Unity Bank has officially appointed Ebenezer Kolawole as the Acting Managing Director and Chief Executive Officer, taking over from Oluwatomi Somefun, who has retired after a decade of dedicated leadership. This significant appointment has received the endorsement of the Central Bank of Nigeria (CBN) and was publicly announced during the bank’s 18th Annual General Meeting (AGM) held in Lagos.
Kolawole steps into this leadership role at a particularly crucial time for Unity Bank, as the institution is on the verge of merging with Providus Bank Limited. Unity Bank itself was established in 2006 through the merger of nine different banks, and it has since encountered ongoing financial difficulties, characterized by a high volume of non-performing loans and substantial losses.
The bank’s financial performance for the year 2023, which was disclosed in February 2025, painted a troubling picture, revealing a staggering loss of ₦62.6 billion after tax. This marked a significant downturn from the previous year, where the bank had reported a profit. Furthermore, Unity Bank’s total liabilities have surpassed its assets by ₦326.9 billion, and its capital adequacy ratio has plummeted to -76.14%, falling well below the standards set by the CBN. In light of these challenges, Kolawole’s immediate focus will be on stabilizing the bank’s operations, especially in the wake of the CBN’s provision of ₦750 billion in financial support, which was disbursed in two separate tranches.
Bringing over thirty years of extensive experience in the financial sector, Kolawole is well-equipped for this role. His career trajectory includes significant positions at Caribbean Finance Limited, Ecobank, Standard Trust Bank (STB), and United Bank for Africa (UBA), where he was instrumental in the merger between STB and UBA. Additionally, he has served as the Chief Financial Officer (CFO) at Mainstreet Bank and has held various roles at Globacom.
Ebenezer Kolawole joined Unity Bank in 2015 as CFO and subsequently rose to the position of Executive Director, where he was responsible for overseeing Finance, Operations, and Information Technology. Throughout his tenure, he has been a key player in the bank’s strategic transformation efforts and has led initiatives aimed at optimizing costs and enhancing operational efficiency.
