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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

Adron Homes Appreciates Customers Worldwide, Reaffirms Affordable Housing Drive in 2026

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The Chairman and Chief Executive Officer of Adron Group, Aare Adetola Emmanuelking, has expressed profound appreciation to Adron customers across Nigeria and in the diaspora for their unwavering trust, patronage, and continued recommendations of the company’s products throughout 2025.

In his New Year goodwill message, Emmanuelking acknowledged that the loyalty and confidence of Adron customers have remained the backbone of the company’s sustained growth, innovation, and expanding footprint across the country.

“On behalf of the Board, Management, and the entire Adron Group family, I sincerely thank our esteemed customers within Nigeria and outside the country for believing in our vision and standing with us throughout 2025. Your trust, patronage, and referrals continue to inspire us to do more,” he stated.

He noted that every investment made by customers, whether in land acquisition or home ownership, reflects their confidence in the Adron brand and reinforces the company’s resolve to consistently deliver value, quality, and transparency in the real estate sector.

Reflecting on the outgoing year, Emmanuelking described 2025 as a year of collective progress and impact, driven largely by customer support and loyalty. He added that the company remains deeply grateful to customers for their role in strengthening Adron’s position as a leading real estate brand in Nigeria.

As the company steps into 2026, the Adron Group helmsman reassured customers of the brand’s unwavering commitment to service excellence, stressing that the company will continue to prioritize availability and affordability as its core mission.

“Adron Group will not relent in its service delivery. Our driving force remains the availability of quality properties and the affordability that enables Nigerians at home and in the diaspora to become proud property owners. This commitment will continue to shape our offerings and innovations in the new year,” he affirmed.

Emmanuelking concluded by wishing customers a prosperous and rewarding New Year, assuring them of greater opportunities, improved service delivery, and innovative housing solutions in 2026.

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BIG STORY

Tinubu Pledges Strong Economic Rebound In 2026, Says New Year Will Be More Prosperous

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President Bola Tinubu has declared that 2026 marks the beginning of a more robust phase of economic growth for Nigeria, pledging to drive down inflation further, strengthen foreign reserves and sustain the country’s GDP growth trajectory.

In his New Year message to Nigerians on Thursday, the President expressed confidence in the nation’s collective resolve, saying the new year would be a more prosperous one for the country, its citizens, and all who call Nigeria home.

Tinubu argued that during 2025, his administration sustained momentum on major reforms, achieved a fiscal reset and recorded steady economic progress. Despite persistent global economic headwinds, he said, Nigeria recorded tangible and measurable gains, particularly in the economy.

“These achievements reaffirm our belief that the difficult but necessary reforms we embarked upon are moving us in the right direction with more concrete results on the horizon for the ordinary Nigerian,” he stated.

The President disclosed that Nigeria closed 2025 on a strong note, with annualised GDP growth expected to exceed four per cent for the year.

Trade surpluses were maintained, and greater exchange rate stability was achieved, while inflation declined steadily to below 15 per cent, in line with his administration’s target.

“In 2026, we are determined to reduce inflation further and ensure that the benefits of reform reach every Nigerian household,” he said.

Tinubu pointed to the performance of the Nigerian Stock Exchange, which, he said, posted a robust 48.12 per cent gain in 2025, consolidating its bullish run that began in the second half of 2023.

On foreign reserves, he disclosed that sound monetary policy management had seen reserves stand at $45.4bn as of December 29, 2025, providing a substantial buffer against external shocks for the Naira. He expressed optimism that this position would strengthen further in the new year.

Foreign direct investment, the President noted, was also responding positively. In the third quarter of 2025, FDI rose to $720m, up from $90m in the preceding quarter, reflecting renewed investor confidence in Nigeria’s economic direction, which global credit rating agencies, including Moody’s, Fitch, and Standard & Poor’s, had consistently affirmed and applauded.

Tinubu recalled that he recently presented the 2026 Appropriation Bill to the National Assembly, emphasizing that his administration had implemented critical reforms laying a solid foundation for long-term stability and prosperity.

“With patience, fiscal discipline, and unity of purpose, Nigeria will emerge in 2026 stronger and better positioned for sustained growth,” he said.

As inflation and interest rates moderate, the President said, his administration expected increased fiscal space for productive investment in infrastructure and human capital development.

