Tag Archives: Unity Bank

Unity Bank sacks 215 workers in re-positioning strategy

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Unity Bank Plc has sacked 215 members of staff. The bank has over 2,000 workforce.

The exercise, it was leant, was to enable the lender realign its operation and pursue a long term growth strategy.

Some of the downsized staff members were said to have opted to resign while management approved severance package for them in line with the bank’s policy.

The lender last May, forged a strategic alliance with Black Trituium, equity and investment fund manager.

Investigation revealed that the affected members of staff were those that achieved less than 40 per cent of their performance target, which affected the lender’s overall profitability in recent years.

The downsizing, which cut across all cadres including junior, middle and top management positions, happened at a time majority of banks are battling with poor profitability over harsh economic conditions and heightened business risks from the plunge in crude oil prices.

The bank is also said to have attracted specialist skills to its workforce since the relocation of its head office from Abuja to Lagos, which was in line with its plan to grow market share in viable clusters of the retail market.

A source close to the bank said the new focus of the business has led to significant enhancement of human capital in its various business units.

This was with a view to injecting fresh ideas, initiatives and energies to strengthen its various departments with capabilities to pursue the attainment of strategic business focus in the Agricultural financing, retail/Small and Medium Enterprises (SMEs) and development of rural economy.

Unity Bank Sacks 215 Workers

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Unity Bank Plc allegedly sacked 215 of its employees yesterday due to their inability to cope with the new ideas and strategy of the company. According to a source close to the bank, about 200 new hires were said to have been recruited by the bank to promote the transformation initiative hat was initiated by the management within the past year.



The source also told Vanguard that about 100 other staff members were said to have been promoted recently.
The source also said:

“Some members of staff numbering about 215 have been allowed to go in an exercise that will enable the Bank realign its operation to pursue its long term growth strategy. However the affected staff were said to have exercised the option to resign while Management has approved severance package in line with the bank’s policy”.

Source :http://www.vanguardngr.com/2016/09/breaking-news-unity-bank-sacks-215-workers-in-repositioning-strategy/

 

CBN Approves 4 Directors for Unity Bank

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The Central Bank of Nigeria (CBN) has approved the appointment of four directors for Unity Bank Plc. The bank said in a statement on Wednesday that three non-executive directors and one independent director were approved by the CBN.

It said that the non-executive directors are Mrs Yabawa Lawan Wabi, Dauda Iliya and Priya Heal, while Sam Okagbue is the independent director. It said that Okagbue, is a legal professional and the Managing Partner and founding member of the law firm, George Ikoli & Okagbue (GI&O).

Okagbue holds an LL.B from University of Ife, Ile-Ife and an LLM from University of London, London School of Economics. Wabi has three decades of experience in accounting and financial practice and rose through the ranks in the Borno State Civil Service before serving as Minister of Finance in 2010.

She also served on the Board of Mainstreet Bank (now Skye Bank) as a Non-Executive Director. She holds a B.Sc in Accounting from the Ahmadu Bello University, Zaria and a member of the Institute of Certified Public Accountants of Nigeria.

Iliya is a veteran banker with cognate experience of over thirty years in branch operations, risk asset assessment, loan recovery, regulatory management, debt recovery, audit and inspection. Iliya is a graduate of Ahmadu Bello University, Zaria and Honorary Senior Member (HCIB), Chartered Institute of Bankers of Nigeria (CIBN) and Fellow, Institute of Economists of Nigeria (INEN).

Heal is the Managing Director, Chronos Group, Dubai/Germany and co-founded Chronos Asset Management. She has also served as the Managing Director, Filterinvest, Holland and Restructuring Consultant, Competition Authority, London, UK and a member of the World Economic Forum. Heal holds a Law degree (LLB) from Kings College London and was called to the Bar in 1998. She is an alumnus of Yale University, Connecticut, U.S. and the University of Passau, Germany. She is also a member of the Honourable Society of Lincoln’s Inn.

Credit: NAN