National Economy
Wednesday, October 1, 2025
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
Read News
National Economy
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
National Economy
No Result
View All Result
Home Lead-In

CAC Urges Nigerians To Use New Committee For Dispute Resolution

by `
11 months ago
in Lead-In
Reading Time: 2 mins read
Resolution
Share on FacebookShare on TwitterShare on Telegram

You May Like

PenCom Unveils Foreign Currency Pension Contribution Guidelines For Nigerians Abroad

NPA, APM Terminals Sign $60m MoU To Electrify Container Freight

The Corporate Affairs Commission (CAC) has called on Nigerians to take advantage of its newly- inaugurated Administrative Proceedings Committee (APC) for the resolution of disputes and grievances arising from its services.
In an interview in Abuja, the registrar-general of CAC,Hussaini Magaji, emphasised the commission’s commitment to serving the public’s interest. He explained that the APC was established under Section 851 of the Companies and Allied Matters Act (CAMA) 2020, which mandates the creation of the committee to handle administrative grievances efficiently.
The committee provides an alternative to court litigation, offering a faster and more cost-effective solution to issues such as name rejections and other administrative concerns. “The committee was created to address grievances related to the commission’s mandate, providing an alternative to lengthy and expensive court proceedings,” Magaji stated.
He further explained that common disputes include issues like the rejection of entity names or disagreements over the registration process. In such cases, individuals or organisations can approach the APC for a fair and efficient resolution. The committee, chaired by the registrar-general, is designed to offer expedited reviews and solutions, which can help prevent the need for litigation.
Magaji also outlined the process for filing complaints. If a customer is aggrieved by a decision, such as a name rejection, they can submit a formal complaint directly to the committee’s chairman. The chairman, who is also the registrar-general, will facilitate the resolution, ensuring that all parties involved are satisfied with the outcome.
With the APC now operational, the CAC aims to reduce the burden on the judicial system and provide a more accessible and faster route to resolving disputes related to company registrations.
In addition to the APC, Magaji highlighted the CAC’s ongoing efforts to strengthen its partnership with the British High Commission on the Beneficial Ownership Register (BOR). During a visit by a delegation led by Mr. Chris Okeke, the CAC discussed strategies to digitise legacy records and enhance transparency. The collaboration focuses on digitising important documents that date back to 1912, ensuring proper data documentation, and supporting the nation’s growth through improved data management and company recordkeeping.
Both organisations are working together to safeguard and update historical records, which are vital for national growth and data collaboration. Magaji stressed the importance of this initiative, stating, “It is crucial for the proper documentation of company records, which contributes significantly to the development of the nation.”

Tags: Resolution
ShareTweetShare
Previous Post

IMF Expands Executive Board, Adds Sub-Saharan Africa As 25th Chair

Next Post

Less Than 60 Days To Deadline: Self-sufficiency Target For Nigeria’s Automotive Sector Still A Mirage

ANOTHER GOOD READ

PenCom Suspends 7 Mortgage Banks Over Equity Contribution Breach
Lead-In

PenCom Unveils Foreign Currency Pension Contribution Guidelines For Nigerians Abroad

2 days ago
NPA Deploys Electronic Barriers To Curb Lagos Port Diversions
Lead-In

NPA, APM Terminals Sign $60m MoU To Electrify Container Freight

2 days ago
Providus Bank has acquired the 34% equity stake held by the Asset Management Corporation of Nigeria (AMCON) in Unity Bank Plc, marking a decisive step toward the long-anticipated merger between the two financial institutions. The deal, valued at about N6.5 billion, saw AMCON offload its decade-old holding in Unity Bank to Providus at a price of N3.18 per share, representing a 110per cent premium to the bank’s prevailing market value of N1.50 on the Nigerian Exchange. Industry analysts said the transaction signals a turning point for Unity Bank, which has faced prolonged struggles with weak capitalisation, rising non-performing loans, and declining market relevance. By transferring AMCON’s strategic stake, they noted, Providus has strengthened its hand as it pushes for regulatory approvals to consummate a full merger. AMCON acquired its Unity Bank stake during the 2011–2012 banking sector clean-up after the global financial crisis exposed balance sheet vulnerabilities across second-tier lenders. Its divestment, according to banking sources, underscores the corporation’s gradual exit from long-held equity positions as it focuses on recovering toxic assets and reducing its systemic footprint. “AMCON’s sale to Providus is significant not just for Unity Bank but for the entire financial system,” said a Lagos-based investment banker. “It shows the government is serious about cleaning up legacy interventions while paving the way for stronger private-sector-led banks.” Unity Bank shareholders are set to benefit from the deal’s pricing structure. At N3.18 per share, Providus’ offer more than doubles the bank’s trading value, giving investors a rare premium exit in a market where bank stocks often trade at steep discounts. For minority shareholders, the merger if approvedcould also unlock value by combining Providus’ niche strength in corporate banking and digital services with Unity Bank’s broader retail and SME base. Providus, one of Nigeria’s fastest-growing mid-tier lenders, is widely seen as using the Unity Bank deal to accelerate its ambition of achieving national bank status. By absorbing Unity’s branch network and customer base, the lender would scale its operations beyond its current limited licence, positioning itself to compete more aggressively with tier-one institutions.  “The synergies are clear,” said a senior Unity Bank executive familiar with the talks. “Providus brings balance sheet strength and digital innovation, while Unity offers reach and brand equity, especially in northern Nigeria.”  Following AMCON’s divestment, the proposed merger will be subject to approval from the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and Unity Bank shareholders. Both banks are expected to present a detailed merger scheme in the coming months, outlining share swap ratios, post-merger governance, and capital plans.  Market watchers say regulatory scrutiny will focus on whether the combined entity meets CBN’s revised recapitalisation thresholds, which mandate higher minimum capital bases for Nigerian banks.  The Providus–Unity transaction comes amid a wave of consolidation moves triggered by the CBN’s ongoing recapitalisation drive. Several lenders are exploring mergers, acquisitions, or fresh capital injections to meet compliance deadlines ahead of 2026.  “This is the first big-ticket transaction of the recapitalisation era,” said a financial markets analyst. “It won’t be the last.”
Lead-In

