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.

kestolove95:
That unity bank wey no dey Eva get network

kestolove95:
That unity bank wey no dey Eva get network

Islie:


https://saharareporters.com/2024/08/06/breaking-nigerias-central-bank-approves-unity-bank-providus-bank-merger#google_vignette

AAAA67:
That's what is expected.
Don't know why Heritage bank couldn't be rescued.
Till now innocent depositors monies are still nowhere to be found.

Yestogood:


In fact, unity Bank midwifed Jaiz Bank. For the infancy period, Jaiz Bank was located on the 3rd floor of Unity Bank's then head office in Abuja. Staff members were given the option to be employed in Jaiz. Both banks use the same banking software and Unity Bank basically created Jaiz bank.
The problem with Unity Bank was they squandered their golden years. The management was largely northerners and they ran the Bank into the ground. It's the influence of the people behind the Bank that is keeping Unity Bank afloat.

mmadu4:
Opay and moniepoint is the future. all these banks are useless

You Fintech staff too dey like coded advertisements.

Weldone but as for me oo, I can only use una accounts for basic transactions and keep max of 100k at a time.

Make only tier 1 banks like GTB, FBN, Zenith, UBA & Access keep the rest.

Feel free to call me rusty old school . May we not be unfortunate abeg

Theoarhics:
Useless unity Bank. That bank sabi use ppl as slaves with little pay. One person doing 5 person's job

Jogs1900:

Don’t say what you don’t know…Unity bank has one of the best network infrastructure amongst banks in the country…

Jogs1900:

Don’t say what you don’t know…Unity bank has one of the best network infrastructure amongst banks in the country…

Truvelisback:
Unity don swallow Providus.

mmadu4:
Opay and moniepoint is the future. all these banks are useless