E-Financial
Unity Bank Posts N36.18B Gross Earnings in Nine Months; Records 23% Growth in Profit
Unity Bank Plc has declared gross earnings of N36.18Billion for the nine-month period ended September 30, 2021, and a 23% growth of PAT totalling N1.94Billion for the same period.
A review of the unaudited results for the 3rd Quarter of 2021 released to the Nigerian Exchange Group Limited showed that the Bank’s gross earnings of N36.18Billion represents a moderate 7% growth from N33.9 Billion recorded in the same period in 2020.
Also, with the strong performance recorded during the period under review buoyed by a 31% growth in its loan book to N265.32Billion from N202.08Billion recorded in 2020, the lender also grew its asset base by 17% to N574.56Billion from N492.02Billion recorded in December 2020.
The Bank’s Profit Before Tax for the period under review grew by 23% to N2.11Billion from N1.71Billion in the corresponding period in 2020.
This sterling performance comes amid fragile recovery and volatilities in the operating environment and key macroeconomic indicators following the global Covid-19 pandemic, weak market sentiments and inflationary trends, as well as tough regulatory headwinds that have impacted severely on economic activities.
The lender also substantially grew its net interest income to N14.63Billion from N12.67Billion in the same period in 2020; creating a 15% uptick from the value of the Bank’s rising loan portfolio and an improvement in its transaction banking activities with its customers, achieved through excellent service delivery.
The lender’s fees and commissions averaged 16% to report an increase of N4.56Billion from N3.92Billion within the period under review, attributable to a dividend of the Bank’s strategic retail play which has boosted transaction volume.
Commenting on the result, Mrs. Tomi Somefun, Managing Director/CEO, Unity Bank, expressed satisfaction with the performance indices of the Q3/2021 financials. Particularly inspiring are the growing loan book and quality of assets (31% growth), cash and balances with the CBN (24% growth) and PBT (23% growth), altogether adding to the consecutive growth of the balance sheet in the last couple of years.
In her overall assessment, she stated that “the market is increasingly beginning to see the efforts in the strategic refocussing of our business and diversification of our earnings base which is translating into tangible results even as we strive to meet the expectations of our esteemed customers and cherished stakeholders.
“In addition, she said that while the Bank’s focus on agribusiness has provided both brand and business benefits while the institution has also made significant investment in the development of the retail market in order to grow its market share in various target segments by scaling up operations in the niche market.”
Somefun also stated that the Bank shall remain dynamic by embracing current and emerging market trends in technology, effectively targeting the youth market, driving financial inclusion in the women segment, developing robust product marketing to create value through a focus on digital strategies to facilitate transaction and e-banking channels.
Looking ahead, Mrs. Somefun stated: “We are optimistic that nothing will threaten to upend the current COVID-19 recovery, especially as the Bank is poised towards building an increased momentum to ride the wave of the economic headwinds, even as the growing inflationary pressures and the soaring energy prices still remain a concern.
According to the Unity Bank’s boss, “Ours is a continuous balancing act and revolutionary performance towards repositioning the business nationwide via tapping into emerging opportunities across the banking space, including the digital financial services spheres”.
Analysts believe that the consistent growth trajectory in the Bank’s balance sheet as shown in Q1, H1 and Q3, 2021 results continue to reinforce growing market confidence as well as demonstrates the commitment and drive of the management to enhance shareholder’s value.
Financial Derivatives Company (FDC) Limited, a premier economic think-tank and financial advisory firm, led by Bismarck Rewane, has reported that Nigerians have accumulated an estimated $59 billion in cryptocurrency holdings.
Bismarck Rewane
According to data released by the firm highlights the country’s emergence as one of Africa’s and the world’s major players in digital assets.
The earlier disclosure reflects a profound shift in Nigeria’s financial landscape.
In Africa’s largest economy, crypto has moved from a fringe activity to a mainstream tool amid persistent inflation and naira volatility.
Citizens and businesses are increasingly turning to dollar-pegged stablecoins and decentralised platforms, building a parallel financial system with significant economic influence.
Nigeria continues to rank among global leaders in adoption.
According to Chainalysis’ 2024 Global Crypto Adoption Index, the country placed second worldwide for grassroots adoption, driven by widespread use in everyday transactions and cross-border commerce.
Despite these impressive statistics, a notable contradiction remains in public perception.
While stocks, real estate, mutual funds, and foreign currency are openly discussed, many Nigerians still approach cryptocurrency with caution, often downplaying their involvement.
Crypto assets, or cryptocurrencies, are digital assets utilizing cryptography, peer-to-peer networking, and distributed ledger technologies (like blockchains) to secure, verify, and record transactions.
Unlike traditional fiat currencies issued by central banks, these assets operate without central intermediaries, functioning globally as alternative stores of value or transactional mediums.
Flutterwave, an African-founded payments technology company, has partnered with Xoom, PayPal’s international digital money transfer service, to enable faster international money transfers into Nigeria.
The partnership connects Xoom’s global money transfer network with Flutterwave’s local payout infrastructure, allowing customers worldwide to send funds directly to Nigerian bank accounts with local settlement in naira.
Under the arrangement, Flutterwave converts Xoom transfers and settles them locally, enabling recipients to receive funds directly into accounts held at Access Bank, United Bank for Africa, Zenith Bank, First Bank of Nigeria, Guaranty Trust Bank and other participating banks.
