Why Semenitari Resigned As GMD of Unity Bank

Contrary to reports making the rounds especially on the new media for weeks that the Managing Director/CEO of Unity Bank Plc, Henry James Semenitari was forced to proceed on compulsory leave or sacked owing to boardroom squabbles and fraud among others, investigation has revealed that Semenitari was never fired nor suspended.

Investigations revealed that the former Unity Bank GMD resigned his appointment after 18 months at the helms of affair of bank to pursue other endeavours.

Semenitari would be remembered for his giant strides in repositioning Unity Bank in the short period, which has put the Bank on the track of steady growth and operational efficiency.

He successfully pulled Unity Bank from a financial loss position of N33 billion as at December 2013, which the bank inherited, to a profit before tax of N13.6 billion as at December 2014 financial year, being his first year of management.

During his tenure, the bank’s active customer base increased from less than 100,000 to over 800,000 accounts.

By the end of June 2015 financial year, the bank’s gross earnings rose to N33.56 billion against N30.85 billion last year, while profit was N7.89 billion in 2015 compared with N7.10 billion the same period of the corresponding year (HY) 2014.

Today, Unity Bank’s total assets have increased by 3.90 percent to stand at N429.66 billion compared with N413.30 billion in 2014.

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