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Unity Bank Shareholders Approve Merger With Providus Bank

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Shareholders of Unity Bank Plc have approved a plan to merge with Providus Bank Limited, marking a major step toward strengthening the lender’s capital base and expanding its operations in Nigeria’s financial sector.....KINDLY READ THE FULL STORY HERE▶

The approval came during Unity Bank’s annual general meeting this week in Lagos, where investors voted in favor of the combination after months of speculation about the future of the mid-tier bank.

The merger is expected to create a stronger financial institution with wider reach, improved liquidity, and the ability to compete more effectively with larger Nigerian banks. Officials said the move was necessary to ensure Unity Bank meets the Central Bank of Nigeria’s (CBN) new capital requirements, which have pressured several lenders to seek consolidation.

Deal Seen as Lifeline

Unity Bank has struggled in recent years with low profitability, rising non-performing loans, and difficulties in raising fresh capital. Analysts have long viewed a merger or acquisition as the most likely path to survival.

Providus Bank, a younger but rapidly growing commercial bank, is expected to inject capital and bring stronger digital banking services into the deal. Industry experts say the merger could stabilize Unity Bank while helping Providus expand its customer base beyond major cities.

“Shareholders have taken a bold step to secure the future of Unity Bank,” said a Lagos-based investment analyst, who asked not to be named because of company policy. “This deal gives the bank a new chance to compete in a very tough market.”

Central Bank Pressure

The CBN earlier this year raised the minimum capital requirements for banks as part of its wider effort to strengthen Nigeria’s financial system. Under the new rules, commercial banks with national licenses must increase their capital to ₦200 billion, while international banks must raise ₦500 billion.

Unity Bank, with a much smaller capital base, was seen as one of the lenders at risk of not meeting the new threshold. The merger with Providus Bank is widely viewed as the bank’s best chance of compliance.

A Unity Bank spokesperson said the merger will “ensure the long-term sustainability of the bank and protect shareholder value.”

What Happens Next

The deal still requires regulatory approval from the Central Bank of Nigeria and the Securities and Exchange Commission (SEC). If approved, the merged entity will operate under a single brand name, though officials have not yet confirmed whether it will retain the Unity Bank or Providus identity.

Bank officials said customers will continue to have full access to their accounts, branches, and digital platforms during the transition. No disruption of services is expected.

Providus Bank has not yet released details about leadership roles in the merged entity, but industry observers expect a new management structure that combines executives from both institutions.

Wider Impact on Nigeria’s Banking Sector

The Unity-Providus merger is the latest sign of renewed consolidation in Nigeria’s banking industry. In the mid-2000s, dozens of banks merged after the CBN introduced stronger capitalization rules. Analysts expect more deals in the coming months as smaller banks scramble to meet the new requirements.

“This merger could be the first of many,” said Ayodele Akinwumi, a financial consultant in Abuja. “The banking sector is about to experience another round of consolidation, which may create fewer but stronger institutions.”

For customers, the deal could bring more advanced digital banking services, stronger product offerings, and greater financial stability. For employees, the merger may mean restructuring, though officials have not yet announced staff changes.

Outlook

With shareholder approval secured, Unity Bank’s future now depends on regulatory clearance and successful integration with Providus Bank. If the deal goes through, it could reshape Nigeria’s mid-tier banking landscape and signal a new era of competition among financial institutions.

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‘We Drank Garri With Muddy Water’ – Kidnapped NYSC Member Recounts Ordeal.

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One of the prospective members of the National Youth Service Corps (NYSC) rescued from kidnappers in Imo State has recounted the horrifying conditions they endured in captivity, revealing that their abductors beat them and forced them to survive on dry garri and dirty water in a forest.....KINDLY READ THE FULL STORY HERE▶

Speaking in an interview with the BBC, the victim disclosed that the kidnappers monitored conversations between captives and their families, assaulting them whenever they were displeased with anything said during the calls.

She was among 20 prospective corps members and another passenger abducted on October 1, 2026, while travelling from Ibadan, Oyo State, to orientation camps in Abia and Akwa Ibom states.

According to her account, the kidnappers allowed the victims to contact their relatives using a phone but subjected them to physical punishment if their conversations provoked the abductors.

She said, “We are given a phone to call our family, and if any family say anything they don’t want to hear or any rubbish that would make them angry, we will be beaten.

“That person will be beaten, used the gun, wood. Sometimes they use their hands to punch them, mostly the guys.”

Recounting the circumstances surrounding the abduction, the victim explained that their journey began at about 9 a.m., with the vehicle making several stops along the way.

She said the driver eventually stopped after reaching a stretch of road considered dangerous, and the passengers were advised to rest before continuing their journey.

