On Tuesday, the Central Bank of Nigeria (CBN) approved a significant financial support package to facilitate the merger between Unity Bank Plc and Providus Bank Limited.
According to a statement from Hakama Sidi-Ali, acting Director of Corporate Communications at the CBN, this move aims to strengthen the stability of Nigeria’s financial system and prevent potential systemic risks.
“The merger depends on this financial backing from the CBN, which will help Unity Bank meet its obligations to the Central Bank and other stakeholders,” the statement explained.
This support is in line with Section 42 (2) of the CBN Act, 2007, and is essential for the financial health and operational stability of the merged entity.
The CBN reassured that no Nigerian bank is in as critical a situation as Heritage Bank, which was recently liquidated. The bank remains dedicated to protecting depositors’ interests and ensuring the stability of the banking sector through proactive and strategic measures.
