Union Bank reveals why it promoted 337 employees amid Fitch ratings

• Union Bank has promoted about 337 of its employees across various departments 
• The bank said the promotions testify to the bank’s belief in its staff and a way to reward their exceptional services
• The bank reiterated the bank’s commitment to boosting a culture of excellence and growth

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

One of Nigeria’s oldest banks, Union Bank, has promoted 337 employees across different departments.

The bank said that the milestone shows its commitment to recognising and rewarding its employees' hard work, dedication and outstanding contributions.

Union Bank announces promotion of over 300 employees across different departments Credit: Cecilie_Arcurs
Source: Getty Images

MD gives reasons for promotion

Yetunde Oni, the managing director/chief executive officer, reiterated the bank’s commitment to fostering a culture of excellence and growth.

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She disclosed that the promotions show the financial institution’s commitment and continuous efforts at empowering its workers and driving operational success.

According to Oni, the employees have shown exceptional performance, leadership and dedication to the bank’s core values.

Vanguard reports that Oni said the promotions show the bank's belief in the employees' potential to drive it forward.

Oni said:

"At Union Bank, we understand that our people are our greatest asset. We build a more vital, dynamic organisation by investing in their growth and recognising their achievements. We are excited to see how our promoted colleagues will continue to inspire and lead within the bank.”

According to Oni’s statement, the recent recognition is part of the bank’s broader strategy to nurture talent, encourage professional development, and ensure that employees are well-equipped to meet customers’ changing needs.

Nigerian banks sack 93 employees

A previous report by Legit.ng disclosed that Nigerian banks dismissed about 93 employees last year for fraud-related cases. 

Fraud losses of about N10.7 billion were reported in the Nigerian banking industry between 2023 and 2024.

Bank staff steals N44 billion in two years 

Data from the Financial Institutions Training Centre (FITC) disclosed that Nigerian banks recorded about 318 cases of staff collusion in fraud during the period under review. 

Per the report, internal fraud in the Nigerian banking system has risen in recent years. 

According to a BusinessDay report, a staff member of a tier-1 bank reportedly stole N44 billion over two years. In a letter to the Lagos state police commissioner, the bank said it drew the state police command's attention to fraudulent transactions within and outside the bank. 

It requested that the police investigate to unravel the circumstances behind the fraud and apprehend the culprits.

Nigerian bank downgraded for breaching regulatory capital

Legit.ng earlier reported that Union Bank of Nigeria Plc's Long-Term Issuer Default Ratings (IDR) has been lowered by Fitch Ratings from "B-" to "CCC," and its National Long-Term Rating has been downgraded from "BBB(nga)" to "B+(nga)."

The bank's Viability Rating (VR) was also downgraded from " b—" to "ccc" due to concerns about potential capital requirements violations.

Fitch also confirmed UBN's Government Support Rating (GSR) of "no support" in its rating, which was made public on Friday.

Source: Legit.ng