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Unity Bank MD, Oluwatomi Somefun In Trouble

Unity Bank Plc Managing Director and Chief Executive Officer, Oluwatomi Somefun is in big trouble.

Insiders squealed to us that the bank’s board may have perfected plans to sack her as the board has lost confidence in her leadership because she has failed to turn around the fortunes of the bank.

Our sources added that the bank’s board is already talking with a director in one of the top banks to replace her.

For those who don’t know, the National Industrial Court of Nigeria commenced committal proceedings against 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.

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Besides, one of her troubles is the personal data breach suit filed by the Digital Rights Lawyers Initiative against the bank 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.

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We also gathered that the Central Bank of Nigeria (CBN) is considering revoking the operating license of Unity Bank Plc over its failure to meet regulatory benchmarks.

Our sources said that CBN is worried about the poor performance of the bank for some years now which has made it unable to meet key regulatory requirements.

Our sources added that the CBN may be left with no option than to withdraw the bank’s license and nationalize it to safeguard depositors’ funds as its share capital has continued to run into the negative territory.

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Unity Bank’s auditors, KPMG has raised a red flag over its ability to continue operations because its liabilities exceeded its assets, resulting in a negative capital.