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Unity Bank Targets N8 Billion Half Year Profit

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Unity Bank is poised to post a half year profit of N8 billion. This will mark a clean break from the loss recorded in the 2009 financial year.
The bank’s fundamentals indicate strongly that by the end of 2010, the bank’s profitability will climb to over N10 billion.
Falalu Bello, the group managing director said, “Our management accounts for the second quarter of 2010 will be released in a couple of weeks and we may surprise some people. Our business strategy is working and the results are truly expected.”
Ahead of the June 30 deadline for banks’ recapitalisation, the emerging fact that the Unity Bank is currently operating profitably has swayed the position of many financial analysts, who opine that it is another plus that will attract more investors to the bank.
Credible sources suggest that capital may have been sourced through new investors, sale of non-banking assets and divestment from non-core banking businesses as well as recovering, Bello affirmed, “We have raised funds from the various initiatives that we are implementing and are continuing to do so. We are submitting all details relating to this issue to the regulators and will only make public our position as soon as we obtain necessary approvals from the Central Bank of Nigeria (CBN) as required by law.”
This is coming even as the bank’s ongoing Rights Issue, which is aimed at reducing public sector holding in the bank, is expected to raise another N24 billion, indicating that Unity Bank may well be on its way to far exceeding the subsisting 10 per cent capital adequacy ratio required by the Central Bank of Nigeria (CBN)
On the issue of the new CBN policy of scrapping universal banking licenses against the background of some banks opting for regional banking, Bello said, “We are not a regional bank and have never been. Unity Bank is a national franchise with pan-Nigeria operations. We shall remain national in our operations and outlook. This had always been our strategy and it has not changed. With 222 fully operational branches spread across the country and still counting, we are one of Nigeria’s largest banks in terms of spread and we cannot change our position as one of the nation’s leading retail banks.”
It would be recalled that following the August 14, 2009 CBN/NDIC stress examination of the banking industry, Unity Bank was adjudged to have sound corporate governance and sufficient liquidity. The CBN however mandated the bank to increase its capital in order to be able to support its current level of operations. With current developments, analysts posit that the bank is well positioned for the future, even as it continues with it Rights Issue, the acceptance list of which opened on June 4 and will close July 13, 2010, as approved by the Securities and Exchange Commission (SEC).

 


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NITDA Seeks Stronger Regulatory Collaboration for National Regulatory Sandbox

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Kashifu Inuwa, Director General of the National Information Technology Development Agency (NITDA), has called for stronger collaboration among government regulators to accelerate the establishment of Nigeria’s National Regulatory Sandbox, describing inter-agency cooperation as the cornerstone for building an innovation-friendly regulatory ecosystem.

NITDA Seeks Stronger Regulatory Collaboration for National Regulatory Sandbox

The Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, CCIE, represented by the National Coordinator of the Office for Nigerian Digital Innovation (ONDI), Mrs. Victoria Fabunmi, delivering his remarks at the National Regulatory Sandbox Governance and Implementation Planning Workshop held in Abuja.

Speaking through the National Coordinator of the Office for Nigerian Digital Innovation (ONDI), Ms. Victoria Fabunmi, at the National Regulatory Sandbox Governance and Implementation Planning Workshop in Abuja, Inuwa said the success of the initiative depends on regulators working collectively to develop a framework that promotes technological innovation while preserving regulatory integrity and public trust.

He noted that the workshop marks a significant transition from the design phase of the project to its implementation stage, where regulators are expected to jointly refine and validate the proposed governance structure before its rollout.

According to him, ONDI has spent several months laying the foundation for the initiative through extensive stakeholder consultations, ecosystem mapping, regulatory assessments and the preparation of a draft governance and implementation framework.

“The work completed so far provides a solid foundation, but the National Regulatory Sandbox can only achieve its objectives through collective ownership by all relevant regulatory institutions,” he said.

The NITDA Director General explained that the Technical Working Group was deliberately established as a collaborative platform to harness the expertise, experience and statutory mandates of participating agencies in shaping a regulatory model tailored to Nigeria’s innovation landscape.

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He said the workshop was designed to critically review the proposed governance framework, test its assumptions and incorporate practical recommendations from stakeholders to ensure that the final model is inclusive, effective and adaptable to the country’s rapidly evolving digital economy.

Inuwa observed that while government institutions have different regulatory responsibilities, those differences should be viewed as strengths that can support the development of a coordinated and flexible implementation framework capable of responding to emerging technologies.

He further stated that the engagement would also establish clear implementation pathways, strengthen institutional partnerships and identify priority actions required to operationalise the National Regulatory Sandbox.

Expressing optimism about the outcome of the deliberations, the NITDA boss said the workshop would help build a shared national vision for the initiative while creating an enabling environment where innovators can safely develop, test and scale new technologies under appropriate regulatory supervision.

