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Unity Bank Divests from Caranda, as it Targets 10,000 Jobs Annually

By on March 12, 2012

In line with the Central Bank regulation compelling all bank financial institutions to divest their holdings from their non-bank subsidiaries, Unity Bank has sold its equity stake in Caranda Management Services Limited.

In what appears to be a Management Buy-out transaction, Unity Bank Plc has sold 75 million ordinary shares of N 1 each comprising its entire holdings in Caranda Management Services just as Dr. Evans Woherem recently retired as Executive Director of Information Technology of the bank to become Chairman of Caranda.

Caranda Management Services Limited provides outsourcing services to clients located globally. The company has disclosed it can generate 10,000 jobs annually due to the demand for more competitive labour on a global scale.

Nigeria’s millions of English speaking youth can easily capture a huge slice of the vast outsourcing market.

According to the Chairman of Caranda, “The services that can be provided by outsourcers are so varied and extensive that the market cannot be saturated within the foreseeable future.

“A study conducted by Outsourcing Initiative revealed that organizations providing outsourcing services in Nigeria are indeed negligible while the demand for outsourcing is constantly on the increase.”