Unity Bank has just made a big leadership change. Ebenezer Kolawole is stepping in as the Acting Managing Director/Chief Executive Officer, taking over from Oluwatomi Somefun, who retired after leading the bank for ten years.

The Central Bank of Nigeria (CBN) has given its approval for this move, and it was officially announced at the bank’s 18th Annual General Meeting (AGM) in Lagos.

Kolawole is taking charge at a crucial time. Unity Bank is gearing up for a merger with Providus Bank Limited, a move that could reshape its future. Originally formed in 2006 through the merger of nine banks, Unity Bank has had its fair share of financial struggles, dealing with high levels of bad loans and recurring losses.

The bank’s financial report for 2023, which came out in February 2025, painted a tough picture. It recorded a loss after tax of ₦62.6 billion, erasing the profit it had made the previous year. More concerning is the fact that the bank’s liabilities outweighed its assets by ₦326.9 billion, and its capital adequacy ratio stood at -76.14%, far below CBN’s requirements. Simply put, the bank is under serious financial strain. Kolawole’s first order of business? Stabilizing operations, especially after CBN’s ₦750 billion financial injection, which was released in two phases to keep the bank afloat.

Who is Ebenezer Kolawole?

Kolawole isn’t new to the world of financial management. With over 30 years of experience, he has worked at several major institutions, including Caribbean Finance Limited, Ecobank, Standard Trust Bank (STB), and United Bank for Africa (UBA). In fact, he played a key role in the STB/UBA merger, which gives him valuable experience as Unity Bank moves toward its own merger with Providus Bank. He has also held leadership positions at Mainstreet Bank and even ventured into the telecom sector with Globacom.

Since joining Unity Bank in 2015 as Chief Financial Officer (CFO), Kolawole has steadily climbed the ranks. He was later promoted to Executive Director, where he oversaw Finance, Operations, and Information Technology. His work has been instrumental in the bank’s transformation strategy and cost-cutting efforts, making him a natural fit for this leadership role.

With Unity Bank facing some of its biggest challenges yet, all eyes will be on Kolawole to see how he steers the bank forward, especially with the upcoming merger and financial restructuring on the horizon.