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.

In a statement signed by Takamatsu Sidi-Ali, acting director, Corporate Communications, CBN, the approval of the financial accomodation for the merger was a strategic move 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.

According to the apex bank, the fund will be instrumental in addressing Unity Bank’s total obligations to the Central Bank and other stakeholders.

The apex bank’s action was 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,” the CBN spokesperson added.

Nigeria Police Force National Cyber Crime Centre has apprehended 16 suspects in connection with a financial fraud involving Interswitch Limited, a major African digital commerce platform, recovering N3.9 billion in cash and property from the suspects, with ongoing efforts to recover additional funds.

At a joint press briefing on Monday in Abuja, Peter Afunanya, spokesperson, Department of State Services (DSS)  detailed the police’s achievements.

He explained that the arrests and recoveries followed a petition from Interswitch Limited regarding a malfunction on its financial portal.

Afunanya noted that eight of the suspects have already been convicted, stating, “The Nigeria Police Force National Cyber Crime Centre tackled a massive financial fraud case, acting on a petition from Interswitch Limited regarding a glitch on its financial portal.

“The swift response led to the arrest of over 16 suspects, eight of whom have been convicted. The operation recovered over 3.9 billion naira in cash, properties, and vehicles, with ongoing efforts to recover additional looted funds.”

In other operations, the police in Taraba State arrested a notorious kidnapper, seizing three AK-47 rifles, four magazines, 19 rounds of live ammunition, 23 spent rounds, and five solar panels from his property.

Afunanya also reported that Lagos State command operatives thwarted a kidnapping attempt on July 4, 2024, killing nine kidnappers and recovering significant weaponry including four AK-47 rifles, four locally-made semi-automatic pistols, nine AK-47 magazines, three walkie-talkies, a POS machine, a loudspeaker, and two operational vehicles. Investigations are ongoing to capture the remaining suspects.

Additionally, on April 24, 2024, police rescued 18-year-old Mallam Adamu Adamu from captivity in Kasda, Jakusko LGA, Yobe State. During the raid, three suspects were arrested, and two AK-47 rifles along with a magazine containing 26 rounds of live ammunition were recovered. The suspects will face charges upon completion of the investigation.

As Kuda turns five, the fintech company says it is intentional about inclusion, diversity and equity within its workforce and is actively trying to hire more female engineers and product managers into leadership roles.

Kuda’s software development team now has 29-percent female representation with its quality assurance engineering team having 65-percent female representation. Kuda has also increased the number of women on its product team by 3 percent within the past year through a recruitment model designed to prioritise inclusion.

As reported in 2020 by McKinsey & Company, companies in the top quartile for gender diversity on executive teams were 25 percent more likely to have above-average profitability compared to companies in the fourth quartile. A report by the International Labour Organization (ILO) found that 74 percent of companies that track gender diversity in management report a profit increase of 5 percent to 20 percent.

Kuda has consistently championed inclusivity, recognising the crucial role it plays in fostering innovation and driving business success. In 2023, the fintech company set up a Diversity, Equity, and Inclusion (DEI) committee that develops and implements policies, raises awareness, and organises training to promote a diverse, equitable, and inclusive workplace.

As part of its efforts to diversify its engineering and product teams, Kuda fine-tuned its school-to-workplace internship program to reach young engineers and product managers, equipping them with essential skills to advance their careers.

Speaking on the importance Kuda places on inclusivity, Siseko Dastile, who heads Kuda’s DEI committee said, “We are committed to fostering a healthy work environment where everyone, regardless of gender, can achieve their career and personal aspirations.”

Investing in women’s skill development is another part of Kuda’s inclusion strategy. In 2022, the fintech company sponsored twenty young women to attend the Africa Girls In Tech bootcamp in partnership with Africa Agility. This program helped the attendees learn tech and product skills, equipping them for competitive internships at tech startups across Africa.

For the 2024 International Women’s Day, Kuda organised a webinar featuring women leaders who inspired young women at Kuda to pursue their professional aspirations.

Kuda believes that diversity is key to driving innovation and excellence in the workplace and is committed to fostering an environment where all employees have equal opportunities to thrive.