Business
Unity Bank Merger with Providus Bank Progresses After Approvals
Unity Bank Providus merger moves forward after CBN and SEC approvals, boosting capital base and consolidating Nigeria’s banking sector
Unity Bank Plc has confirmed that its planned merger with Providus Bank Limited remains on track following approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
Also read: Unity Bank empowers Nigerian youths with financial literacy training for global money week
The approvals, together with court and shareholder endorsements, form part of the process to meet the apex bank’s recapitalisation requirements.
In a statement on Wednesday, the lender emphasised that regulatory support, including financial backing from the CBN and a “no objection” from the SEC, underpins broader efforts to strengthen Nigeria’s banking system, reinforce capital adequacy, and mitigate potential systemic risks.
Once completed, the merged entity will boast a capital base exceeding N200 billion, positioning it among the 21 banks that have met the CBN’s new threshold for national banking licences.
Integration activities between the two banks are already underway, with final court sanction expected to formalise the transaction.
Ebenezer Kolawole, Managing Director and CEO of Unity Bank, described the merger as a defining moment.
“This milestone underscores our commitment to building a stronger, more resilient bank that can deliver greater value to our customers and stakeholders,” Kolawole said.
He added that the merger enhances the institution’s operational capacity, strategic positioning, and ability to support economic growth.
Addressing speculation about delays, the bank stressed that all regulatory approvals have been secured, with remaining steps largely procedural.
Shareholders had already approved the merger on 26 September 2025.
Under the scheme, all Unity Bank assets, liabilities, and undertakings will transfer to Providus Bank, and all legal proceedings involving Unity Bank will continue under Providus Bank after court sanction.
Unity Bank shareholders will receive either N3.18 per share or 18 ordinary shares of Providus Bank for every 17 Unity Bank shares previously held.
Also read: Unity Bank Posts N36.18 Billion Gross Earnings In Nine Months
Industry analysts note that the transaction, now in its final phase, is expected to consolidate the Nigerian banking sector further, creating a stronger institution capable of competing more effectively in the national market.
Business
ISAT Group Rebrands, Partners Afro Mobile to Launch High-Speed Broadband Services in Nigeria by Q3 2026
New identity signals bold expansion as landmark investment accelerates affordable, high-speed connectivity for millions of Nigerians.
Nigeria’s digital economy is set for a major boost as ISAT Group unveiled a new corporate identity and announced a strategic alliance with Afro Mobile, ahead of its Q3 2026 commercial launch.
The partnership is underpinned by Afro Mobile’s acquisition of a 40% equity stake in ISAT Group and a US$3 billion financing package structured by Equiline Finance, positioning the alliance among the largest indigenous broadband investment initiatives in Nigeria’s telecommunications sector.
The rebranding marks ISAT Group’s evolution into a next-generation digital connectivity company focused on broadband, satellite communications and enterprise solutions. Together, the partners will expand affordable, high-speed internet access to homes, businesses, government institutions and underserved communities nationwide.
ISAT Group Chief Executive Officer, Dr. Adeyanju Binuyo, described the development as a transformational milestone.
“Our vision extends beyond connectivity. We are building the digital infrastructure that will power businesses, connect communities, stimulate innovation and accelerate Nigeria’s digital economy. This partnership demonstrates our commitment to making world-class broadband accessible to every Nigerian.”
Group Chairman, Mr. Ganiyou AFOLABI Moustapha, said the alliance reflects ISAT Group’s long-term confidence in Nigeria’s future.
“This investment is a strong vote of confidence in Nigeria’s digital economy. Together with Afro Mobile, we are building a resilient indigenous broadband platform that will create jobs, drive innovation and support inclusive national development.”
With operations commencing in Q3 2026, ISAT Group and Afro Mobile are poised to emerge as a leading indigenous broadband provider, delivering next-generation connectivity that will help bridge Nigeria’s digital divide and power the country’s next phase of economic growth.
Business
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