News
CBN Approves Unity Bank, Providus Bank Merger
The Central Bank of Nigeria (CBN) has granted approval for a financial accommodation to support the proposed merger between Unity Bank Plc and Providus Bank Limited.
A statement by the CBN Acting Director, Corportae Communications, Mrs Sidi Ali Hakama on Tuesday, said, “This strategic move is designed to bolster the stability of Nigeria’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.
“It is unequivocal to state that the CBN’s action is in accordance with 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.
“Furthermore, 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 remains committed to safeguarding depositors’ interests and ensuring the smooth functioning of the banking sector through proactive measures and strategic interventions.”
“The CBN’s decision underscores its dedication to maintaining financial stability and promoting confidence in the banking system during this transformative period,” it added.
- News21 hours ago
NIGERIAN BREWERIES PARTNERS OZA CARNIVAL
- Top Stories8 hours ago
Tinubu’s Aide Condemns Plan To Reinstall ‘Jesus Is Not God’ Banner In Lekki Mosque
- Top Stories3 hours ago
Breaking: FIRS Announces Fresh Recruitment, See Eligibility Criteria, Application Deadline
- News9 hours ago
Petrol To Sell ₦935/Litre From Today – IPMAN
- Top Stories9 hours ago
2025 Budget Cannot Address Nigeria’s Economic Challenges – Atiku
- News9 hours ago
President Tinubu’s reforms not responsible for food stampedes – FG
- Top Stories6 hours ago
Primate Ayodele’s Prophecies For 2025
- Entertainment9 hours ago
I will be more influential in Nigeria than UK – Tobi Adegboyega