CBN approves financial accommodation for Unity, Providus banks merger

  • 📰 DailyPostNGR
  • ⏱ Reading Time:
  • 19 sec. here
  • 4 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 59%

CBN News

Providus Banks,Unity

The Central Bank of Nigeria, CBN, has approved a pivotal financial accommodation to support the proposed merger between Unity Bank Plc and Providus Bank Limited. Hakama Sidi Ali, CBN’s acting Director of Corporate Communications, disclosed this in a statement on Tuesday.

According to the apex bank, the approval 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 by the provisions of Section 42 of the CBN Act, 2007.

'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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 11. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

NGX suspends Unity Bank, NPF Microfinance Bank, six other companies sharesThe Nigerian Exchange group has suspended shares trading of Unity Bank, Nigerian Police Force Microfinance Bank, and six other companies that defaulted in filing their relevant accounts for 2023. NGX Regulation, the regulatory arm of the market, disclosed this in a bulletin on Monday, by its head, Godstime Iwenekhai.
Source: DailyPostNGR - 🏆 11. / 59 Read more »

'Abuse of office': Emefiele, wife aren't signatories to companies' accounts, witness tells courtIfeoma Ogbonnaya, an assistant manager with Zenith Bank, says Godwin Emefiele and his wife, Margaret, are not signatories to the accounts that received funds from the Central Bank of Nigeria (CBN).
Source: thecableng - 🏆 2. / 80 Read more »