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Ramadan: Dangote Donates 25,000 Bags Of Rice To Bauchi Residents

by Khalid Idris Doya
7 months ago
in Lead-In
Reading Time: 2 mins read
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A total of 25,000 of 10kg bags of rice were on Tuesday distributed to 20 local government areas and to some critical stakeholders, privileged and less-privileged members of the society in Bauchi State by the Aliko Dangote Foundation.

The Group general Manager of Dangote Industries Limited, Mr. Ahmed Hashim presented the consignment to the Bauchi State government on behalf of the Foundation, saying this was the second edition of the palliative which started last year.

Hashim, “Every year during Ramadan, we target the less-privileged and ones that are privileged in the sense that through the Dangote Foundation we extend this gesture of giving food to Nigerians.”

“This is the second edition, last year, all the LGAs in Nigeria through their respective state governments were given one million bags of Nigerian rice of 10 kg. So this year again, we are doing the same thing”.

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Alh. Hashim recalled that after Kano, Bauchi was the second state to respond when letters to this effect were sent to the states from Abuja to their respective liaison offices.

Hashim recalled that Dangote Foundation has also been intervening in the provision of food, medicals, building hostels to universities, faculties, and even contributed a lot during the COVID-19 pandemic.

He described the gesture as Foundation’s token contribution apart from what the state governments were doing, and expressed confidence that the donation would meet the target people.

Bauchi State Commissioner for Humanitarian Affairs and Disaster Management, Hon. Hajara Yakubu Wanka commended the Dangote Foundation for the gesture.

Hon. Wanka explained that Bauchi State was allocated 25, 000 of rice of 10 kg bags, enumerating that of the figure, each of the 20 LGA will receive 500 bags while, 10, 000 is allocated to mosques and churches, considering that the Christians community is also observing the annual Lenten fasting period, while the remaining 5, 000 will be shared to some critical stakeholders.

Also expressing gratitude on behalf of the 20 local governments in Bauchi, the State ALGON chairman, Hon. Mahmood Baba Ma’aji commended the Governor Bala Mohammed for extending the gesture to the local government councils of the state.

Hon. Ma’aji recalled that a few weeks ago, the Governor flagged off similar distribution which was also extended to the local government councils of the state

“We appreciate His Excellency’s wisdom and commitment, sacrifice and service to humanity, and also extended the councils appreciation to the Ministry of Humanitarian Affairs and Disaster Management for identifying with the locals,” Ma’aji said.

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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.”
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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.”

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