Nigeria is one of Sub-Saharan Africa’s largest remittance recipients, receiving more than $20 billion in personal remittances in 2024. However, international payments have historically been affected by foreign exchange constraints and settlement delays.
Flutterwave said the partnership aims to address those challenges by combining Xoom’s international reach with its local compliance capabilities and banking partnerships to simplify cross-border money transfers into Nigeria.
Xoom enables consumers to send money, pay bills and top up mobile phones in approximately 160 markets worldwide as part of PayPal’s global payments ecosystem.
“Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy,” said Olugbenga Agboola, founder and CEO of Flutterwave.
“This partnership makes it easier and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders.”
The collaboration expands Flutterwave’s cross-border payments infrastructure and strengthens access to international remittance services in one of Africa’s largest payments markets.
The Securities and Exchange Commission (SEC) has unveiled plans to make sustainability reporting mandatory for large public interest entities from 2027 as Nigeria moves to align its corporate disclosure framework with global environmental, social and governance (ESG) reporting standards.
The phased implementation will begin with voluntary adoption by early adopters and large public interest entities before becoming mandatory in 2027. The requirement will extend to other public interest entities in 2028 and small and medium-scale enterprises (SMEs) by 2030.
Dr Emomotimi Agama, Director-General of the SEC, disclosed this at the 2026 Financial Institutions Training Centre (FITC) Sustainability and ESG Conference 3.0 in Lagos, themed ‘Building a Sustainable Africa: Integrating Environmental Stewardship, Social Investment, and Strong Governance for a Prosperous Future’.
Agama said Nigeria’s sustainability disclosure regime is being aligned with the International Sustainability Standards Board (ISSB) framework, including IFRS S1 and IFRS S2, which have emerged as the global benchmark for sustainability reporting.
He said that institutional investors increasingly consider ESG performance a key determinant of capital allocation rather than a peripheral corporate responsibility issue, noting that the price of entry is disclosure.
He said the reforms would strengthen investor confidence and position Nigerian businesses to access global capital markets, where sustainability disclosures are becoming an essential investment requirement.
According to him, Nigeria’s capital market has recorded significant expansion, with market capitalisation growing from about N130 trillion to nearly N160 trillion following recent market reforms, while assets under management have surpassed N9 trillion.
To deepen sustainable finance, Agama said the commission was promoting infrastructure, green and municipal bonds, alongside infrastructure-focused investment funds, to mobilise long-term capital for critical national projects.
He added that the SEC would also encourage investments in the blue economy and support financing for the power sector through green energy bonds, project bonds and public-private investment structures.
The SEC chief cited the recent launch of the Nigerian Exchange (NGX) Impact Board as another milestone in advancing sustainable finance and urged companies, regulators and investors to move beyond commitments by embedding sustainability into governance, operations and investment decisions.
Managing Director and Chief Executive Officer of the Financial Institutions Training Centre (FITC), Dr Chizor Malize, said sustainability and ESG had evolved from compliance issues to core drivers of business competitiveness, investment decisions and economic development.
She said the conference, now in its third edition since 2024, had become a leading platform for advancing sustainability discourse in Africa, adding that this year’s gathering was designed to move stakeholders “from conversation to commitment”.
Chairman of the FITC Advisory Board, Prof Fabian Ajogwu, described governance as the foundation of sustainable development, arguing that Africa must become a standard-setter rather than merely adopting frameworks developed elsewhere.
Although Africa contributes less than four per cent of global greenhouse gas emissions, he said, the continent bears a disproportionate share of climate-related impacts, including worsening floods and increasingly erratic weather patterns.
Ajogwu also cited estimates that poor governance costs Africa between $88 billion and $90 billion annually, while highlighting technology-driven agricultural initiatives, including a partnership involving Morocco’s OCP Group and the Nigeria Sovereign Investment Authority (NSIA), as examples of practical models that should be replicated across the continent.
Delivering the keynote address, Chairman of the MTN Nigeria Foundation, Mosun Belo-Olusoga, said the debate over the relevance of sustainability and ESG had ended, with the real challenge now centred on implementation.
She observed that global investors increasingly evaluate businesses on governance quality, resilience and their ability to manage environmental and social risks, in addition to profitability.
Belo-Olusoga noted that despite contributing the least to global carbon emissions, Africa possesses vast arable land, abundant renewable energy resources and critical minerals required for the global energy transition.
She identified four leadership priorities for the continent: shifting from short-term performance to long-term value creation, replacing corporate philanthropy with strategic social investment, moving beyond regulatory compliance to responsible leadership, and strengthening collaboration among governments, businesses and development partners.
She also outlined five priorities for Africa’s ESG agenda over the next decade, including embedding sustainability into corporate strategy and governance, investing in human capital, mobilising indigenous capital through instruments such as green bonds and pension funds, strengthening institutional accountability, and fostering partnerships in renewable energy, digital technology and climate-smart agriculture.
“The defining challenge before Africa is not a shortage of vision; it is execution,” Belo-Olusoga said, urging governments to create enabling policies, businesses to integrate ESG into enterprise risk management, and financial institutions to develop innovative financing mechanisms that support a green and inclusive economy.
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