Why CBN Allowed Providus to Take Over Unity Bank Describes Unity as systemically important bank which shouldn’t be allowed to fail Declares its failure will render many people unbanked across northern region James Emejo in Abuja More facts emerged yesterday as to the main reasons behind the Central Bank of Nigeria (CBN)’s decision to back the
take-over of Unity Bank by Providus Bank. THISDAY gathered that a key consideration by the apex bank was that Unity Bank remained a systematicallyimportant bank that must not be allowed
to fail in the interest of many depositors across the northern part of the country. Sources further confided in THISDAY that the amount of depositors’ funds in the bank was not really a major concern
but the fact that Unity Bank currently remained the only bank servicing many northern states and local governments. Therefore, the central bank was of the view that if the bank was allowed to go
down, many people across the north will Unity Bank are mostly farmers, thus a be unbanked and will not have access failure would likely have a devastating impact on the region and country’s food to a financial services institution. In addition, it was learnt that most of Continued on page 6 the people who borrowed money from
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