E-Financial
Unity Bank Grows Gross Earnings to N57Billion in 2022FY, Builds Momentum as Profit Grows by 21% in Q1/2023
Unity Bank Plc, Nigeria’s retail lender has posted a Profit Before Tax of N1.1 billion for its full-year results that ended Dec 2022, even as its gross earnings rose by 13.1% to N57 billion from N50.2 billion in the corresponding period of 2021.
The Bank in its audited full-year financial statement submitted to the Nigeria Exchange Group Limited recorded growth in key performance indicators as reflected in the interest income, loans and advances to customers, customer deposits, and profits.
A major highlight of the financial year is the growth in total comprehensive income, which rose by 262.1% to N1.2 billion from N744 million in the corresponding period of 2021. The Bank grew Profit Before Tax (PBT) by N1.1 billion, while Profit After Tax stood at N941.4 million.
With the loan book sustaining an expansion by 7.5% to N289.4 billion from N269.3 billion within the period under review, the interest and similar income consequently witnessed significant growth rising 7.5% to close at N48.9 billion compared to N43.2 billion in the corresponding period of 2021.
Similarly, income from fees and commissions recorded significant growth, rising by 25.7% to N7.68 billion from N6.1 billion within the period under review.
More so, deposits from customers saw marginal growth, increasing by 1.6% to N327.4 billion from N322.2 billion in the corresponding period of 2021 as the Bank pushes for deeper penetration of its retail footprint with the rollout of products targeting different segments of the market.
Meanwhile, the Bank also released its unaudited financials for Q1, 2023, in which it sustained improved performance, posting a 21% growth in Profit After Tax, PAT to N1.04 billion from N869.2 million in the corresponding period of 2022. Its gross earnings for the quarter also rose by 17% to N15.9 billion compared to N13.6 billion in the corresponding period of 2022.
Commenting on the financial statements, Mrs. Tomi Somefun, Managing Director/CEO of Unity Bank Plc, noted that the Bank’s focus on building back momentum continues to reflect in the key performance indicators despite economic headwinds and volatilities that characterized the operating environment in the 2022 financial year.
“There are highs and lows as we look at the gross earnings, with 13.7% growth, increase in liquid assets by 7.5% and deposits recording moderate growth of 1.6%, while maintaining steady growth in profitability”, she stated.
“Overall, the financial statement thus threw up both strong and less optimal points which inform the outlook for our business”, she further stated.
She reassures that going into the new financial year, the Bank will remain laser-focused on our strategic choices and key growth drivers to push all the indices and elevate growth to double-digit territory.
“The performance posted for Q1’23 in terms of the PBT, gross earnings, and other key indicators are strong reinforcement of adequate measures being adopted and a testament of our resolve to sustain and equally improve upon the fundamental initiatives adopted to strengthen growth throughout the course of the financial year”, Mrs. Somefun stated.
She further said: “Since late 2022, the Bank has begun significant investment in technology and innovation in line with its strategic pursuits to win in the retail space with our focus on digital and lifestyle banking, dynamic product development, and accelerated onboarding.
“As part of our transformation journey, we will double down on these investments in the coming months in order to achieve our aspirations of (1) significantly reducing customer pain points and simplifying customer experience; (2) increasing the rate of customer acquisition; (3) expanding the frontiers of partnerships; and (4) ultimately developing new and sustainable income lines for the Bank.”
According to her, the Bank will further give attention to fast-paced process automation, cost and resource efficiency, targeted value chain relationships, and brand visibility as it expands the range of products and services to meet the evolving needs of its esteemed customers.
Analysts are of the view that the growing retail footprint driving the repositioning strategy of the Bank aligns with the market expectations, which is also reflected in the increasing uptake of the Bank’s offering.
Mastercard and TeamApt Ltd., a subsidiary of Moniepoint Inc. and a provider of financial infrastructure and payment solutions, have entered a strategic collaboration to strengthen digital payment capabilities for businesses and financial institutions across Africa.
As part of this collaboration, TeamApt will operate directly on Mastercard’s global payments network as a non-bank acquirer, enhancing its ability to onboard credible and licensed entities to deliver seamless payment acceptance, transaction processing and acquiring services. This will further expand its card acceptance infrastructure, allowing more merchants to accept Mastercard payments across in-store, online and mobile channels.
The collaboration integrates TeamApt’s switching infrastructure with Mastercard’s network to facilitate secure, high-volume transactions across online and in-store channels. With Nigeria being home to more than 40 million micro, small, and medium-sized enterprises (MSMEs), and small businesses identifying digital solutions as vital to scaling, according to Mastercard’s 2026 SME Confidence Index, expanding payment acceptance remains an important opportunity for growth.
