Unity Bank gains most in 3 months after clarifying N7bn allegation

105 total views, no views today

Investors on the Nigerian stock exchange (NSE) market responded positively to Unity bank’s clarification on N7 billion allegations levy against it by the special presidential investigation panel (SPIPRPP).

According to a report released on the NSE, the bank stated it is false and unfounded.

The mid-tier bank on Monday recorded its biggest gain in the last 3 months after stock price rallied 9.23 percent to N0.71, increasing shareholders value by N70.14 million to N8.29 billion.

This was upon the bank’s statement released on the NSE refuting allegations by SPIPRPP which saw the price of stock pick up after an early trade selloff witnessed on the stock.

In September 2018, a team of the SPIPRPP visited the bank as part of its special investigation into banking transactions of the government for the period 2009 to 2018.

As stated by Unity bank, the panel requested the bank to provide certain information and solely relied on the information provided for the “special” investigation.

“Throughout the review, the panel refused to invite the MDAs to any of the meetings to corroborate the bank’s records neither was any adhoc investigative process initiated to validate the SPIPRPP findings,” Unity bank explained.

According to SPRPRPP, the N7 billion represents the sum of $15,561,769.99 and N1,488,455,810.90, being excess and arbitrary charges on accounts of some agencies of government by the bank before the institution of Treasury Single Account (TSA).

The statement said the agencies from whose accounts the excess and arbitrary charges had been deducted by the bank included the Nigerian Ports Authority, the Nigerian National Petroleum Corporation, the Nigeria Customs Service, the Kaduna Refinery and the Nigerian Maritime Administration and Safety Agency.

The panel in an earlier letter requested the bank to accept culpability and pay off a certain sum deemed outstanding … Read More...

Unity Bank refutes allegation by SPIPRPP

89 total views, no views today

Unity Bank has faulted the allegation against it by Special Presidential Investigation Panel for Recovery of Public Property (SPIPRPP) over the ongoing reconciliation of the affected MDA accounts.
It says the report is geared towards misinforming the public and misrepresenting the bank’s position and nil impact resolutions reached during the reconciliation engagements. This is contained in a press released from the bank on Tuesday.
According to the press statement, in the ongoing investigation, the bank has conducted itself professionally by providing all evidence of customers instructions requested by the panel as it relates to all the MDAs. The bank had earlier transferred all the MDAs balances to their respective TSA accounts in Central Bank of Nigeria as far back in 2016.
Upon approaching the bank in 2018 to conduct investigations on the subject MDAs, the bank cooperated with the panel accordingly. But out of its own volition, the panel refused to admit further documentary evidence from the bank when it was obvious that the bank had no balances kept in its books for the MDAs.
Instead, the panel suspended the investigation, as apparently could not fault any of the evidence presented by the bank.
The panel in an earlier letter requested the bank to accept culpability and pay off a certain sum deemed outstanding, which the bank objected and insisted on completing the reconciliation exercise because the claims presented at this point against it were unfounded and frivolous.
It is therefore surprising for the SPIPRPP to turn back and issue statement to allege sabotage when it abandoned its sitting and investigation midway.
Furthermore, it must be emphasised that, without prejudice to the constitutional power of Revenue Mobilisation and Fiscal Allocation Commission (RMFAC) as the sole agency of government to investigate, review, reconcile and collect revenue
Read More...

CBN, Unity Bank partner on seeds, inputs distribution to cotton farmers

125 total views, no views today

In line with commitment to grow the Nigerian economy through the revival of agric as a major catalyst, the Central Bank of Nigeria (CBN), in partnership with Unity Bank and the National Cotton Association of Nigeria (NACOTAN), has flagged off distribution of seeds/inputs supplies to cotton farmers for the 2019 planting season nationwide.
The distribution of cotton inputs to farmers is part of Anchor Borrowers Programme (ABP), an agric development finance initiative of the CBN operated as an on-lending scheme with participating financial institutions packaged to channel financing support to beneficiaries in the sector.
Unity Bank’s collaboration with the CBN in flagging off this year’s input supplies distribution to cotton farmers to support wet season farming is in recognition of the bank’s established pivotal footprints in the sector, which has been well acclaimed in various awards received, such as the Presidential Award at the third anniversary of ABP, CBN award on sustainable transaction in agric, etc.
According to Usman Abdulqadir, executive director, corporate planning and compliance, Unity Bank, the CBN is partnering the bank on account of the lender’s strong participation in the ABP aimed at rebuilding customers confidence, alleviating poverty through food and cash crops production to make Nigeria self-sufficient in food and diversifying the economy.
The bank’s strategy for agric is deep rooted: “Unity Bank’s strategy is to bank the agricultural value chain. Therefore, we finance primary production, agricultural processing as well as commodity trading. We also support agricultural mechanisation, agricultural services and the procurement of inputs and implements.
“What is most noteworthy is that while other banks basically concentrate on lending to big value end of the agriculture value chain such as the flour and rice millers, Unity Bank does not leave out the smallholders farmers who are in primary production,” Abdulqadir
Read More...