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CBN Debunks Report On Planned Nationalisation Of Unity Bank

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The Central Bank of Nigeria (CBN) has denied planning to nationalise Unity Bank Plc as alleged by an online news medium.

Reacting to the report, the Acting Director, Corporate Communications Department, CBN, Osita Nwanisobi, described it as, “fake news” and should be discarded in its entirety

He said: “The report is fake news. There is no iota of truth in it.” He added that the public should disregard such news.

The report had claimed that the apex bank’s target examination of Unity Bank showed that the Tier 2 lender is in ”grave financial condition”, with Capital Adequacy Ratio (CAR) and Non- Performing Loans (NPL) ratio that breached prudential standards.

However, analysts note that just last month, the CBN’s Monetary Policy Committee ( MPC) noted in the communiqué it issued at the end of its meeting that the banking industry is in good health.

According to the communique: “the Capital Adequacy Ratio (CAR) and the Liquidity Ratio (LR) both remained above their prudential limits at 15.8 and 38.9 per cent, respectively.

The Non-Performing Loans (NPLs) at 5.89 per cent in April 2021, showed progressive improvement compared with 6.6 per cent in April 2020.”

Unity Bank’s audited FY’ 2020 results showed improved performance in key parameters. For instance, the Bank’s gross loans portfolio increased by 92.9 per cent to N206.2 billion in 2020 from N106.9 billion in 2019.

The bank’s total assets rose by 67.90 per cent when compared with N293.05 billion achieved in the comparative period of 2019.

Also, the lender posted gross earnings of N42.71 billion compared with N44.59 billion recorded in the comparative period of 2019, reflective of its business and economic realities of the time.

Its customer deposit portfolio grew by 34.4 per cent to N356.62 billion in 2020, up from N257.69 billion posted in the corresponding period of 2019. Profit after tax stood at N2.09 billion, while profit before tax was N2.22 billion during the year under review amidst the tough macroeconomic environment where it operated. Its net operating income rose to N25.46 billion from N23.21 billion in the corresponding period of 2019, representing a 9.71 per cent increase.

This is even as the net interest income recorded a significant jump, as it rose by 7.60 per cent to N17.75 billion from N16.49 billion in the corresponding period of 2019.

Furthermore, the bank sustained the growth momentum demonstrated in its 2020 full year earnings as it recorded an impressive performance of 43 per cent in both profit before and after tax in Q1 2021.

The Bank’s unaudited Q1 results show that the retail lender profit before tax (PBT) grew by 43 per cent to N784.3million from N550.1 million recorded in the corresponding period of 2020.
The profit after tax (PAT) for the period, which also grew by 43 per cent stood at N721.5million compared to the N506.1million recorded in Q1 2020.

As an outcome of increased focus on supporting local enterprises and industry, the asset portfolio also showed significant growth in loan book of 76 per cent as net loans and advances to customers increased to N223.2 billion, from N126.6 billion recorded in the corresponding period.

The total assets of the bank for the period showed an appreciable growth of 42 per cent to close at N521.5 billion, from N366.8 billion in the corresponding period of 2020.

The balance sheet of the bank had been considerably de-risked with the non-performing loan (NPL) ratio of near-zero per cent, which it has consistently maintained over time. With this, the bank ranks topmost in risk management assessment.

The bank recorded gross earnings of N11.5 billion, representing a marginal decline of three per cent when compared to N11.9billion posted in the corresponding period of 2020. The bank has assuredly intensified its recapitalization efforts by the recent updates the lender provided to the supervisory authority and significant mileage is currently being recorded as part of its corporate transformation and renewal programmes.

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Polaris Bank Chairman, Dr. Gidado Urges Integrity And Professional Excellence At 2026 CIBN Chartered Banker Induction

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The Chairman of Polaris Bank, Dr. Kassim Gidado, has called on newly inducted banking professionals to uphold integrity, embrace continuous learning, and demonstrate ethical leadership as they navigate the rapidly evolving financial services landscape.

 

Dr. Gidado, made the call while delivering his remarks as the Special Guest of Honour at the 2026 Stream 1 Chartered Banker Induction Ceremony organised by the Chartered Institute of Bankers of Nigeria (CIBN).

 

The ceremony which held in Lagos at the weekend, celebrated the induction of 2,037 professionals into the prestigious Chartered Banker and Microfinance Certified Banker cadre of the Institute, marking a significant milestone in their professional journeys.

 

According to the Institute, the inductees emerged through various certification routes including 9 candidates through the Chartered Banker/MBA route, 816 through the Chartered Banker Regular Route, 25 through the MSc/Chartered Banker pathway, 262 through the SMP/AMP/Chartered Banker pathway, and 435 Microfinance Certified Professionals.

 

The candidates comprise executives, senior and middle management staff of Deposit Money Banks, Microfinance Banks and other financial institutions, as well as professionals from the public and private sectors, self-employed members of the Institute, and graduates from linked tertiary institutions.

 

In his address, Dr. Gidado described the induction ceremony as more than a formal event, noting that it represents a celebration of excellence, perseverance, and professional discipline within the banking industry.

 

“Banking today is evolving at an unprecedented pace. Digital transformation, financial inclusion, regulatory reforms and emerging technologies are redefining how financial institutions operate and deliver value to society,” he said.

 

He emphasized that while technology continues to transform the banking sector, trust remains the most valuable currency in banking, stressing that the credibility of the financial system ultimately depends on the integrity and professionalism of banking professionals.

