₦203 billion bad loans: Unity Bank’s crisis deepened amid Providus merger, job cuts
- Unity Bank reported ₦203 billion in impaired loans for 2023.
- The bank laid off 27 employees, including 4 senior management staff.
- Unity Bank made a loss after tax of ₦62.6 billion for the year ended December 31, 2023.
Unity Bank's ongoing financial struggles highlight the risks associated with concentrated lending in a single sector, particularly agriculture. The bank's reliance on external funding and the need for regulatory intervention suggest a lack of sustainable financial management. The upcoming merger with Providus Bank may provide a lifeline, but it remains to be seen if this will effectively address the underlying issues.
