Unity Bank gets acting chairman, appoints Obasanjo’s daughter as non-executive director

Unity Bank has announced that the chairman of its board of directors, Aminu Babangida, will be retiring from the organisation with effect from 18 March.

Oluwafunsho Obasanjo, a non-executive director at the lender, will also exit by way of retirement on the same date, according to a statement issued by the bank on Friday.

The two board members’ departure “follows the expiration of their tenure as directors on the board of the bank and in compliance with the prescribed tenure for non-executive directors under the Central Bank of Nigeria (CBN) Code of Corporate Governance for Banks,” the document added.

Meanwhile, the lender has appointed Hafiz Mohammed Bashir, a former chairman of the bank’s Board Finance & General Purpose Committee, as its acting chairman.

He joined Unity Bank’s board in November 2017 and was previously a member of Board Credit Committee, Board Governance & Nominations Committee and Board Risk Management & Audit Committee.

Mr Bashir has profound experience in the public and private sectors, and holds a postgraduate diploma from Abubakar Tafawa Balewa University, Bauchi as well as a Master’s of Business Administration degree from the Business School of Netherlands.

The bank has also announced the appointment of  Iyabo Obasanjo, a daughter of Former President Olusegun Obasanjo, as a non-executive director.

An associate professor, Africana Studies programme at College of William & Mary, Williamsburg, Virginia, USA, Ms Obasanjo was previously Ogun State’s commissioner for health and the senator representing Ogun Central Senatorial District from June 2007 to June 2011.

She is a graduate of Veterinary Medicine at the University of Ibadan and holds a Master’s in Preventive Veterinary Medicine as well as a PhD Epidemiology, Minor: Immunology from Cornell University, Itacha, New York, USA.

Unity Bank disclosed in the same statement the appointment of Halima Babangida as a non-executive director of the bank.

Ms Babangida is a graduate of Business Management at the AGSB University, Switzerland and Business Administration from Montruex School of Business, Switzerland.

“She has cognate experience in stevedoring, logistics, farming/food chain industry and in the real estate and property management businesses,” the statement said.

Obasanjo, Babangida’s Interest

Mr Obasanjo and ex-military President Ibrahim Babangida, who have both ruled Nigeria at different periods in the past, have interests in the lender.

In October 2017, a former Chairman, Board of Directors of the bank, Thomas Etuh, explained the role played by both men as major co-shareholders of the bank.

In a post-retirement interview with the News Agency of Nigeria (NAN) in Abuja, Mr Etuh said the successes recorded by the bank at the time did not come without the contributions of both men.

He said: “Obasanjo and Babangida came up with that name `Unity’ after the merger of some Southern and Northern banks.

“The merger means a lot for Nigeria’s unity. So, having nine banks from different entities, it behoves on the board to also merge the different banks culture into one; and that, we did to make it a national bank.

“You can see that the bank has flourished in various products which have brought it to stability, and I won’t say it was achieved singlehandedly; it was a collective effort of the board and management.”

The merged banks include Bank of the North, Tropical Commercial Bank, Intercity Bank, African Merchant Bank, First Interstate Bank, New Nigerian Bank and Societe General Bank.