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AMCON’s 34% Stake Acquisition Strengthens Unity Bank Ahead of Providus Merger

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According to Nivo News, Unity Bank Plc has stated that the successful sale of the Asset Management Corporation of Nigeria’s (AMCON) 34 per cent equity stake in the bank demonstrates investors’ confidence in the future of the post-merger institution.....KINDLY READ THE FULL STORY HERE▶

The bank clarified that the shares were acquired by an existing shareholder, not by Providus Bank Limited, despite media reports suggesting otherwise. The transaction, executed on September 25, 2025, on the Nigerian Exchange (NGX) shortly after the suspension on Unity Bank shares was lifted, involved over four billion shares valued at N6.5 billion.

Chairman of Unity Bank, Hafiz Mohammed Bashir, disclosed this at a court-ordered shareholders’ meeting held in Abeokuta, where the proposed merger with Providus Bank Limited was overwhelmingly approved. Of the 295 shareholders present, 293, representing 99.32 per cent of the total shareholding valued at N4.4 billion, voted in favor of the merger.

Under the terms of the Scheme of Merger, Unity Bank shareholders can either receive a cash consideration of N3.18 per share or opt for share allotment, exchanging every 17 Unity Bank shares for 18 ordinary shares of 50 kobo each in Providus Bank Limited. Upon completion, Unity Bank’s share capital will be cancelled, the bank dissolved without winding up, and Providus Bank will continue as the surviving entity.

Unity Bank highlighted that the merger will create a stronger, more competitive institution, combining Unity Bank’s extensive branch network with Providus Bank’s innovative digital banking capabilities. The new entity will operate about 230 branches nationwide and launch with a robust capital adequacy ratio, enhancing its capacity to serve households, SMEs, corporates, and government institutions.

Bashir remarked, “The acquisition of AMCON’s 34% stake by an existing shareholder reinforces confidence in Unity Bank’s prospects. Together with the merger with Providus Bank, this ushers in a new chapter that will deliver greater value to shareholders, customers, and the Nigerian economy.”

Shareholders have also authorized the bank’s directors and solicitors to pursue all necessary court and regulatory approvals to ensure the smooth implementation of the merger.

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INEC Begins Final Preparations, Fixes Date For Nationwide Mock Election Test.

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The Independent National Electoral Commission (INEC) has announced that it will conduct a nationwide mock accreditation and voting exercise on November 28 to test its upgraded election technology ahead of the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶

The exercise is expected to assess the performance of the commission’s Bimodal Voter Accreditation System (BVAS) and electronic results transmission process before the presidential election.

INEC Chairman, Prof. Joash Amupitan, disclosed this on Thursday during a dialogue at Chatham House in London, organised in partnership with the Kimpact Development Initiative, Naija News reports.

The discussion was held under the theme, “Nigeria’s 2027 Elections: Democratic Trajectory and Regional Stability Beyond the Ballot.”

In a statement issued in Abuja and signed by his Chief Press Secretary and Media Adviser, Adedayo Oketola, Amupitan said the mock exercise would be conducted across all states of the federation.

He explained that the exercise would enable the commission to assess its accreditation and electronic results transmission systems and ensure they function properly before the 2027 elections.

He said, “On the 28th of this month, we will conduct a mock accreditation and voting exercise across all states of the Federation to simulate the presidential election and verify that we have gotten both accreditation and electronic result transmission right.”

The INEC chairman also disclosed that the commission had introduced additional technical safeguards to prevent inaccurate polling unit results and figures indicating over-voting from being uploaded to its Result Viewing Portal (IReV).

According to him, an assessment conducted after the 2023 general elections revealed that most challenges associated with election result management occurred at collation centres rather than polling units.

He said, “We found that the core problem of election result management and declaration in Nigeria is not even at the polling unit, it is at the collation centres.

“We have now devised a technical safeguard: if a result is not accurate at the polling unit, it will not go to IReV at all.”

Amupitan added that INEC had decided to upgrade its existing election technology rather than introduce an entirely new system, citing the limited time remaining before the 2027 elections.

Addressing concerns over BVAS failures during the 2023 polls, he said the commission was constructing climate-controlled storage facilities across the states to protect the devices from extreme temperatures.

He further revealed that INEC had procured additional BVAS machines and reduced the number of registered voters assigned to each device from 1,250 to 850.

Under the revised arrangement, polling units with more than 850 registered voters would be provided with additional machines to ease the accreditation process.

On the issue of funding, Amupitan said the commission had received a significant portion of its budget for the 2027 elections but was still awaiting the release of the outstanding funds.

He expressed optimism that the remaining amount would be made available before the end of November.

The INEC chairman explained that part of the funds would be used to recruit ad hoc personnel and provide for their welfare during the elections.

Amupitan also appealed to Nigerians to have confidence in his leadership, acknowledging that controversies surrounding the 2023 presidential election had significantly damaged public trust in the commission.

