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The Central Bank of Nigeria (CBN) has approved substantial financial support to advance the merger between Unity Bank Plc and Providus Bank Limited. This move is part of a strategic effort to bolster the stability of Nigeria’s financial sector and address potential systemic risks.

According to a statement issued by Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications, this approval is vital for the merger to proceed, particularly in resolving Unity Bank’s outstanding obligations to the CBN and other stakeholders.

The CBN emphasized that this intervention is in line with Section 42 (2) of the CBN Act, 2007, underscoring its significance for the financial health and operational stability of the newly merged bank.

Reassuring the public, the CBN clarified that no other Nigerian bank currently faces a critical situation similar to the recent liquidation of Heritage Bank. The CBN remains committed to safeguarding depositors’ interests and ensuring the smooth operation of the banking sector through proactive and strategic measures.

This decision reflects the CBN’s commitment to maintaining financial stability and fostering confidence in Nigeria’s banking system during this period of transformation.

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