Following the merger of nine banks in January 2006, Unity bank was born to exercise the capabilities of its component banks in investment, corporate and retail banking. Today, Unity Bank stands out as one of the foremost retail banks in Nigeria with over 200 branches scattered across the country.
Few days into the second half of March 2025, Unity Bank appointed an acting MD/CEO in the person of Mr. Ebenezer Kolawole (FCA) to replace Mrs Oluwatomi Somefun who retired after completing her tenure as MD/CEO.
A glance at his track records reveals that with Mr Kolawole at the helm of affairs, Unity Bank is poised for a bright future in Nigeria’s banking industry. Despite economic fluctuations and stringent regulations, Nigerian banks including Unity Bank have continued to show resilience including significant progress in digital banking technologies towards exclusive service delivery. The banking industry in Nigeria has also improved access to financial services for all specifically through mobile banking and agent banking amongst other improvements.
As with other ventures, Unity Bank has had to deal with and overcome several challenges. The most significant is the accumulation of losses to the tune of #51.93 billion due to negative earnings and shareholder funds. Others include high domestic interest rates and unstable foreign exchange markets accompanied by economic uncertainty and volatility leading to several other chain reactions.
However, the continued subsistence of the bank leading to the appointment of Mr Kolawole has proven Unity bank’s resilience and continued relevance within the Nigerian banking sector cum economy.
Looking at Mr Kolawole’s journey so far in the financial industry, there is no doubt that his appointment is a result of a rigorous screening process.
Having started out in 1992 as a first-class honours graduate from the Obafemi Awolowo University, He brings 33 solid years of experience to this new position. He gathered this wealth of expertise across diverse roles within the finance niche qualifying him for this position of oversight.
Mr Kolawole started out at Caribbean Finance Limited, a tentacle of its namesake in the Cayman Islands. After that, he joined Ecobank where he navigated the ranks of operations and finance up to the position of Deputy Financial Controller. He also contributed greatly to the strategic merger of Standard Trust Bank with the United Bank for Africa, where he served as Chief Financial Officer.
His career flourished into the telecommunications space where he served at Globacom, contributing to the corporate business development.
The academic cum professional qualifications of Mr. Ebenezer Kolawole are an addendum to his suitability for this crucial role.
In addition to First Class honours in Accounting from OAU, he has excelled in educational programs at the Columbia Business School, New York and the Wharton School of University of Pennsylvania, Philadelphia; both in the USA. He is also a fellow of the Institute of Chartered Accountants of Nigeria (FCA) and the Institute of Credit Administration (FICA).
Due to his strides in the banking industry, he was made an Honorary Member of the Chartered Institute of Bankers in Nigeria (HCIB). He is also an Associate Member of the Institute of Management and a Member of the Institute of Directors.
At Unity Bank, he did not just jump into the new role; rather, he has spent nearly ten years starting from the role of Chief Financial Officer in 2015. His qualifications including the experience he has accumulated over the years can be described as the right ingredients for this new role.
Considering the wealth of experience and academic/professional prowess with which Mr Ebenezer Kolawole is equipped as he takes up the role, there is no doubt that Unity Bank is braced for corporate growth and strategic business innovations. These will ensure that the bank continues to stir the path of sustainability and relevance within the Nigerian banking sector.
Deborah Anyanwu is a member of the editorial team of TheScript Newspaper.