He said, “First and foremost, let me speak about what happened in 2023, which resulted in a significant trust deficit for INEC, damage so large that the Commission has not yet fully recovered from it.”

However, he maintained that the commission had learnt important lessons from subsequent electoral exercises, including the governorship elections in Anambra and Osun, the Federal Capital Territory Area Council elections, the Ekiti governorship poll and 16 legislative by-elections.

According to him, the elections provided INEC with opportunities to identify and address some of its operational shortcomings.

He noted that the results of the Anambra and Osun governorship elections were announced the day after voting, unlike the delays recorded during previous elections in the two states.

“Every election is a lesson. The 2023 general election was a major lesson for Nigeria, and the Anambra election was another,” he said.

Amupitan also addressed allegations surrounding his political neutrality, denying that he operated an account on X, formerly Twitter, linked to a controversial political post.

He disclosed that INEC had obtained an independent forensic assessment of the matter and forwarded it to the Department of State Services (DSS) and the Inspector-General of Police for investigation.

The chairman further maintained that his allegiance was to the Constitution and the Electoral Act.

He explained that his previous involvement in legal cases relating to political disputes occurred in his professional capacity as a lawyer before his appointment as INEC chairman.

He said, “My loyalty is solely to the Constitution of the Federal Republic of Nigeria and the Electoral Act.”

Amupitan also encouraged young Nigerians to participate actively in the electoral process and avoid spreading misinformation as the country prepares for the 2027 general elections.

The presidential and National Assembly elections are scheduled to hold on January 16, 2027, while the governorship and State Houses of Assembly elections are slated for February 6, 2027.

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APC Campaign Council Breaks Silence, Condemns Attack On NDC Supporters In Lagos.

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The Presidential Campaign Council of the All Progressives Congress (APC) has condemned the growing incidents of political violence across the country ahead of the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶

The council specifically denounced the disruption of the Nigeria Democratic Congress (NDC) town hall meeting in Lagos on Thursday, describing the incident as unacceptable.

In a statement issued by the spokesperson of the APC Presidential Campaign Council, Dele Alake, the party called on security agencies to strengthen their efforts to prevent political violence and respond promptly to threats against political gatherings.

News reports that Alake also urged security operatives to identify, arrest and prosecute those responsible for such attacks in accordance with the law.

The APC campaign council further appealed to politicians and their supporters to exercise restraint and avoid actions capable of triggering unnecessary crises and public disorder.

The statement read: “We have observed the recent spate of violent attacks at political gatherings in parts of the country. The reported attacks in Edo, Cross River, and Gombe, and other violence targeted at party supporters and political leaders across party lines are condemnable.

“Our campaign strongly condemns the disruption of today’s scheduled town hall meeting of the Nigeria Democratic Congress (NDC) in Lagos.

“As we proceed with the electioneering campaign, political parties, politicians, and supporters must restrain themselves and avoid acts that could create needless crisis and public disorder.

“We call on the security agencies to be more responsive and alert in preventing political violence of any type and ensure instigators and perpetrators are apprehended and punished in accordance with the law.

“Political parties and candidates are enjoined to campaign on issues that uplift the lives of Nigerians and not to instigate violence at political events.”

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INEC Chairman Amupitan Faces Angry Protesters During London Visit (Video).

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Nigerians living in the United Kingdom on Thursday staged a protest against the Chairman of the Independent National Electoral Commission (INEC), Prof. Joash Amupitan, during his visit to Chatham House in London.....KINDLY READ THE FULL STORY HERE▶

News reports that the demonstrators, reportedly members of the Nigerian diaspora, gathered around the vehicle conveying the INEC chairman outside the venue, chanting slogans and making accusations against him and the electoral body.

Some of the protesters described INEC as a “criminal organisation” and demanded Amupitan’s resignation over alleged irregularities in the commission’s preliminary voter register.

Their complaints reportedly centred on claims of duplicate entries, the inclusion of artificial intelligence-generated photographs and the existence of fake polling units in the register.

The demonstration took place as Amupitan arrived at Chatham House to participate in a discussion on Nigeria’s electoral process.

During the engagement, organised by the Kimpact Development Initiative, the INEC chairman appealed to Nigerians to have confidence in his leadership, assuring them that the commission was committed to conducting free, fair, credible and inclusive elections in 2027.

Amupitan acknowledged that the technical glitches recorded during the 2023 general election had weakened public confidence in INEC, adding that the commission was working to restore Nigerians’ trust.

He said, “The 2023 general election significantly affected public confidence in INEC, and the commission is still working to rebuild the trust of Nigerians.”

The INEC chairman, however, assured Nigerians that measures had been put in place to prevent inaccurate polling unit results from appearing on the commission’s Result Viewing Portal (IReV) during the 2027 elections.

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