By combining TeamApt’s deep local market expertise with Mastercard’s global scale, businesses and individuals will benefit from more reliable transactions, stronger security and faster, safer and more accessible digital payment experiences.
“Expanding digital payment acceptance is one of the fastest ways to support small businesses across Africa to compete, grow, and reach more customers. By working with TeamApt, we are equipping MSMEs and informal sector businesses in Nigeria with robust, secure infrastructure to seamlessly process transactions across multiple channels. This collaboration brings more businesses into the digital economy, unlocking vital new opportunities for growth, credit access, and cross-border trade,” said Folasade Femi-Lawal, country manager, West Africa at Mastercard
“This collaboration with Mastercard represents an important step forward in our commitment to removing barriers within the payments ecosystem. For years, TeamApt has focused on building infrastructure that helps financial institutions and businesses grow with confidence. By working closely with Mastercard, we are extending those capabilities, enabling businesses to accept payments more seamlessly and giving users the freedom to transact securely both locally and internationally,” said Dennis Ajalie, Chief Executive Officer of TeamApt.
The collaboration also delivers international value, enabling Mastercard cards supported by TeamApt’s infrastructure to be used across millions of merchant locations worldwide. Customers gain the convenience of secure global payments, while merchants can more easily serve both local and international customers.
A Central Bank of Nigeria (CBN)-licensed switching and processing company, TeamApt has, for over a decade, built and operated critical financial infrastructure that powers banks, fintechs and other institutions. The company’s technology supports secure and reliable transaction processing across multiple payment channels, enabling businesses and consumers to participate more easily in the digital economy.
This collaboration further underscores the strength of Moniepoint’s ecosystem. With operations and agent coverage across all 774 local government areas in Nigeria, Moniepoint has established one of the nation’s most extensive financial services networks, positioning the group to drive meaningful scale and adoption of digital payment solutions.
Securities and Exchange Commission (SEC) has directed capital market operators to immediately freeze the assets of six individuals and three entities designated as terrorism financiers by the Nigeria Sanctions Committee.
The directive was contained in a circular signed by the SEC management on June 26, 2026, and published on the commission’s website on Wednesday.
The SEC said the Nigeria Sanctions Committee designated the individuals and entities under the Terrorism Prevention and Prohibition Act (TPPA), 2022, and subsequently added them to the Nigeria Sanctions List.
The designated individuals are Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu and Yakubu Ogirima Ibrahim.
The three entities are Nine to Nine BDC Ltd, Generation Currency BDC Ltd and Abbal Bako & Sons Bureau de Change.
The commission directed all capital market-regulated entities to immediately identify and freeze, without prior notice, all funds, assets and other economic resources belonging to the designated individuals and entities.
“Immediately, identify and freeze, without prior notice, all funds, assets, and any other economic resources in their possession, belonging to the designated individuals and entities and report same to the Secretariat of the Nigeria Sanctions Committee,” the commission said.
The SEC also directed operators to report all frozen assets and other actions taken in compliance with the sanctions, including attempted transactions involving the designated individuals and entities.
The commission further instructed capital market operators to file suspicious transaction reports with the Nigerian Financial Intelligence Unit (NFIU) for analysis.
Operators were specifically directed to report “all cases of name matching in financial transactions prior to or after receipt of this Sanctions List” as suspicious transaction reports to the NFIU.
The commission prohibited capital market operators from dealing with the designated individuals and entities and ordered them to maintain continuous monitoring of transactions involving them.
“Take Note that at all times, any unusual or suspicious transactions MUST be promptly reported to the Nigerian Financial Intelligence Unit (NFIU),” the SEC said.
The directive takes immediate effect.
The commission warned that failure to comply with the directive would constitute a violation of the Investments and Securities Act, 2025, as well as its Anti-Money Laundering and Countering the Financing of Terrorism Rules and Regulations.
“Such violation would attract appropriate regulatory sanctions, including fines, suspension of operations, or revocation of registration,” the SEC said.
The commission said Hammajam was listed on June 18 for alleged involvement in terrorism financing and support for the Islamic State West Africa Province (ISWAP).
It said Usman was designated for allegedly providing material support to a designated terrorist organisation through repeated financial transactions, while Ibrahim was listed over alleged involvement in terrorism financing and membership of ISWAP.
