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CBN Approves Financial Support For Unity, Providus Banks Merger

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The Central Bank of Nigeria (CBN) has granted approval for the merger of Providus Bank and Unity Bank, as announced in a statement by the acting Director of Corporate Communications, Hakama Sidi, on Tuesday. This decision aligns with the provisions of Section 42 (2) of the CBN Act, 2007.

Notably, this merger represents the first to be approved following the CBN’s directive to increase the minimum capital base.

Furthermore, the CBN has also approved a significant financial accommodation to support the proposed merger between Unity Bank Plc and Providus Bank Limited.

This strategic move aims to enhance the stability of Nigeria’s financial system and mitigate potential systemic risks, thereby promoting a more robust and resilient banking sector.

The statement read, “The Central Bank of Nigeria has granted approval for a pivotal financial accommodation to support the proposed merger between Unity Bank Plc and Providus Bank Limited. This strategic move is designed to bolster the stability of Nigeria’s financial system and avert potential systemic risks.

“The merger is contingent upon the financial support from the CBN. The fund will be instrumental in addressing Unity Bank’s total obligations to the Central Bank and other stakeholders. It is unequivocal to state that the CBN’s action is in accordance with the provisions of Section 42 (2) of the CBN Act, 2007.

“This arrangement is crucial for the financial health and operational stability of the post-merger organisation.”

It was gathered that there have been strong indications for over a year on plans by Providus Bank Limited to acquire a majority stake in Unity Bank Plc.

The development was part of ProvidusBank’s expansion plan and, importantly, a bold initiative to shore up its capital base further amid the current recapitalisation challenge.

In 2018, Milost Global Inc., a New York-based private equity firm, botched a move to invest $1bn in the bank. Since then, the bank has been seeking a preferred suitor.

Unity Bank commenced operations in January 2006, following the merger of nine banks with competencies in investment, corporate, and retail banking.

BIG STORY

Hilda Baci Begins Guinness World Record Attempt With 6-Meter Pot, 250 Bags Of Rice

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Hilda Baci, celebrity chef and former Guinness World Record holder, has launched a new attempt — this time to cook the largest pot of Nigerian jollof rice.

The challenge began on Friday at Eko Hotels and Suites in Lagos, after being moved from Muri Okunola Park to accommodate a surge of attendees.

Baci, who previously set the record for the longest cooking marathon, is using a custom-built pot measuring six meters wide and filled with 250 bags of rice.

On Instagram, she confirmed she personally washed the massive pot, calling it “squeaky clean” ahead of what she described as “thousands of servings of Nigerian jollof history in the making.”

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BIG STORY

New Dawn in Isara-Remo: Aare Adetola Emmanuelking Felicitates With Odemo-Elect Of Isara

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History and tradition converged in Isara-Remo, Ogun State, as the Otun Asiwaju of Remoland and Chairman/CEO of Adron Group, Sir Aare Adetola Emmanuelking KOF, paid a courtesy visit to Bashorun Oluwole Ogunbayo, the Odemo-elect of Isara, who was recently chosen as the 38th Odemo, and is presently undergoing the customary rites ahead of his coronation.

The visit was both a gesture of honour and an opportunity for Aare Adetola Emmanuelking to extend his heartfelt felicitations to the monarch-in-waiting and his close friend on his historic emergence. He described Bashorun Ogunbayo’s selection as a testimony of destiny fulfilled and the dawn of a promising era for the illustrious town of Isara.

In his remarks, Aare Adetola Emmanuelking praised the Odemo-elect for his humility, foresight, and strength of character, qualities he believes will shape a reign marked by peace and sustainable development once the coronation is complete. He noted that the people of Isara, and indeed all of Remoland, are blessed to have chosen a leader whose life embodies wisdom and compassion.

“Your emergence as the 38th Odemo-elect of Isara is a true triumph for the entire Isara kingdom. It is a divine orchestration destined to usher in peace, unity, and progress. I pledge my support to your noble vision for advancing the fortunes of Isara,” he said.

In his response, the Odemo-elect expressed deep gratitude for the visit and goodwill. He commended Aare Adetola Emmanuelking for his commitment to community development as well as the promotion of Yoruba traditions and cultural heritage. He also prayed for the continued success of Adron Group, and lauded his notable contributions to Remoland and the larger Nigerian society.

The courtesy visit further highlights Aare Adetola Emmanuelking’s deep respect for Yoruba traditional institutions and his enduring role in fostering harmony, preserving culture, and driving socio-economic advancement within and beyond Remoland.

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Former NNPC GMD Kyari Speaks After EFCC Interrogation: “I Have Done My Part, EFCC Must Do Theirs”

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Former Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has spoken publicly after being grilled by the Economic and Financial Crimes Commission (EFCC) over alleged financial improprieties.

Kyari arrived at the EFCC headquarters in Jabi, Abuja, around 2:15 p.m. on Wednesday, where investigators questioned him on allegations of conspiracy, abuse of office, and money laundering.

Speaking briefly to journalists after the session, Kyari said:
“I have done my part; the EFCC must do theirs. When each of us does our duty, without fear or favour, with honour, respect, and commitment, Nigeria moves forward.”

The interrogation forms part of an ongoing probe into Kyari’s financial dealings. In August, the Federal High Court in Abuja ordered a temporary freeze on four Jaiz Bank accounts allegedly linked to him, following an application by the EFCC.

Justice Emeka Nwite, ruling on the request, held:
“I have listened to the counsel for the applicant and examined the affidavit evidence with the exhibits attached. I find this application meritorious and hereby grant it as prayed.”

The freeze order, initially set for 30 days, was granted with the option of renewal pending further investigation. The matter was adjourned to September 23 for a progress update.

According to an affidavit filed by EFCC investigator Amin Abdullahi, the case began after civil society group, Guardians of Democracy and Rule of Law, petitioned the agency on April 24, accusing Kyari of conspiracy, abuse of office, and money laundering.

Kyari, who oversaw the state oil company’s transition from NNPC to NNPCL before leaving office in July 2025, has yet to directly address the allegations but insists the anti-graft body should be allowed to carry out its work.

The EFCC has not confirmed whether charges will follow the questioning. However, sources within the agency say the investigation remains active, and the court’s freeze order could be extended if more time is required.

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