CBN approves merger of Unity, Providus banks
The Central Bank of Nigeria (CBN), on Tuesday, announced its acceptance of a crucial financial accommodation to support the proposed merger of Unity Bank Plc and Providus Bank Limited.
The information was disclosed in a statement signed by Hakama Sidi-Ali, the acting director of corporate communications at CBN.
The approved merger of Providus Bank and Unity Bank represents the first merger authorised after CBN’s mandate to increase the minimum capital base.
The statement read: “The merger is contingent upon financial support from the CBN. The funds will be instrumental in addressing Unity Bank’s total obligations to the Central Bank and other stakeholders.
“It is important to note that the CBN’s action is in line 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.”
She said that it was important to emphasise that no Nigerian bank currently faced a precarious situation comparable to that of Heritage Bank, which was recently liquidated.
She said that the apex bank remained 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,” the director said.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
NationWide
Focus on criminals, stop targeting journalists, CPJ tells Nigerian security agencies
She also pointed out harsh bail requirements imposed on journalists, describing Mr Ugagbe’s bail conditions as “utterly punitive.”
Education
Tinubu upgrades Nasarawa poly to university
Mr Onanuga said the approval followed a proposal by Senator Ahmed Aliyu, who represents the Nasarawa West Senatorial District.
Lagos
Lagos govt signs agreement to automate vehicle registration
Mr Osiyemi said the initiative would simplify and speed up vehicle registration by eliminating cumbersome processes.
States
Three rescued, one body recovered as building collapses in Kano
The PRO attributed the collapse to the use of poor and substandard building materials.
NationWide
FG calls for stronger African collaboration to combat illicit wealth, transnational corruption
Mr Fagbemi added that the recovery and transparent management of proceeds of crime remained a key pillar of the country’s anti-corruption policy.
Heading 2
FG reiterates commitment to ensuring safe return of Nigerians from South Africa
“The last evacuation flight, which is expected to bring home approximately 300 of our nationals, is expected to arrive in Nigeria next week,” Mr Ebienfa said.
