TWO US TROOPS MISSING DURING AFRICAN LION EXERCISE IN MOROCCO, AFRICOM SAYS. (PHOTO).

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 Two US troops missing during African Lion exercise in Morocco, AFRICOM says Two US service members participating in a joint exercise African Lion 2026 were reported missing near the Cap Draa Training Area, near the city of Tan Tan in Morocco on Saturday, the US Africa Command (AFRICOM) said on Sunday. The US, Moroccan and other partner forces have launched coordinated search and rescue operations, including ground, air, and maritime assets, AFRICOM said, Reuters reported. The incident remains under investigation and the search is ongoing, the statement added. African Lion is US Africa Command's largest annual joint exercise, aimed at improving interoperability among US forces, NATO Allies, and African partner nations.
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CBN APPROVES FINANCIAL ACCOMMODATION FOR UNITY BANK AND PROVIDUS BANK MERGER.(PHOTO).#PRESS RELEASE

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 Central Bank of Nigeria www.cbn.gov.ng


PRESS RELEASE


CBN Approves Financial Accommodation For Unity Bank and Providus Bank Merger


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


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.


August 06, 2024


Sidi Ali, Hakama (Mrs.) Ag. Director, Corporate Communications

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