check this out! Providus Bank Limited, a 7-year-old financial services institution, is about to acquire Unity Bank Plc, a major retail bank that has been around since 1988. The acquisition deal has received the green light from the Central Bank of Nigeria’s Committee of Governors, and it’s moving full steam ahead. The top brass at Providus Bank and Unity Bank are deep in talks, and it looks like the deal is almost sealed. However, the recent leadership change at the apex bank may have slowed things down a bit. Walter Akpani, the CEO of Providus Bank, has been tight-lipped about the whole thing. Providus Bank, based in Lagos, focuses on providing debt financing to small and medium-sized companies in industries like agriculture, mining, hospitality, e-commerce, and art & entertainment. On the other hand, Unity Bank has been facing some tough times, with its financial health coming under scrutiny. Independent auditors, KPMG, raised concerns about the bank’s financial situation, and it seems like Unity Bank has been struggling to stay afloat. The bank’s recent financial results paint a grim picture, with total liabilities exceeding total assets and a significant loss after tax. This isn’t the first time Unity Bank has been in talks for a buy-out. A previous deal with Milost Global fell through, and the bank has been trying to find new investors ever since. It’s definitely a challenging time for Unity Bank, and the acquisition by Providus Bank could be a game-changer for both institutions. Stay tuned for more updates on this exciting development!
