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CBN approves Unity, Providus banks’ merger

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The CBN said the intervention aims to strengthen Nigeria’s financial system and prevent potential systemic risks.

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The CBN said it remains committed to safeguarding depositors’ interests and ensuring the smooth functioning of the banking sector through proactive measures and strategic interventions.PREMIUM TIMES delivers fact-based journalism for Nigerians, by Nigerians — and our community of supporters, the readers who donate, make our work possible. Help us bring you and millions of others in-depth, meticulously researched news and information.

Unity Bank, which is backed by the Asset Management Corporation of Nigeria , is the only listed bank yet to publish its 2023 earnings report. AMCON, tasked with purchasing and recovering bad loans from banks, is Unity Bank’s largest shareholder, owning over one-third of its issued shares.

 

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