Unity Bank Gets $50 million deposit from Central Bank
 11th OCT 2006

Unity Bank Plc received a deposit of $50 million from the Central Bank of Nigeria (CBN). The deposit which was derived from CBN’s external reserves was disclosed by CBN’s Head, Corporate Affairs, Mr. Festus Odoko.

According to the CBN spokesman, “UBA group was the first to consolidate, while Unity Bank comprises the largest number of merging banks. The Investment   Committee therefore awarded deposit placements of $50-million to each of them. The deposits shall be given to their foreign branches or reputable foreign partners.”
This is in keeping with the promise made in July 2004, when the apex bank made its landmark pronouncement on banking industry consolidation. Back then, the CBN had promised to give a special incentive to the first bank to consolidate and the banking group that had the largest number of merging partners.

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