TUC SET TO INJECT N80BN INTO UNITY BANK TUC SET TO INJECT N80BN INTO UNITY BANK



The Trade Union Congress (TUC) is set to acquire majority shares in Unity Bank subject to the approval of all the concerned authorities in the banking sector.
TUC president, Mr Bobboi Kaigama, told newsmen in Lagos yesterday that the trade union body intend to inject N80 billion spread over several years to acquire 57 per cent stake in Unity Bank.
Kaigama, who spoke at the corporate head office of the bank in Lagos after a workshop between TUC officials and the management of Unity Bank said that the trade union body was set to significantly improve the lots of workers in the country.
“We intend to acquire 57 per cent shares of Unity Bank once the necessary due diligence are done. We are thinking of investing something in the region of N80 billion into the bank and ultimately turn it into workers bank,” he said.
On how the trade union body would raise the funds, Kaigama said an international organisation was planning to inject $1 billion into the country for workers’ welfare adding that public servants would also be encouraged to buy shares in the bank and own part of it.
“There is strength in numbers. I have done it in the past while in Taraba State when I set up a small contributory scheme for workers. What we did was for each civil servants to contribute N300 and we all agree not to touch the funds for six months. After that people can now apply for loan. If you apply for N100,000 will give you N95,000 and you pay the full amount within a specified period of time. That little scheme then is now worth over N250 million,” he said.
Chairman of Unity Bank, Mr Thomas Etuh, said since the TUC made its intention known, the shares of the bank as risen significantly on the stock exchange.
He said that the bank was doing well presently and that the projection was for the bank to be among the top three banks in the nearest future.

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