CBN saves Unity Bank, clears merger with Providus

The Central Bank of Nigeria , yesterday, extended a financial lifeline to struggling Unity Bank Plc and gave clearance for its planned merger with Providus Bank Limited in what is seen as a potential end to end of months of apprehension over the fate of the lender. The approval came after months of speculation on…

The apex bank, in a statement signed by the Acting Director of Corporate Communications Hakama Sidi Ali, said it has “granted approval for a pivotal financial accommodation to support the proposed merger between Unity Bank Plc and Providus Bank”. It added that the strategic move was 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 Central Bank of Nigeria , yesterday, extended a financial lifeline to struggling Unity Bank Plc and gave clearance for its planned merger with Providus Bank Limited in what is seen as a potential end to end of months of apprehension over the fate of the lender. The approval came after months of speculation on…

Stakeholders have called for the creation of Special Economic Zones , saying they drive industrialisation, anchor economic growth and facilitate trade. Speaking on the sidelines of the just concluded SADC Industrialisation Week and Exhibition, Director of the Economic Commission for Africa Sub-Regional Office, Eunice Kamwendo, highlighted that SEZs are an important policy tool to support…

•Bitcoin falls below $50,00 amid crpto bloodbath The emerging global turmoil manifesting in risky asset sell-off is causing jitters across emerging markets, including Nigeria, where banks are bracing up to raise about N4 trillion in the next two years to increase their minimum paid-up capital. The week opened with a bloodbath across regions and asset…The generation born between 1997 and 2012 has fully come into adulthood with a lot of potential in the workplace.

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CBN approves Unity, Providus banks’ mergerThe CBN said the intervention aims to strengthen Nigeria’s financial system and prevent potential systemic risks.
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