To bolster the stability of Nigeria’s financial system and avert potential systemic risks, 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.
If you are an account holder with Unity Bank, you have nothing to worry about, your savings are intact.
The latest development was brought to public notice via a statement on Tuesday.
This statement was signed by CBN’s acting Director of Corporate Communications, Hakama Sidi-Ali.
Meanwhile, the CBN reaffirmed its commitment to safeguarding depositors’ interests.
Also, the apex bank reaffirmed its commitment to ensuring the smooth functioning of the banking sector.
This it intends to achieve through proactive measures and strategic interventions.
Unity Bank Merger
The statement read partly: “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 under 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.”
“It is important to emphasise that no Nigerian bank currently faces a precarious situation comparable to that of Heritage Bank, which was recently liquidated.”
