their 2017 earnings on or before March 31, 2018.

However, some firms did not meet up with the deadline, including Unity Bank, which has been in the news lately as a result of botched $1 billion investment deal with a private equity firm based in New York, USA, Milost Global.

Unity Bank, in a statement issued by its scribed, Mr Mohammed Shehu, explained that the delay was caused by the Central Bank of Nigeria (CBN).

The bank disclosed that its financial documents had been forwarded to the central bank for approval and were yet to be returned for filing on the NSE.

“This is to inform the NSE, our esteemed shareholders and other stakeholders that Unity Bank Plc was unable to release its 2017 Audited Financial Statements (AFS) for the year ended December 31, 2017 by March 31, 2018 as required by the NSE Rules.

“The AFS has been forwarded to the CBN for review and will be filed with the NSE upon the conclusion of the CBN’s review.

“We have sought the approval of the NSE and the Securities and Exchange Commission (SEC) for a delayed release. We are optimistic that the accounts will be ready for release to the NSE and the general public as soon as the approved AFS is received from the CBN,” the statement said.

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