May 16, 2021

Unbeatable Strides Of A Banking Amazon,Tomi Somefun, MD Unity Bank

3 min read

-Tomi So

-Oluwatomi Somefun, MD, Unity Bank

Unity Bank M.D, Oluwatomi Somefun is not a greenhorn when it comes to the issue of finance and economics. She has been competing with her peers across the world putting her wide knowledge in corporate finance and economics to revitalize Unity Bank to an enviable height. What comes as a big shock to many is how she has been able to thrive excellently in the male-dominated banking industry. Her dedication and ability to make fortune out of misfortune stand her out from the crowd.

Before her role as an executive director at Unity bank, She had a fantastic career with United Bank For Africa UBA group Trustee, UBA Plc, UBA Capital & Trustee Ltd and was the Founding Managing Director/ CEO UBA Pension Custodian Ltd. At a point, the graduate of Obafemi Awolowo University, OAU, was also a Non-Executive Director on the Boards of UBA Foundations, UBA Trustees, UBA Nominees and UBA Registrars.

Ever since she assumed the role as the M.D and Chief Executive officer of Unity bank in 2015, she faced lots of sheer criticism, most especially for her strict decision that has, in the long run, helped restructure and increased the fortune of the bank. Under her watch, the bank sold its non-performing legacy loans, and also relocated the corporate head office of the bank from Abuja to Lagos which is regarded as the commercial hub of Nigeria. She also harnessed the deliberate focus on digital, retail and commercial business as well as supporting the growth of the real sector of the economy through the bank’s participation in the Central Bank Nigeria (CBN) intervention funds to promote agri-business in Nigeria.

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An inside source averred that; “She partnered with the Central bank to empower farmers to strengthen food sufficiency in the country through the CBN’s Anchor Borrowers’ Programme (APB). The Bank has enrolled over one million farmers over the last three years which has boosted the production of critical food items in Nigeria (Rice, Maize, Cotton and Wheat) as well as creating of various value-chain opportunities and employment within the Agric Sector.”

Despite the global pandemic last year, she and her team devised brilliant means to improve the fortune of the bank. With gross earnings for the 9 months ended September 2020 grew by 8 percent to 33.906 billion from N31.256 billion in the same period in 2019.

“The lender’s Profit Before Tax (PBT) for the 9 months grew by 6 percent to N1.710 billion from N1.611 billion in 2019, while Profit After Tax, PAT equally grew by 6 percent to N1.573 billion compared to the N1.482 billion recorded in the same period in 2019. Profit after tax for the period stood at N543.135 million, an equally 6 percent increase from the N514.631 million recorded in Q3, 2019.”

The alumnus of Harvard Business School and the University of Columbia Business School is unrelenting in her giant strides to keep making a business statement that would crest her name in gold in the finance world. Despite every attempt to pull her down, she has constantly shut down her detractors with impeccable positive results to the delight of many. “The board of directors has given their confidence on her to continue the good work and a partnership that will sustain the legacies of the founders of the bank which is based on customer-oriented services and also keep declaring profit and remain in business.” A source said.

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