Connect with us

Hi, what are you looking for?

E-Financial

CBN Approves ProvidusBank, Unity Bank Merger

CBN

Central Bank of Nigeria (CBN) on Tuesday announced the approval for a pivotal financial accommodation to support the proposed merger between Unity Bank Plc and the Providus Bank Limited.

The apex bank, in a statement by its acting Director of Corporate Communications, Hakama Sidi-Ali, said the move is designed to bolster the stability of the nation’s financial system and avert potential systemic risks.

“The merger is contingent upon the financial support from the CBN. The fund will be instrumental in addressing Unity Bank’s total obligations to the Central Bank and other stakeholders,” the statement read.

“It is unequivocal to state that the CBN’s action is under the provisions of Section 42 (2) of the CBN Act, 2007. This arrangement is crucial for the financial health and operational stability of the post-merger organisation.

“It is important to emphasise that no Nigerian bank currently faces a precarious situation comparable to that of Heritage Bank, which was recently liquidated.”

The CBN said it remains committed to safeguarding depositors’ interests and ensuring the smooth functioning of the banking sector through proactive measures and strategic interventions.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

ad

You May Also Like

News

A BBC investigation has uncovered a widespread immigration scam targeting foreign nationals seeking employment in the UK care sector, with recruitment agents, including a...

News

National Institute for Policy and Strategic Studies (NIPSS) has predicted that the price of Premium Motor Spirit (petrol) will decline as Dangote Refinery and...

Tech

French antitrust regulators have fined Apple 150 million euros ($162 million) over its App Tracking Transparency (ATT) feature, which is facing scrutiny in multiple...

News

MTN Media Innovation Program (MIP), a six-month fully-funded certificate fellowship designed for media professionals, is redefining journalism and content creation in Nigeria. Now in...