The recent bow out of the Chairman of Unity Bank Plc, Mr Thomas Etuh was to make way for new investors in the bank.This information came to light at the last annual general meeting(AGM)of the bank which held in Lagos.
According to Etuh,he and other members of board and management of Unity Bank Plc were working hard to ensure that new investors are attracted to the bank to boost its financial capacities to compete more effectively in the nation’s banking sector.
The position of the ex-chairman was backed by most of the shareholders who cheered him and felt remorse that that AGM was the last he would be steering the affairs of the bank as chairman,even as they expressed their support for new investors to come in to improve the position of the bank in the industry.
Shareholders like Mukhtar Mukhtar,Boniface Okezie,William Adebayo and others harped on the need for the bank to implement the approvals it got from the shareholders months ago to raise funds in order to better serve all of its stakeholders,even as they urge the board to ensure that the value of the shares held by the current shareholders are not eroded.
Some of the shareholders praised the bank for making a profit despite the difficult economic situation being faced by all and sundry,saying however that the bank should strive going forward to ensure that dividends are paid to the shareholders.
The Managing Director,Tomi Somefun in her speech at the event said that the bank has been improving its franchise in the market place,disclosing that its focus is to be nimble and be able to capture the youths via new technologies.
She promised that its aims are to clean up its books by wiping off the legacy debts and build a stronger brand in the market place.According to her that was why new investors are needed to access the needed funds to execute its strategies.The bank made a profit before tax of N1.8billion ,a return on assets of 0.5% and a return on equity of 2.6% in 2016