Unity Bank has appointed Ebenezer Kolawole as Acting Managing Director/Chief Executive Officer, succeeding Oluwatomi Somefun, who retired after a decade of leadership. The appointment, approved by the Central Bank of Nigeria (CBN), was announced at the bank’s 18th Annual General Meeting (AGM) in Lagos.
Kolawole assumes leadership at a critical juncture as Unity Bank prepares to merge with Providus Bank Limited. The bank, formed through a 2006 merger of nine banks, has faced persistent financial challenges, including substantial bad loans and losses.
Unity Bank‘s 2023 financial results, released in February 2025, revealed a ₦62.6 billion loss after tax, reversing a profit from the previous year. The bank’s total liabilities exceeded assets by ₦326.9 billion, and its capital adequacy ratio stood at -76.14%, below CBN standards. Kolawole’s immediate priority will be stabilising the bank’s operations, particularly following the apex bank’s ₦750 billion financial support in two tranches.
Kolawole brings over three decades of financial industry experience to the role. His career includes stints at Caribbean Finance Limited, Ecobank, Standard Trust Bank (STB), and United Bank for Africa (UBA), where he played a key role in the STB/UBA merger. He also served as Chief Financial Officer (CFO) at Mainstreet Bank and held positions at Globacom.
After joining Unity Bank as CFO in 2015, Kolawole was later appointed Executive Director, overseeing Finance, Operations, and Information Technology. He played a pivotal role in the bank’s strategic transformation and cost-optimisation initiatives.
