Mrs. Oluwatomi Somefun, MD/CEO of Unity Bank Plc, has been named winner of the 5th edition of the Business Day Top 25 CEOs and Next Bulls Award. The Top 25 CEOs award is one of the stock barometer awards structured by Business Day Media in association with the Nigerian Stock Exchange.
The award which took place in Lagos on Friday, May 10, 2019 was given to Unity Bank MD/CEO in recognition of the bank’s stellar performance on the Nigerian Stock Exchange (NSE) in 2018 financial year.
Of the stocks listed on the NSE, Unity Bank stock performed exceptionally among the most performing stocks as the Bank’s share price appreciated by over 101 percent from an opening price of N0.53k to the closing price of N1.07k in the 2018 bull market with favourable conditions and stocks’ increases in value.
Commenting on the award, the Bank’s MD/CEO who was ably represented by the Executive Director, Finance and Operations expressed appreciation to the organisers for their independent and objective analysis of stocks that saw the bank emerge tops in the awards.
According to the Managing Director “This bold action achieved notable points, including: reduction of NPL Ratio to zero per cent (0%); full de-risking of our balance sheet to remove toxic assets, total clean-up of our books and records as well as helping to fully mitigate the adverse impact of IFRS-9.
‘…with a strong e-footprint in Agric Business, Retail and E-Business the lender is focused on Banking for the future’
According to the organisers of the award. “For Unity Bank, the 2017 financial year will forever be known as one in which legacy clouds were laid to rest and the Bank arose to a new invigorated dawn. This according to dealers is attributable to the bank’s efficiency in curtailing cost, better market focus, revamp of electronic channels and increasing customer centricity which restored market confidence in the brand.
“These strategic initiatives, amongst others, geared towards a complete transformation of Unity Bank and setting her up on the path of strong and sustainable growth and profitability, have endeared the lender to investors and contributed immensely to placing its CEO among top 25 that attracted the ‘next bulls” award.
Evidently, the courageous action taken by the Bank towards cleaning up observed issues, though resulted in temporary setbacks, but the Bank equally came out of the exercise a leaner, smarter and more dynamic Bank with a healthy Balance Sheet”
Apart from Business Day Top 25 CEOs and Next Bulls Award, Unity Bank also won notable awards in recognition of its strike in achieving excellence. The bank carted away other awards and recognitions in recent times due to increasing market receptiveness to its growth focus. It won an Efficiency Awards in Fraud Reporting and prevention, Award of Sustainable Banking Transaction in Agriculture, Presidential Award as mover of Anchor Borrowers Programme at the 3rd anniversary of ABP in 2018.