 

Dr. Gidado commended the Chartered Institute of Bankers of Nigeria for its continued commitment to strengthening professional standards, developing industry capacity, and nurturing the next generation of banking leaders in Nigeria.

 

He also reiterated the importance of investing in human capital within the financial services industry.

 

“At Polaris Bank, we firmly believe that human capital is the most strategic asset within financial institutions. The future of banking will not be defined only by technology or capital, but by the quality of professionals who steward these resources responsibly,” he stated. 

 

Dr. Gidado, an accomplished academic further encouraged the newly inducted Chartered Bankers to be guided by three key principles throughout their careers: upholding integrity, committing to lifelong learning, and leading with purpose.

 

The 2026 Stream 1 Chartered Banker Induction Ceremony brought together industry leaders, regulators, banking professionals, and stakeholders to celebrate professional excellence and reinforce the role of certification in strengthening Nigeria’s financial system.

 

 

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LASG Announces Resumption Of Monthly Environmental Sanitation For April 25

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The Lagos State Government has officially announced the reintroduction of the monthly environmental sanitation exercise, set to resume on Saturday, April 25, 2026.

This marks the return of the state-wide cleaning culture nearly ten years after its suspension in 2016.

Residents are expected to clean their surroundings, clear drainage channels in front of their homes, and dispose of waste responsibly as part of efforts to improve environmental hygiene and tackle waste management challenges.

The Commissioner for Environment and Water Resources, Tokunbo Wahab, on Saturday, disclosed the development in a statement, explaining that the exercise would officially restart later in the year.

“I am pleased to inform all Lagosians that the monthly environmental sanitation exercise will resume effective Saturday, 25th April 2026, holding on the last Saturday of every month from 6:30 a.m. to 8:30 a.m.

“During this period, residents are enjoined to clean their surroundings, clear drainage channels in their frontages, and dispose of waste properly as a civic responsibility.”

Wahab urged residents to view the initiative as a shared duty toward building a healthier city, stressing that the government would ensure strict compliance.

“This exercise is a collective responsibility and a vital part of our commitment to a cleaner, healthier, and flood-resilient Lagos. And it shall be backed with the full enforcement weight of the Lagos State Government,” he said.

Explaining the significance of reintroducing the sanitation culture, the commissioner said the state was returning to a practice that once formed part of Lagosians’ lifestyle.

“Let me formally say this and say it boldly. Mr Governor and his deputy are taking a very audacious step. For those who don’t know, prior to 2016, we had a culture that emphasised cleanliness as next to godliness.

“Once every month, we took our time to clean up our surroundings and then maintain them sparkling. However, for some years, we stopped it.”

He said the absence of the exercise had contributed to mounting environmental pressures in the state.

“Now, waste, debt, and environmental challenges have become an existential challenge to us as a state. It’s taken us over a year to debate, talk, and agree that it’s time to reintroduce a monthly environmental sanitation,” Wahab said.

Appealing to residents for cooperation, he urged Lagosians to dedicate a small portion of their time each month to environmental cleanliness.

“It’s a plea that it is time for us to give up just one or two hours a month. In our marketplaces, every Thursday, we observe environmental cleanliness. But this time, we are saying as a state, let us sit back once a month and observe the cleanliness of our environment as we used to before 2016.”

JomogNews reports that the monthly sanitation exercise, previously held on the last Saturday of every month between 7 a.m. and 10 a.m., was suspended in November 2016 following a legal pronouncement restricting movement during the exercise.

The suspension later coincided with growing waste management concerns, including clogged drainage channels and indiscriminate refuse disposal across parts of the state.

 

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States, LGA Now Have More Allocations — Tinubu Urges Media To Demand Accountability

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President Bola Tinubu has urged the media to extend their scrutiny to State and Local Governments, noting that his administration’s reforms have significantly increased their financial allocations.

During an interfaith breaking of fast with media executives on Friday, the President emphasized that sub-national governments now enjoy greater financial autonomy and should be held accountable for grassroots development.

Tinubu said his administration’s economic reforms, especially the removal of the petrol subsidy, have increased funds available to states.

“We have opened up the principle of federalism to the extent that local governments are now getting their money. But how they use it is in your hands, so don’t bombard me alone. Look at local governments too, and equally, the sub-national,” Tinubu said.

“Today, there is no state that is borrowing to pay the salaries of employees. Yes, we can complain that it is not enough. We can complain we are not where we should be, but we have to manage what we have to sustain today, survive tomorrow, and make progress”.

Tinubu commended the media for criticising his government, saying it challenged and provoked him to serve Nigerians better.

“Thank you for inspiring me and challenging me in critical moments of my life. If I look at various barrages of negative comments as opposed to positive aspects of the assignment, I shouldn’t be standing here. That is the truth,” the president said.

“You didn’t spare me, but you challenged me, provoked that intellectual curiosity of a leader that must perform. There is no morning that I ever leave my house without going through the newspapers. It’s an addiction. I read all of you, it might not be in full detail, but the headlines, the ones that hit me.

“Leadership is about taking responsibility to make decisions at the right time. Otherwise, it’s a failure. At the time, we had to confront the subsidy. Nigeria was on the verge of bankruptcy.

“But having asked for the job and getting it, I cannot look back other than make corrections as I move along, save the nation, bring it back from the brink. Today, I can stand proudly before you that we are back from that brink.”

Tinubu added that he will continue to do his job with “patriotic dedication” to improve Nigeria.

 

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