Oluwaomi (Tomi) Somefun, a renowned banker and trailblazing leader, has transformed Unity Bank since assuming the CEO role in 2015. With over three decades of experience spanning commercial and investment banking, financial consulting, and audit services, she profoundly influences Nigeria’s banking sector. Under her exceptional leadership, Unity Bank has evolved into a key financial institution in the country.
Somefun’s academic journey began at Obafemi Awolowo University, where she graduated with a Bachelor of Education in English Language in 1981. Her transition into finance was marked by her certification as a Chartered Accountant with the Institute of Chartered Accountants of Nigeria (ICAN) in 1982. Driven by her passion for finance, Somefun pursued executive training programs at prestigious institutions like Harvard Business School, Wharton Business School, and INSEAD Fontainebleau, equipping her with the skills necessary to navigate the complexities of the financial world.
Her career has been distinguished by visionary leadership. At UBA Pensions, the banking executive spearheaded innovative solutions in Nigeria’s newly regulated pensions industry, successfully building the company from the ground up. Her eight-year tenure at UBA Pensions solidified her expertise and led to further strategic roles within the UBA Group before transitioning to Unity Bank as Executive Director.
Breaking barriers, she became Unity Bank’s first female Managing Director. Despite the initial hurdles, she steered the bank through challenging times and drove its transformation. Under her leadership, Unity Bank has experienced significant growth, becoming a formidable player in Nigeria’s banking industry.
As CEO, Tomi Somefun directs the bank’s strategic initiatives, focusing on financial inclusion, sustainability, and digital transformation. Groundbreaking products like UniFi and Corpreneurship have expanded the bank’s services to a broader audience. Her leadership prioritises customer satisfaction, employee development, and community engagement, aligning Unity Bank with the evolving market needs.
Somefun’s leadership style combines empathy, integrity, and decisiveness, which has earned her the trust of stakeholders. Unity Bank’s impressive turnaround under her direction showcases her ability to navigate complex challenges and capitalise on emerging opportunities. Her forward-thinking approach has positioned the bank for long-term success.
Tomi Somefun’s innovative leadership, resilience and accolades
In the face of cultural, gender, and other challenges, Somefun’s resilience, strengthened by overcoming personal tragedies, has remained a defining aspect of her leadership. Her emphasis on faith, clear communication, and perseverance is a testament to her enduring success.
Her exceptional leadership has not gone unnoticed. Somefun received numerous accolades, including the Top 25 CEOs Next Bulls award and the BusinessDay Top 25 CEOs award in 2019. Her contributions to Unity Bank’s performance on the Nigerian Stock Exchange (NSE) earned her recognition as one of the top 25 most distinguished CEOs of quoted Nigerian companies in 2015. In recognition of her outstanding career, she was conferred an Honorary Degree of Doctor of Business Administration by Redeemer’s University.
A financial inclusion champion, Tomi Somefun led Unity Bank to become the first Nigerian bank to offer Multi-lingual USSD Banking in the three major Nigerian languages, reinforcing her commitment to making banking accessible to all. With over 35 years of experience, her mark on Nigeria’s banking sector is indelible.
Leading amid adversity
In August, the Central Bank of Nigeria (CBN) approved Providus Bank Ltd’s financial takeover of Unity Bank Plc, in line with its new minimum capital requirements for banks, effective 28 March 2024. The merger grants Providus an 80% ownership stake while Unity Bank retains 20%. This strategic decision underscores the CBN’s commitment to maintaining Unity Bank’s operations as it is considered a systemically important bank crucial to the financial ecosystem, especially in Northern Nigeria. With its vast branch network and significant role in providing farmers loans, Unity Bank is essential in supporting the region’s economy.
The CBN’s approval of the merger aims to bolster the stability of Nigeria’s financial system and mitigate any potential risks that could arise from instability in a bank with Unity’s reach. By merging with Unity Bank, Providus Bank gains a broader national presence, tapping into Unity’s established profile and extensive network, particularly in the northern region. For Unity Bank, the merger ensures the preservation of depositor funds and its banking operations, safeguarding its legacy while aligning with Providus Bank’s growth ambitions.
Beyond Unity Bank, Somefun’s legacy is one of dedication to the growth of Nigeria’s financial landscape. Her strategic vision has reshaped the institution, and her leadership has set a standard for women in executive roles.
Her journey exemplifies resilience, dedication, and leadership excellence. As the first female managing director of Unity Bank, she has paved the way for women to take on leadership roles. Her numerous awards and recognitions show her unwavering commitment to excellence, solidifying her as one of Nigeria’s most distinguished bankers. Her visionary leadership continues to inspire, leaving a lasting legacy in the industry.
Additional reporting by Ishioma Imokhai-Bello.
