Unity Bank Plunges, Hits Multiple Crisis

Unity Bank Plunges, Hits Multiple Crisis

Unity bank down at -9.86% to close at N0.64 was only second in position to Guinness among the list of 14 top Losers, showing a bullish movement by the NSE ASI recent survey.

The Nigerian Stock Exchange market made a bullish run at the end of the trading session today. The All-Share Index increased by +0.17% to close at 38,866.39 from 38,799.83 index points. Overall, a total volume of 160 million shares valued at N1.28 billion in 3,507 deals was exchanged on the floor of the Nigerian Stock Exchange.

Nigerian Stock Exchange market value currently stands at NGN 20.31Tr. Its Year-to-Date (YTD) returns currently stands at -3.49%.

The market closed in profit as at Friday April 9, 2021. Honeyflour led 14 Gainers, and Guinness topped the list of 14 Losers, showing a bullish movement by the NSE ASI.

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Top gainers

HONYFLOUR up +8.85% to close at N1.23

SOVRENINS up +8.70% to close at N 0.25

JAPAULGOLD up +8.62% to close at N0.63

LIVESTOCK up +7.22% to close at N1.96

FCMB up +6.57% to close at N2.92

Top losers

GUINNESS down -10.00% to close at N29.70

UNITYBNK down -9.86% to close at N0.64

ABCTRANS down -9,09% to close at N0.30

MBENEFIT down -7.14% to close at N0.39

UAC-PROP down -6.25% to close at N0.75

An expert in with an expert in the stock market Ogunwale Oluwadamilola, Research Analyst, Edgefield Capital Management Limited. She opines that the bullish momentum will continue on Monday saying, “We expect another positive trend in the overall performance of the market by next week, since this marks the end of trade this week.”

She also drew attention to stocks in the Consumer and financial services saying, “Stocks in the consumer and financial services sector seem to be performing well.

Not too long, National Industrial Court of Nigeria commenced committal proceedings against Unity bank’s Managing Director/Chief Executive Officer, Oluwatomi Somefun to commit her to prison for flouting orders made by the court in a motion filed by 25 ex-staff of the bank, in whose favour the Lagos division of the court had given a monetary judgment on July 3, 2019.

Also, as part of its many troubles is the personal data breach suit filed by the Digital Rights Lawyers Initiative against the lender following the unauthorized exposure of over 53,000 job seekers on the bank’s job portal.

In Suit No. FHC/AB/CS/85/2020, filed few months ago, the applicant sought:

“A declaration that the Respondent’s privacy policy on its website – “https://www.unitybankng.com/privacy” violates the provision of regulation 2.5 of the Nigeria Data Protection Regulation 2019.

Not too long, the Maiduguri Zonal Office of the Economic and Financial Crimes Commission, EFCC, arraigned one Adam Kaka Adam before Justice Ibrahim Jauro of the Yobe State High Court, Damaturu, on one-count charge, bordering on criminal misappropriation to the tune of N11, 657, 500.00 (Eleven Million Six Hundred and Fifty-seven Thousand Five Hundred Naira).

Adam was a former Service Manager, in charge of Vault Room and Automated Teller Machine (ATM) in Unity Bank Plc, Damaturu Branch, Yobe State.

Trouble started for him when the EFCC received a petition against him from his employer (Unity Bank Plc), alleging criminal misappropriation of the said sum, meant to be fed the ATM machines of the branch which he is alleged to have dishonestly converted to his personal use.

All theses indices, ranging from stocks plunging, breach of customers contracts and financial misappropriation by their staffs, experts say may have sadly resulted in the decline in fortune of Unity bank.