Federal Character
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
Federal Character
No Result
View All Result
Home Business & Finance

CBN Approves Merger of Unity Bank and Providus Bank

Benita OrumabyBenita Oruma
August 6, 2024
in Business & Finance
0
CBN Approves Merger of Unity Bank and Providus Bank
Share on FacebookShare on TwitterShare on Whatsapp

The Central Bank of Nigeria (CBN) has given its approval for a financial package to facilitate the merger of Unity Bank Plc and Providus Bank Limited. The apex bank, in a statement released on Tuesday, explained that this move is aimed at strengthening the stability of Nigeria’s financial system and preventing potential systemic risks.

Table of Contents

Toggle
  • CBN Financial Support Crucial
  • No Systemic Risk to the Banking Sector

CBN Financial Support Crucial

The success of the merger hinges on financial support from the CBN. The provided funds will be utilized to address Unity Bank’s outstanding obligations to the Central Bank and other creditors. The CBN has clarified that this action is authorized under Section 42 (2) of the CBN Act, 2007, and is essential for the financial health and operational stability of the combined entity.

No Systemic Risk to the Banking Sector

The CBN has emphasized that no other Nigerian bank is currently facing a situation comparable to that of Heritage Bank, which was recently liquidated. The central bank reiterated its commitment to protecting depositors’ interests and maintaining a stable banking sector through proactive measures and strategic interventions.

Tags: cbnCBN Approves Merger of Unity Bank and Providus Bankfederal characterMergerNewsProvidus Bankunity bank
Benita Oruma

Benita Oruma

Benita Oruma is a lawyer in training, a 400 level student in the university of Ibadan. She is a content writer with interest in corporate affairs and the marketplace.

Related Posts

Is YouTube the Future or a Trap for Nollywood?
Business & Finance

$24.5M Silence Fee? Trump Wins Against YouTube

October 1, 2025
September Surrender: Naira Kneels as Dollar, Euro, Pound Dance on Its Weakness
Business & Finance

October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose

October 1, 2025
Will the Dangote Refinery Deadlock Worsen Nigeria's Economic Crisis?
Business & Finance

Will the Dangote Refinery Deadlock Worsen Nigeria’s Economic Crisis?

September 30, 2025
Next Post
Who is Tim Walz, Kamala Harris’s VP Pick?

Who is Tim Walz, Kamala Harris's VP Pick?

Easy Fixes For Dry Feet

Easy Fixes For Dry Feet

Dollar, Euro and Pounds To Naira Exchange Rate For Today, August 5 2024

Dollar, Euro and Pounds To Naira Exchange Rate For Today, August 7 2024

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Al Hilal Makes Big Offer To Liverpool Captain Virgil Van Dijk

Al Hilal Makes Big Offer To Liverpool Captain Virgil Van Dijk

7 months ago
Nkunku’s Late Strike Seals Chelsea’s 1-0 Victory Over Bournemouth

Nkunku’s Late Strike Seals Chelsea’s 1-0 Victory Over Bournemouth

1 year ago
2023: Why PDP is the best choice in Igbo interest

2023: Why PDP is the best choice in Igbo interest

4 years ago
Albinism: Its Dangers and Difficulties in Nasarawa State

Albinism: Its Dangers and Difficulties in Nasarawa State

3 years ago

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

Topics

2023 Aboki/Bureau De Change (BDC) apc Arsenal buhari Business cbn chelsea china court Davido Dollar Efcc Election Entertainment Euro and Pounds To Naira Exchange Rate For Today exchange rates for the Nigerian Naira (NGN) Fashion federal character federal government Finance food Football Foreign News government health inec Israel lagos Manchester United Naira Naira Black Market exchange rates News Nigeria pdp police Politics president protest Russia Sports tinubu trump ukraine US
No Result
View All Result

Highlights

Supreme Court Blocks Trump From Axing Fed Governor Lisa Cook

Osimhen Breaks Nigerian Champions League Record in Galatasaray’s Win Over Liverpool

Trump’s Movie Tariff Madness: Does the World Really Revolve Around the U.S.?

Maryland Audit Exposes Gov Wes Moore

$24.5M Silence Fee? Trump Wins Against YouTube

Tems Shatters Another Global Record — See the Historic Feat

Trending

The Biggest Potential Fashion Faux Pas at Selena Gomez and Benny Blanco’s Star-Studded Wedding
Fashion & Lifestyle

The Biggest Potential Fashion Faux Pas at Selena Gomez and Benny Blanco’s Star-Studded Wedding

bySomto Nwanolue
October 1, 2025
0

Selena Gomez and Benny Blanco’s intimate Santa Barbara wedding was, by all verifiable accounts, a masterclass in...

Why Did the Taliban Shut Down the Internet in Afghanistan?

Why Did the Taliban Shut Down the Internet in Afghanistan?

October 1, 2025
Are Construction Standards Failing Churchgoers in Ethiopia?

Are Construction Standards Failing Churchgoers in Ethiopia?

October 1, 2025
Supreme Court Blocks Trump From Axing Fed Governor Lisa Cook

Supreme Court Blocks Trump From Axing Fed Governor Lisa Cook

October 1, 2025
Osimhen Breaks Nigerian Champions League Record in Galatasaray’s Win Over Liverpool

Osimhen Breaks Nigerian Champions League Record in Galatasaray’s Win Over Liverpool

October 1, 2025

We launched Federal Character in February 2021 based on the belief that the world is in need of smarter and more efficient reporting of events shaping our rapidly changing world. We pledged to put our audience first, always.

Recent News

  • The Biggest Potential Fashion Faux Pas at Selena Gomez and Benny Blanco’s Star-Studded Wedding
  • Why Did the Taliban Shut Down the Internet in Afghanistan?
  • Are Construction Standards Failing Churchgoers in Ethiopia?

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

© 2024 FederalCharacter.com

No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion

© 2024 Federalcharacter.com