Board Room Ripples At Unity Bank As Babangida’s Son, Aminu, Bola Shagaya’s Child, Hakeem & Chairman Thomas Etuh Engage In Battle Of Influence For Control

There is an ongoing guarded battle of influence at Financial Institution, Unity Bank sources claim.

And this power play that centres on who determines the focus of the board involves three major players we learnt.

There is Aminu, the son of former military dictator Ibrahim Badamosi Babangida, Hakeem son of connected business woman with penchant for transforming friend of the Nation’s first ladies- Bola Shagaya and billionaire investor chairman of the board, Thomas Etuh.

Findings revealed both Aminu and Hakeem sits on the board courtesy of their parent’s major stake in the bank.

Thomas Etuh

Aminu appears to have a better edge than Hakeem with recent confirmation as Vice Chairman of the Board.

Sources confirmed though kept as shielded as possible, Aminu was initially appointed as board member of the bank in 2011 at the age 35.

Backed with his family’s major interest in the financial institution, Aminu labelled as single and brimming with activities is said to have set his sights on position of relevance and strategic decision making within the bank.

And he is said not to hide his ambition. Though more subtle in his approach, Shagaya’s son Hakeem is disclosed as ‘working towards achieving the same aim’

Their agenda naturally put them at conflict with Board chairman, Thomas Etuh and Managing Director James Semenitari who backs each other.
Aminu Babangida Hakeem Shagaya

Etuh emerged Chairman board room power upheaval that pushed Lamis Dikko for him to ascend.

But a source insists ‘even he knows with the way Aminu is positioned, he is in for a hard time to assert control’

Societynowng.com’s investigation revealed even before he secured the leverage of the official title of Vice Chairman, the younger Babangida has been infused into virtually all strategic points of the bank’s operations to provide him with clear picture on how to manoeuvre.

Revealed an insider ‘There are five committees that help the board impact greatly on the running of the banks, before he was appointed chairman Etuh was a member of four of those committees while operating as Vice Chairman while Aminu then as just a member was an integral part of all the five committees….this gave him a full picture and opportunity to have a say in all that happens’

The committees are listed as Board Finance and General Purpose Committee, Board Credit Committee, Board Risk Management Committee, Board Appointment and Compensation Committee, Board Appointment and Compensation Committee.

Further revelations have it that the third players trying to assert of his own, Hakeem Shagaya was a member of just two of these five committees.

Aminu Babangida is on record as the only individual that partakes in the affairs of all the board committees.

Further revelation made available to societynowng.com revealed that with this access comes influence which and attempts to take over affairs of the board. A move which is being resisted, especially by those who pride themselves core professionals who do not want to become ‘rubber stamp’.

Informants explained against the background of ‘weeding’ of loyalists of former regime still in the system, a guarded but simmering battle for control is ongoing at the financial institution.

‘when it would erupt is what is not yet clear….because sooner or later an aggrieved on the receiving end is going to cry out under the banner of injustice’ a source opined

Other known names turned investors caught in the current tide at the bank includes, Olufunsho Obasanjo, Richard Asabia and Oluseun Mabogunje.