15th AGM: Shareholders worry over Unity Bank’s capacity to stay afloat, query MD, Oluwatomi Somefun
https://247ureports.com/2021/07/15th-agm-shareholders-worry-over-unity-banks-capacity-to-stay-afloat-query-md-oluwatomi-somefun/
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The shareholders made this known at the lender’s 15th Annual General Meeting (AGM) held on the 1st of July 2021 at its headquarters situated at Plot 42, Ahmed Onibudo Street, Victoria Island, Lagos.

At the AGM which was streamed online and monitored by our correspondent, the shareholders said they were worried that the board was yet to find a suitable investor to save the bank from crumbling.

One of them, Mrs Adebisi Bakare, the national coordinator of the Pragmatic Shareholders Association of Nigeria (who represented over 30,000 shareholders of the bank) while speaking on behalf of her group lamented that the red flag raised by the bank’s auditor, KPMG, was worrisome and further asked when the board plans to fully recapitalise the bank.

According to her: “I want to talk about the external auditors’ report on key matters with respect to material uncertainty related to going concern. I want to ask what the board and management are doing to address the issues [raised] as regards a negative shareholders’ fund of N275 billion.