Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Unity Bank has appointed Ebenezer Kolawole as acting managing director and chief executive officer following the retirement of Tomi Somefun, the bank announced on Wednesday.

The appointment, which received approval from the Central Bank of Nigeria (CBN), was confirmed at the bank’s 18th Annual General Meeting held in Lagos.

Kolawole, who joined Unity Bank as chief financial officer in 2015, was later appointed as executive director overseeing finance, operations, and information technology in February 2018.

The bank said in a statement:

"Kolawole is a seasoned and consummate banker with over three decades of industry experience."

Kolawole has an impressive CBN, as his banking career began at Caribbean Finance Limited in Kaduna in 1992 before he joined Ecobank, where he worked in both operations and finance, rising to deputy financial controller.

He later moved to Standard Trust Bank, contributing to regulatory risk management and finance before playing a pivotal role in the merger with United Bank for Africa (UBA).

Post-merger, he served as chief financial officer at UBA. Kolawole also worked at Mainstreet Bank as group chief finance officer, driving turnaround initiatives, and had a brief stint at telecommunications giant Globacom.

The bank stated that his new role would involve finalizing ongoing corporate programs and strategic business initiatives.

Kolawole also holds a first-class degree in accounting from Obafemi Awolowo University and has attended executive programs at Columbia Business School and Wharton School.

He is a fellow of the Institute of Chartered Accountants of Nigeria and the Institute of Credit Administration, among other professional memberships, Punch reports.

CBN announces merger of two Nigerian banks

Earlier, Legit.ng reported that the Central Bank of Nigeria (CBN) has supported Providus Bank's merger with Unity Bank, a move intended to safeguard financial stability in northern Nigeria.

The CBN's decision was primarily driven by Unity Bank's critical role in providing banking services across the northern states, where it remains the sole banking institution in many areas.

According to insiders, the amount of depositors' funds at Unity Bank was less of a concern than the bank's geographic significance.

Unity Bank serves as a lifeline for numerous communities in the North, many of which would be left without access to essential financial services if the bank were to fail.

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Source: Legit.ng