He commended participants for their commitment to strengthening Nigeria’s digital innovation ecosystem and encouraged them to make meaningful contributions that would shape a practical, innovation-driven regulatory framework capable of supporting sustainable economic growth and enhancing the country’s global competitiveness.

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Speaking on the National Regulatory Sandbox journey and current worksream, Ms Ojonoka Yusufu, Implementing Partner Druve, said the initiative would provide a coordinated framework through which innovators and regulators can work together to test emerging technologies while ensuring compliance with existing laws and regulations.

She explained that the workshop was convened to build a shared understanding among participating regulators and stakeholders, develop consensus on the Sandbox’s operating model, identify implementation gaps before rollout and agree on the next steps for its successful implementation.

“We do not have anything set in stone yet. The idea is to work together to build a common understanding and ensure that all participating regulators and stakeholders are aligned on the objectives and implementation of the National Regulatory Sandbox,” she said.

Highlighting the importance of the initiative, Yusufu noted that Nigeria’s Information and Communications Technology (ICT) sector remains one of the country’s highest contributors to Gross Domestic Product (GDP), while the nation’s startup ecosystem continues to attract significant global investment.

She observed that Nigerian startups are creating jobs, attracting foreign investment and positioning the country as a leading innovation destination in Africa. According to her, the rapid expansion of startups beyond traditional sectors such as financial technology into healthcare, mobility, agriculture and other industries has made closer regulatory coordination increasingly necessary.

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Yusufu added that the National Regulatory Sandbox is backed by the Nigeria Startup Act, providing the legal foundation required to drive responsible innovation and improve the country’s regulatory environment.

She described the Sandbox as a collaborative, multi-agency innovation governance mechanism that complements, rather than replaces, existing regulatory institutions.

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Techeconomy Announces GrowthX Conference, TiLAwards for 9th Anniversary Celebration

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Techeconomy, a leading technology and digital economy publication, will celebrate its ninth anniversary with a one-day conference and awards ceremony aimed at promoting conversations on Nigeria’s digital economy and recognising excellence in innovation and technology leadership.

Techeconomy Announces GrowthX Conference, TiLAwards for 9th Anniversary Celebration

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The anniversary event, scheduled for Sept. 24 at the Civic Centre, Victoria Island, Lagos, will feature GrowthX by Techeconomy, a conference expected to bring together policymakers, regulators, industry leaders, investors and innovators to examine the future of Nigeria’s digital economy.

The event will also host the Technology Innovation and Leadership Awards (TiLAwards), which will honour organisations and individuals for outstanding contributions to innovation, leadership and digital transformation across various sectors.

According to a statement issued on Thursday by Peter Oluka, Editor of Techeconomy and organiser of the event, said, the anniversary celebration is intended to reflect on Nigeria’s technology journey over the past nine years while fostering dialogue on emerging opportunities and challenges shaping the country’s digital future.

Oluka said the event would provide a platform for stakeholders from the public and private sectors to exchange ideas on technology, innovation, entrepreneurship, digital policy and economic growth.

He added that the conference would feature keynote presentations, panel discussions and networking sessions involving industry experts, government officials, business executives and technology entrepreneurs.

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According to him, the TiLAwards will recognise outstanding organisations and individuals whose innovations and leadership have significantly contributed to the growth of Nigeria’s technology and business ecosystem.

As part of activities marking the anniversary, Techeconomy has invited media organisations to partner with the event through news coverage, publicity and participation.

The publication also expressed appreciation to members of the media and industry stakeholders for their support over the past nine years, describing their collaboration as instrumental to its growth and continued coverage of Nigeria’s technology, business and digital economy.

The organisers said details of the conference programme, speakers and partnership opportunities would be unveiled ahead of the event.

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ITUC-Africa Faults FG’s Plans to Remove Electricity Subsidy

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International Trade Union Confederation, (ITUC-Africa), representing trade unions from countries in Africa, has called on Nigeria and other African governments to ensure that industrialisation translates into improved living standards for workers and ordinary citizens.

ITUC-Africa Faults FG’s Plans to Remove Electricity Subsidy

According to ITUC-Africa, economic growth must lift Nigerians and other Africans out of poverty rather than deepen inequality, frowning at Nigeria’s government plans to remove subsidy on electricity.

Delivering his opening remarks at the New Energy for Africa 11 Convening: African Workers’ Contributions to Energy Sovereignty, Green Industrialization, and a  Common African for COP31, Akhator Joel Odigie, general secretary of ITUC-Africa, said, industrialisation remains central to Nigeria and Africa’s liberation and development agenda but warned that it would be meaningless if it failed to improve the welfare of the continent’s people.

He faulted the plans by the Nigerian government to remove so-called subsidy on electricity in 2027, arguing that it is aimed at satisfying the Bretton Woods institutions such as the International Monetary Fund, IMF, and the World Bank.

According to him, such removal would worsen the poverty rate in Nigeria and regress any marginal progress towards industrialisation. Subsidy removal will make electricity inaccessible to workers and the majority of the citizens.

