Financial News Highlights August 7, 2024 – Prividus And Unity Bank Merger

CBN approves financial accommodation for Unity, Providus Bank merger

 

The Central Bank of Nigeria (CBN) has granted an approval for a financial

accommodation to support the proposed merger between Unity Bank Plc and Providus Bank Limited.

 

The CBN said in a statement signed by Hakama Sidi Ali, acting director of corporate communications, that the move is designed to bolster the stability of Nigeria’s financial system and avert potential systemic risks.

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It said 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 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.”

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“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 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,” the statement noted.

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Details later…

 

Other major Financial news headlines today August 7, 2024:

 

FG targets 1.4 million jobs with cotton/textile industry revamp

CBN steps in to save naira with retail dollar auction

Nigeria’s NLNG dividend falls 43% on gas constraints

For more details on the above and other headlines either get a printed copy of business day newspaper or better still visit their website

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