The prospective corps member added that she had informed her family they would spend the night in a public place before going to sleep.

However, she said she woke up to find herself caught up in the abduction and could not understand how she had been taken to the forest where they were initially held.

“When I woke up, that was when the incident happened. I don’t know how we got to the forest where we were kept for some time,” she recounted.

The victim said the abductors later moved them further into the forest, where access to food and clean drinking water was severely limited.

Describing their living conditions, she revealed that the captives survived mainly on dry garri and muddy water, despite the poor quality of the water.

“What we are eating there is just garri. Like Igbo garri, dry garri with mud water. Very dirty water. I can’t even give my enemy that water. We don’t have a choice, we have to take it for survival,” she said.

She also described the emotional distress she experienced during captivity, explaining that the situation left her confused, frightened and unable to process what was happening.

“I can’t explain how I felt. I can’t even cry, I was just looking, I was lost. I don’t know what to do,” she said.

“It felt like it was a movie. I don’t believe that this is happening to me.”

The victim further disclosed that she feared she might not survive the ordeal before security operatives intervened.

She expressed gratitude to the government and security personnel, particularly operatives of the Department of State Services (DSS), whom she credited with helping to secure their release.

“The government, the DSS staff, we were rescued by them,” she stated.

The prospective corps members were abducted on October 1 when gunmen reportedly attacked two buses along the Owerri-Onitsha Road near Umunoha in Imo State.

They regained their freedom on October 7 following a coordinated security operation and were subsequently taken to a DSS medical facility in Owerri for treatment.

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‘I’m The Commander Of Field Operations’ – Wike Sends Strong Message Ahead Of 2027 Election

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The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has declared himself the commander of field operations for President Bola Tinubu’s re-election campaign in Abuja ahead of the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶

reports that Wike made the declaration on Monday during a stakeholders’ meeting of the Rainbow Coalition in Abuja.

The meeting was attended by stakeholders from the All Progressives Congress (APC) and the Peoples Democratic Party (PDP), including party chairmen, serving and former senators, National Assembly candidates, and political leaders from the FCT’s six area councils.

Speaking at the gathering, Wike announced plans for a joint mobilisation effort involving APC and PDP members to secure victory for Tinubu in the presidential election and support candidates of the ruling party contesting National Assembly seats in the FCT.

The minister urged participants to prioritise the coalition’s shared political objective over their individual party affiliations.

Wike said the stakeholders had reached a consensus on supporting Tinubu’s re-election bid, adding that he would coordinate political activities in both the FCT and Rivers State.

“For the presidency, all of us have agreed that it is Bola Ahmed Tinubu. I am going to coordinate the FCT and Rivers State. So you can imagine how important it is,” he said.

Emphasising his role in the FCT campaign, Wike added, “I am in charge of the FCT election. I am the commander of field operations as far as the FCT election is concerned.”

He further called on members of both parties to work together, insisting that political differences should not undermine their collective objective ahead of the polls.

“I want to let all of you know that we are going to work together. Nobody should say, ‘I am PDP’ or ‘I am APC.’ For the purpose of this election, we are together,” the minister stated.

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2027 Election: Pantami Reacts As INEC Removes His Name From Final Governorship List.

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Former Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim Pantami, has appealed to his supporters to remain calm following the omission of his name from the Independent National Electoral Commission’s (INEC) final list of candidates for the 2027 Gombe State governorship election.....KINDLY READ THE FULL STORY HERE▶

Pantami, who defected from the All Progressives Congress (APC) to the Peoples Democratic Party (PDP) in May, was absent from the list published by INEC on Saturday.

In a statement shared on his social media platforms, the former minister’s camp described the development as a temporary electoral setback, assuring supporters that efforts were being made to resolve the issue.

The statement, signed by Professor Suleiman Mohammed Gombe, acknowledged the concerns raised by PDP members and supporters of the Pantamiyya Movement both within and outside Gombe State.

According to the statement, Pantami’s legal and liaison teams are engaging relevant PDP organs and INEC to secure compliance with a court order and address the omission within the period allowed by law.

The camp urged supporters to remain optimistic, stressing that the publication of the final list did not bring the matter to a conclusion.

“We are aware of the people working behind the scenes to frustrate good and responsible leadership in Gombe State,” the statement said.

Expressing confidence that the issue would be resolved, the camp encouraged supporters to sustain their mobilisation efforts and remain committed to the movement’s goal of serving humanity.

It also reaffirmed the unity between the PDP and the Pantamiyya Movement, stating that both remained committed to advancing the political aspirations of their supporters in Gombe State.

“No distraction will derail our course, in sha Allah,” the statement added.

Clarify Pantami’s Current Electoral StatusTighten The Repeated Reassurances
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