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He said, “As we speak now, Nigeria is talking of subsidy removal on electricity. The plan is not to satisfy or help Nigerians, but IMF, World Bank and other donor countries. The talk that subsidy is bad economics is a lie. All developed economies depended on public sector-driven electricity and not private sector.

“For us as Africans, industrialisation is central to our liberation and development. It is part of our aspiration to define our own identity and achieve shared prosperity through an industrialised Africa. Unfortunately, that vision has yet to be realised.

“We have also come to understand that lamenting our circumstances is not enough. Identifying the barriers to Africa’s development or pointing fingers at those who may be responsible does not move us forward. The more important question is: What next? What solutions can we pursue together?

“It is from that perspective that we confront the reality that more than 600 million Africans still lack access to electricity, while privatisation continues to deny many people affordable access to energy. This compels us to ask: What can we do differently?”

According to him, organised labour believes industrialisation can be achieved without worsening the climate crisis if governments, workers and development partners commit to energy justice.

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Odigie noted that “When we speak about sustainable industrialisation, we are asking how Africa can industrialise without increasing environmental degradation or worsening the climate challenges our people already experience every day.

“We know this is possible. But it will require negotiation, compromise and genuine partnerships. It demands serious discussions on technology transfer, skills development and financing.”

He stressed that developing technical skills and mobilising investment for energy infrastructure are essential if Africa is to industrialise sustainably, saying “These are not impossible skills to acquire. With the right investment and commitment, Africa can build them. Equally important is access to finance and the resources needed to develop the infrastructure that will support sustainable industrialisation.

“An industrialised Africa has little meaning if it does not improve the lives of our people. Our vision is an Africa where prosperity is shared.

“We must reverse the growing phenomenon of the working poor. We must end the situation where women, children and older persons bear the greatest burden whenever governments attempt to balance national budgets.

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“What does prosperity mean if ordinary people cannot enjoy a decent quality of life? A worker who returns home after a long day’s work should be able to switch on a fan during hot weather, watch television, listen to the news and spend meaningful time with family because electricity is available, reliable and affordable.

“If our people cannot enjoy these basic necessities, then what kind of prosperity are we really talking about?

“Energy justice means energy that is accessible, affordable and capable of improving people’s lives.”

Odigie also renewed ITUC-Africa’s campaign for stronger public participation in Africa’s energy sector, citing Finland as an example of how governments can ensure affordable electricity while working with private investors.

“Recently, we visited Finland, where we observed a successful model that combines public and private participation, with strong public leadership. Energy there is affordable. In fact, electricity costs less in Finland than it does here in Nairobi.

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“Our hosts explained that this is possible because the state retains an important role in the energy sector, including the ability to influence pricing to ensure affordability for everyone.”

Ahead of the COP31 climate negotiations, he called for closer collaboration between organised labour and the African Group of Negotiators (AGN), saying trade unions are partners in governance rather than adversaries.

“Trade unions are not antagonistic to governments, even though we are sometimes misunderstood.

“Our responsibility is to strengthen accountability and help governments perform better because, from time to time, leaders can become too comfortable.”

Using a metaphor that drew applause from participants, Odigie likened the role of trade unions to keeping leaders “close to the fire.”

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“Our responsibility is to keep the feet of our leaders close to the fire so that their heads do not become too cold. We want them to continue thinking clearly, making sound decisions and remaining connected to the realities faced by ordinary people.

“That is why we are not in opposition. We are not enemies.”

He said organised labour’s partnership with the AGN is intended to ensure African governments enter international climate negotiations with the full backing of workers across the continent.

Speaking, Dr Nana Amoah, chair of the African Group of Negotiators, AGN, said Africa’s energy transition presents both an urgent challenge and a historic opportunity, lamenting that “More than 600 million Africans still lack access to electricity, even though our continent possesses exceptional solar, wind, hydro and geothermal resources. Yet Africa continues to receive only a very small share of global clean-energy investment.”

Represented by Dr George Manful, AGN Senior Advisor,  Amoah, said: “This imbalance must be corrected if the transition is to support Africa’s development rather than reproduce existing patterns of dependence, extraction and inequality.

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“For the African Group of Negotiators, a just transition cannot be measured solely by installed megawatts, emissions reductions or new electricity connections. It must also be measured by the quality of jobs created, affordability of energy, protection of workers, participation of women and young people, development of local industries, and the capacity of African countries to retain value from their natural resources.

“Initiatives such as Mission 300 must therefore go beyond expanding access. They must strengthen public institutions, mobilise affordable and debt-sensitive finance, support local manufacturing and skills development, and guarantee that no worker, community or vulnerable group is left behind.

“Africa’s critical minerals must similarly become a foundation for green industrialisation—not another chapter of raw-material extraction. Our policies must promote local processing, technology transfer, decent work, environmental integrity and equitable participation in global value chains.”

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