NewStats: 3,264,581 , 8,184,171 topics. Date: Wednesday, 11 June 2025 at 04:10 PM 671h31

The Central Bank of Nigeria (CBN) has granted approval for a financial accommodation to the proposed merger between Unity Bank Plc and Providus Bank Limited.

A statement by the CBN Acting Director, Corportae Communications, Mrs Sidi Ali Hakama on Tuesday, said, “This strategic move is designed to bolster the stability of Nigeria's financial system and avert potential systemic risks.

“The merger is contingent upon the financial 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 in accordance with 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.

“Furthermore, it is important to emphasise that no Nigerian bank currently faces a precarious situation comparable to that of Heritage Bank, which was recently liquidated.

“The CBN remains committed to safeguarding depositors' interests and ensuring the smooth functioning of the banking sector through proactive measures and strategic interventions.”

“The CBN's decision underscores its dedication to maintaining financial stability and promoting confidence in the banking system during this transformative period,” it added.

https://saharareporters.com/2024/08/06/breaking-nigerias-central-bank-approves-unity-bank-providus-bank-merger#google_vignette

That's what is expected.
Don't know why Heritage bank couldn't be rescued.
Till now innocent depositors monies are still nowhere to be found.

That unity bank wey no dey Eva get network

kestolove95:
That unity bank wey no dey Eva get network

Don’t say what you don’t know…Unity bank has one of the best network infrastructure amongst banks in the country…

Naija and failure🤝

COMRADES are speechless

Hope customers savings are safe!

The merger may still not save the two banks...the best merger in the banking sector ever was diamond/access...two heavyweights

Some are quoting me saying diamond was weak but let me inform you that diamond brought something huge to the table; lots of customers and strategic branches. To diamond, customers na water at the point of merger

OGA cardoso, Tell Tinubu to cancel Naira floating

So in Nigeria, when you hear anything like rumours, believe it, coz it will actually happen...

i don too over look this unity bank..i ned to open an acct

kestolove95:
That unity bank wey no dey Eva get network

who told you that??

Islie:


https://saharareporters.com/2024/08/06/breaking-nigerias-central-bank-approves-unity-bank-providus-bank-merger#google_vignette

No be wetin we talk sey CBN wan sell Unity Bank. Remain polaris.

My Providus

If this providuse bank exist no body even know

Make Unity Bank merge Ooo. Na old people Bank be that. Make pensioners no loose their money.

It's important the CBN remains committed to safeguarding depositors’ interests and ensure smooth functioning of the banking sector through proactive measures and strategic interventions. Up next will be the Education sector. It needs total overhaul.

Opay and moniepoint is the future. all these banks are useless

Waiting for the new name or Unity Bank will be retained.

Useless unity Bank. That bank sabi use ppl as slaves with little pay. One person doing 5 person's job

Unity don swallow Providus.

AAAA67:
That's what is expected.
Don't know why Heritage bank couldn't be rescued.
Till now innocent depositors monies are still nowhere to be found.

Nothing to salvage in Heritage.

Bank wey bad loan was over N700Bn. Forget all their painted buildings.

Na piece of junk abeg. A shitty carton.

Unity Banks Customer all moved to TAJ Bank.

Providus Bank is too young to swallow Unity Bank, they need Customer Spread and Quick Assets

Unity Bank needs Capital to pull its weights Loan Quality, Asset Quality and Regulatory Requirements.

In these two scenario, there is still a long way to cover towards the Recapitalization, so need to Still Merge or Issue Shares.

Yestogood:


In fact, unity Bank midwifed Jaiz Bank. For the infancy period, Jaiz Bank was located on the 3rd floor of Unity Bank's then head office in Abuja. Staff were given the option to be employed in Jaiz. Both banks use the same banking software and Unity Bank basically created Jaiz bank.
The problem with Unity Bank was they squandered their golden years. The management was largely northerners and they ran the Bank into the ground. It's the influence of the people behind the Bank that is keeping Unity Bank afloat.

Yes Jaiz not TAJ.

mmadu4:
Opay and moniepoint is the future. all these banks are useless

You Fintech staff too dey like coded ments.

Weldone but as for me oo, I can only use una s for basic transactions and keep max of 100k at a time.

Make only tier 1 banks like GTB, FBN, Zenith, UBA & Access keep the rest.

Feel free to call me rusty old school . May we not be unfortunate abeg

Following jejely..

Theoarhics:
Useless unity Bank. That bank sabi use ppl as slaves with little pay. One person doing 5 person's job

Wonderful! Please can you elaborate on it further, because I have heard alot about Bank Workers been suffer most

Jogs1900:

Don’t say what you don’t know…Unity bank has one of the best network infrastructure amongst banks in the country…

Lies, I dey use am, Unifi app is the worst thing to happen since APC happened.

Jogs1900:

Don’t say what you don’t know…Unity bank has one of the best network infrastructure amongst banks in the country…

oga rest, he is saying fa truth...Na like saving bank e be for me now

Hmm. . so apparently, Providus were having liquidity issues and always fronting like one new GTBank-In-The-Making.

Never trust a bank regardless of it's aesthetics. This reminds me of Bank PHB. .

Oga don't say what u don't know, it's actually the other way round.

Truvelisback:
Unity don swallow Providus.

So CBN can approve merger for unity bank but played politics on heritage Bank. Funny country.witch hunting never ends

mmadu4:
Opay and moniepoint is the future. all these banks are useless

Then you don't know how bank works. Opay and Moniepoint are only in the tiny area of banking and doesn't the kind of infrastructure needed to run serious banking.

Imagine saying JP Morgan Chase and Wells Fargo are useless simply because Interra and Mabray banks are the future. Laughable