According to the SEC, Chiroma was allegedly involved in terrorism financing through the use of bureau de change and related corporate entities to facilitate the movement of funds linked to terrorist activities.
The commission said Adamu was listed on June 15 for allegedly providing financial support and facilitating transactions linked to the financing network of the ISWAP Okene cell.
Ogirima Ibrahim, according to the SEC, was listed on June 18 for allegedly providing material and financial support to the ISWAP Kogi cell.
The three bureau de change companies were also listed on June 15 over their alleged involvement in facilitating or channelling funds connected to the ISWAP Okene financing network.
The SEC said the directive formed part of broader measures by Nigerian and international authorities to disrupt suspected terrorism-financing networks.
On June 23, the United States announced sanctions against three individuals and six entities allegedly linked to Islamic State financing, including three bureau de change operators.
Two days later, the Central Bank of Nigeria also directed banks to freeze accounts belonging to customers linked to terrorism financing.
The latest SEC directive reinforces the regulatory focus on preventing Nigeria’s capital market and financial system from being exploited to finance terrorism and other illicit activities.
Securities and Exchange Commission (SEC) has issued an urgent directive requiring all capital market-regulated entities (CMREs) to immediately subscribe to Nigeria’s Sanctions (NigSac) Alerts system.
Effective immediately, failure to comply with this, or other AML/CFT regulations, may result in severe fines, suspension of operations, or revocation of registration.
This follows fresh designations by both local and international authorities of individuals and Bureau de Change operators for alleged direct involvement in terrorism financing and material support to the Islamic State West Africa Province (ISWAP).
The directive, according to three circulars issued by the apex capital market regulator, requires a mandatory compliance measure with threats of fines, operational suspension, or outright registration revocation for non-compliance.
The directive, pursuant to the implementation of Financial Action Task Force (FATF) statements on high-risk jurisdictions, signals an escalation in Nigeria’s anti-money laundering and counter-terrorism financing regime.
The SEC’s broader circular implementing FATF high-risk jurisdiction statements reflects Nigeria’s heightened exposure to international scrutiny. SEC, in line with directives from Central Bank of Nigeria (CBN), now requires CMREs to terminate all correspondent banking relationships with listed high-risk jurisdictions, business entities and individuals.
“In line with the provisions of the Terrorism Prevention and Prohibition Act (TPPA), 2022, the Nigeria Sanctions Committee (NSC) has designated six (6) Individuals and three (3) Entities as terrorist financiers and subsequently added them to the Nigeria Sanctions List,” SEC stated in circular to all market operators.
The circular mandated all capital market regulated entities and individuals to do the following:
“Immediately, identify and freeze, without prior notice, all funds, assets, and any other economic resources belonging to the designated persons and entities in their possession and report same to the Secretariat of the Nigeria Sanctions Committee;
“Report to the Secretariat of the Nigeria Sanctions Committee any assets frozen or actions taken in compliance with the designation, including attempted transactions;
“Immediately file a suspicious transactions report to the Nigerian Financial Intelligence Unit (NFIU) for further analysis on the financial activities;
“Report as a suspicious transactions report to the NFIU, all cases of name matching in financial transactions prior to or after receipt of this Sanctions List;
“Subsequently prohibit dealings with the designated persons and entities; and continue to check for transactions relating to the designated persons and entities and report findings to the Nigeria Sanctions Committee through [email protected]”, SEC stated.
“Take Note that at all times, any unusual or suspicious transactions shall be promptly reported to the NFIU,” SEC warned.
According to the capital market apex regulator, the circular takes immediate effect and failure to comply with the directives constitutes a violation of the Investments and Securities Act, 2025, and the SEC AML/CFT Rules and Regulations and such failure would attract appropriate regulatory sanctions, including fines, suspension of operations, or revocation of registration.
The directive implies that capital market operators should immediately audit their AML/CFT technology stacks to ensure NigSac Alerts subscription and automated flagging capability.
CMREs are required to file suspicious transactions reports with the Nigerian Financial Intelligence Unit (NFIU) for any name matching with designated individuals and entities, whether such matches occur pre- or post-transaction.
The obligation extends to reporting all funds frozen and actions taken in compliance with designations to the NSC Secretariat via [email protected].
The designations also create secondary compliance obligations: CMREs must now maintain watchlists that incorporate designations from both the NSC and US Treasury, as regulatory expectations implicitly track international sanctions coordination.
For institutional investors and fund managers, this translates to enhanced due diligence on counterparty relationships, particularly where transactions flow through informal financial infrastructure or jurisdictions flagged under FATF increased monitoring status.
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