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The National Pension Commission (PenCom) has issued new guidelines allowing pension contributions in foreign currency (FCY), a move it says...

NPA Deploys Electronic Barriers To Curb Lagos Port Diversions

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

by Caleb Owaise

The Nigerian Ports Authority (NPA) and APM Terminals’ West African Container Terminal (WACT) in Onne has signed a memorandum of...

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.”

by Michael Ijeh

Providus Bank has acquired the 34% equity stake held by the Asset Management Corporation of Nigeria (AMCON) in Unity Bank...

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

by Amina Abubakar

Nigeria’s fast-growing fintech sector is bracing for disruptions and revenue setbacks as the Central Bank of Nigeria (CBN) enforces its...

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

by Adekunle Munir

Despite the federal government’s N1 trillion loan intervention, Nigeria’s 40 million micro, small, and medium enterprises (MSMEs) remain largely shut...

NPA Deploys Electronic Barriers To Curb Lagos Port Diversions

by Adekunle Munir

The Nigerian Ports Authority (NPA) has installed Electronic Barrier Systems (EBS) at all terminals in the Lagos port complex in...

Local Airlines To Pay Duty, VAT On Aircraft, Tickets 2026

by Yusuf Babalola

Local airlines will begin paying import duties and Value Added Tax (VAT) on the importation of commercial aircraft, commercial aircraft...

Federal Government Scraps 5% Telecom Tax To Ease Subscriber Burden

by Adekunle Munir

The federal government has scrapped the 5 per cent excise duty on telecommunications services, reversing a controversial policy that had...

Stop Motor Park Touts Now, Nigerians Tell Government

by CESS HARMON