Providus Bank has acquired the 34% equity stake held by the Asset Management Corporation of Nigeria (AMCON) in Unity Bank Plc, marking a decisive step toward the long-anticipated merger between the two financial institutions. The deal, valued at about N6.5 billion, saw AMCON offload its decade-old holding in Unity Bank to Providus at a price of N3.18 per share, representing a 110per cent premium to the bank’s prevailing market value of N1.50 on the Nigerian Exchange. Industry analysts said the transaction signals a turning point for Unity Bank, which has faced prolonged struggles with weak capitalisation, rising non-performing loans, and declining market relevance. By transferring AMCON’s strategic stake, they noted, Providus has strengthened its hand as it pushes for regulatory approvals to consummate a full merger. AMCON acquired its Unity Bank stake during the 2011–2012 banking sector clean-up after the global financial crisis exposed balance sheet vulnerabilities across second-tier lenders. Its divestment, according to banking sources, underscores the corporation’s gradual exit from long-held equity positions as it focuses on recovering toxic assets and reducing its systemic footprint. “AMCON’s sale to Providus is significant not just for Unity Bank but for the entire financial system,” said a Lagos-based investment banker. “It shows the government is serious about cleaning up legacy interventions while paving the way for stronger private-sector-led banks.” Unity Bank shareholders are set to benefit from the deal’s pricing structure. At N3.18 per share, Providus’ offer more than doubles the bank’s trading value, giving investors a rare premium exit in a market where bank stocks often trade at steep discounts. For minority shareholders, the merger if approvedcould also unlock value by combining Providus’ niche strength in corporate banking and digital services with Unity Bank’s broader retail and SME base. Providus, one of Nigeria’s fastest-growing mid-tier lenders, is widely seen as using the Unity Bank deal to accelerate its ambition of achieving national bank status. By absorbing Unity’s branch network and customer base, the lender would scale its operations beyond its current limited licence, positioning itself to compete more aggressively with tier-one institutions. “The synergies are clear,” said a senior Unity Bank executive familiar with the talks. “Providus brings balance sheet strength and digital innovation, while Unity offers reach and brand equity, especially in northern Nigeria.” Following AMCON’s divestment, the proposed merger will be subject to approval from the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and Unity Bank shareholders. Both banks are expected to present a detailed merger scheme in the coming months, outlining share swap ratios, post-merger governance, and capital plans. Market watchers say regulatory scrutiny will focus on whether the combined entity meets CBN’s revised recapitalisation thresholds, which mandate higher minimum capital bases for Nigerian banks. The Providus–Unity transaction comes amid a wave of consolidation moves triggered by the CBN’s ongoing recapitalisation drive. Several lenders are exploring mergers, acquisitions, or fresh capital injections to meet compliance deadlines ahead of 2026. “This is the first big-ticket transaction of the recapitalisation era,” said a financial markets analyst. “It won’t be the last.”

2 days ago
PoS Market Faces Shake-up As CBN’s Geo-tagging Deadline Approaches
Lead-In

PoS Market Faces Shake-up As CBN’s Geo-tagging Deadline Approaches

2 days ago
96% of MSMEs Still Lack Access To Funding — Stears Report
Cover

96% of MSMEs Still Lack Access To Funding — Stears Report

2 days ago
NPA Deploys Electronic Barriers To Curb Lagos Port Diversions
Lead-In

NPA Deploys Electronic Barriers To Curb Lagos Port Diversions

2 weeks ago
Next Post
Less Than  60 Days To Deadline: Self-sufficiency Target For Nigeria’s Automotive Sector Still A Mirage

Less Than 60 Days To Deadline: Self-sufficiency Target For Nigeria’s Automotive Sector Still A Mirage

Most Recent

Nig@65: NDPC Act Boosts Nation’s Economic, Global Image – Expert

Nigeria at 65: Completing the Work of Freedom

October 1, 2025
NASRDA Pushes Space Education

NASRDA Pushes Space Education

October 1, 2025

Nigeria’s London Mission Staff Trained On Data Privacy Compliance

October 1, 2025
Experts Warn: Banking Without AI Is A Losing Strategy

Experts Warn: Banking Without AI Is A Losing Strategy

October 1, 2025
Nig@65: NDPC Act Boosts Nation’s Economic, Global Image – Expert

Nig@65: NDPC Act Boosts Nation’s Economic, Global Image – Expert

October 1, 2025
Trade Fair Vendors Decry Low Patronage, Express Optimism

Trade Fair Vendors Decry Low Patronage, Express Optimism

October 1, 2025
SON Raises Alarm Over Influx Of Fake Engine Oil In Nigeria

Global Economy Loses $4.7trn Annually To Fraud – SON

October 1, 2025
AfDB, Partners Raise $2.2bn For Agro Zones Expansion

AfDB, Private Sector Leaders Forge Stronger Alliance For Africa’s Growth

October 1, 2025
Advertise with us

© 2024 | National Economy

No Result
View All Result
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy

© 2024 | National Economy