Recall that on June 28, 2010, the Central Bank of Nigeria (CBN) extended the deadline for the recapitalization of Unity Bank Plc by three months, ending September 30, 2010.


A major reason for the extension was the unanticipated three months extension in the timeline for setting up the Asset Management Corporation of Nigeria (AMCON), which is expected to purchase non-performing loans in banks and serve as a recapitalization vehicle for the banking industry.


At the expiration of the deadline, CBN is pleased to note that Unity Bank Plc has successfully raised N17.34 billion through a Rights Issue, thereby meeting the regulatory capital requirement and the minimum capital adequacy ratio of N25 billion and 10%, respectively.


The additional fresh capital shall, however, be subjected to capital verification which is scheduled to commence soon.


The CBN advices all stakeholders to be guided accordingly.