He commended states that had aligned with the national tax harmonization agenda by adopting harmonized tax laws to reduce the excessive burden of taxes, levies, and fees on citizens and basic consumption.

The new year, Tinubu added, marks a critical phase in implementing tax reforms designed to build a fair, competitive, and robust fiscal foundation for Nigeria.

On security, the President acknowledged that the nation continues to confront threats from criminal and terrorist elements.

He disclosed that in collaboration with international partners, including the United States, decisive actions were taken against terrorist targets in parts of the Northwest on December 24.

The Armed Forces, he said, had since sustained operations against terror networks and criminal strongholds across the Northwest and Northeast.

“In 2026, our security and intelligence agencies will deepen cooperation with regional and global partners to eliminate all threats to national security. We remain committed to protecting lives, property, and the territorial integrity of our country,” the President stated.

He reiterated his belief that a decentralised policing system with appropriate safeguards, complemented by properly regulated forest guards and anchored on accountability, was critical to effectively addressing terrorism, banditry, and related security challenges.

Tinubu also announced plans to accelerate the implementation of the Renewed Hope Ward Development Programme, aiming to bring at least 10 million Nigerians into productive economic activity by empowering at least 1,000 people in each of the 8,809 wards across the country.

Through agriculture, trade, food processing, and mining, he said, the administration would stimulate local economies and expand grassroots opportunities. Investment would also continue in modernising Nigeria’s infrastructure, including roads, power, ports, railways, airports, pipelines, healthcare, education, and agriculture, to strengthen food security and improve quality of life.

The President called on all Nigerians to play their part, describing nation-building as a shared responsibility that required unity of purpose, patriotism, and service with honour and integrity.

“To achieve our objectives in 2026, we must all play our part. Nation-building is a shared responsibility.

“We must stand together in unity and purpose, uphold patriotism, and serve our country with honour and integrity in our respective roles. Let us resolve to be better citizens, better neighbours, and better stewards of our nation.

“Fellow Nigerians, I wish you all a peaceful, productive, and prosperous New Year. May God continue to bless and protect our beloved country, keep our troops safe and destroy the enemies bent on disrupting our national peace, security and stability,” he stated.

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BIG STORY

Anthony Joshua Leaves Hospital, Inspects Late Friends’ Bodies at Funeral Home with His Mother

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British-Nigerian boxing champion Anthony Joshua has been discharged from the hospital following a road accident along the Lagos–Ibadan Expressway on Monday, which claimed the lives of his two close friends, Lateef Ayodele and Cina Gami.

In a Wednesday statement co-signed by Gbenga Omotoso, Commissioner for Information and Strategy, Lagos State, and Kayode Akinmade, Special Adviser on Information and Strategy, Ogun State, the governments of Lagos and Ogun states expressed their condolences to the families of the deceased.

“The governments of Lagos and Ogun states once again commiserate with the families of the two young men, Lateef Ayodele and Cina Gami, who tragically and unfortunately lost their lives in the road accident involving Anthony Joshua. We pray the Almighty grant the repose of their souls whilst granting their families and loved ones the fortitude to bear this very sad and painful loss,” the statement read.

The statement confirmed that Joshua was discharged from the hospital late on Tuesday afternoon, describing him as “heavy-hearted and full of emotions over the loss of his two close friends,” but “deemed clinically fit to recuperate from home.”

It further noted that Joshua and his mother visited a funeral home in Lagos on the same day to pay their final respects to his deceased friends, who were being prepared for repatriation later in the evening.

The statement also expressed gratitude to medical personnel who attended to the boxer and other injured parties:

“The team of doctors and medical personnel at Lagoon Hospital, Ikoyi, who attended to Anthony and those who sustained injuries, displayed quality care and professionalism that is truly commendable,” it said.

Governors Dapo Abiodun of Ogun State and Babajide Sanwo-Olu of Lagos State also thanked the public and President Bola Ahmed Tinubu for their support during the period.

Recall that we had reported that the accident occurred at about 11 a.m. on Monday, when the Lexus Jeep conveying Joshua, with registration number KRD 850 HN, collided with a stationary truck along the busy expressway. The crash resulted in the deaths of two passengers and injuries to others, including the boxing champion.

The authorities are continuing investigations into the incident, while public appeals have been made for patience and cooperation as officials manage the aftermath.

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