The Asset Management Corporation of Nigeria (AMCON) is Unity Bank’s foremost shareholder, holding 34.2 per cent of the bank’s ordinary shares. Unity Bank’s foreign exchange revaluation loss for the period stood at N35.4 billion, according to the bank’s financials, compared to N16.2 million a year earlier. The financials showed N8.9 billion in long-term loans from the African Export-Import Bank after conversion from the US dollar. Revenue for the period saw a flattish growth as gross earnings climbed to N27.8 billion from N27.6 billion. According to the balance sheet, its total liabilities of N688.8 billion exceeded its total assets by 35.1 per cent.

Source: The Guardian September 10, 2023 19:09 UTC