Unity, Providus Banks Merger a Done Deal as Integration Progresses

Following the recently held Court-Ordered Meeting and subsequent overwhelming endorsement, the merger and business combination between Unity Bank Plc and Providus Bank Limited remains firmly on course.

Analysts appraising the ongoing recapitalisation programme believe that the regulatory backing and shareholders’ support for the merger represent the most important milestones for meeting the recapitalisation requirements within the stipulated timeline.

Recall that the Central Bank of Nigeria (CBN) backed the merger between the two lenders, with a pivotal financial accommodation to support the transaction. The merger also received a further boost with a “no objection” nod from the Securities and Exchange Commission (SEC). The regulatory approvals form part of broader efforts to strengthen the resilience of Nigeria’s banking system, reinforce capital adequacy across the sector, and mitigate potential systemic risks.

The development positions the combined entity among the 21 banks that have satisfied the apex bank’s new capital threshold for national banking operations.

Through the proposed merger, the combined capital base of Unity Bank and Providus Bank exceeds N200 billion, which is the minimum requirement to retain a national banking licence under the CBN’s recapitalisation framework. The transaction marks a significant milestone in strengthening the financial stability and long-term competitiveness of the enlarged institution.

Following the CBN’s approval, shareholders of both banks overwhelmingly endorsed the merger at their respective Extraordinary General Meetings held in September 2025, where the scheme of merger was formally adopted. The transaction has since progressed with additional regulatory clearances from the Securities and Exchange Commission (SEC) and other relevant authorities. Integration activities between the two institutions are currently underway, with the final court sanction expected to conclude the process.

Managing Director and Chief Executive Officer of Unity Bank, Ebenezer Kolawole, described the development as a defining moment for the institution, adding that the complementary strengths and unique advantages of the Unity Bank and Providus Bank merger place the new entity on a strong footing to create and leverage opportunities in the market.

“This milestone underscores our commitment to building a stronger, more resilient bank that can deliver greater value to our customers and stakeholders. The merger with Providus Bank significantly enhances our capital base, operational capacity, and strategic positioning. We are confident that the combined institution will be better equipped to support economic growth and deliver innovative financial solutions across Nigeria.”

The Bank further clarified that, contrary to reports in certain sections of the media suggesting that the merger process had stalled, the transaction remains firmly on track. The necessary regulatory steps have been completed, with a few other steps only a matter of formality.

When completed, the Unity-Providus merger is expected to deliver a stronger, more competitive, and customer-centric financial institution — one with the scale, innovation, and reach to redefine the retail and SME banking landscape in Nigeria.

Sterling HoldCo Commences Allotment Of Public Offer Shares … Achieves 109.8% Subscription

 Sterling Financial Holdings Company Plc (“Sterling HoldCo” or “the Group”) has announced the commencement of the allotment process for its 2025 Public Offer of 12,581,000,000 ordinary shares of 50 kobo each at ₦7.00 per share.
This follows the earlier receipt of final approval from the Central Bank of Nigeria (CBN) and the recent clearance by the Securities & Exchange Commission.
The allotment process, which begins
immediately, marks the continuation of a disciplined, multi-year capital-raising programme that has positioned the Group as one of the fastest-growing financial institutions in the region.
The Public Offer, which opened on September 15, 2025, attracted strong participation from the investing public, with the Company receiving 18,280 applications for 16,839,524,401 ordinary shares valued at approximately ₦117.88 billion.
Following a thorough verification process, valid applications were received from 18,276 shareholders for a total of 13,812,239,000 ordinary shares. This represents a subscription level of 109.79% and reflects
sustained confidence in Sterling HoldCo’s strategic direction, governance, and long-term growth prospects.
In line with the guidelines set out in the offer prospectus, the Group confirmed that all valid applications will be allotted in full. Every investor who complied with the terms of the offer will receive all the shares for which they applied. A very small number of applications were not processed or were partially rejected due to non-compliance with the offer terms, including duplicate payments and failure to meet the minimum subscription requirement of 1,000 units or its multiples, as stipulated in the offer documents.
The Public Offer forms part of a broader capital-raising programme designed to enable Sterling HoldCo expand credit responsibly, accelerate innovation, and provide sustained support to businesses and households across Nigeria.
In addition to strengthening the
capital buffers of its banking subsidiaries, Sterling HoldCo will inject ₦10 billion into SterlingFI Wealth Management Limited, its asset management subsidiary, in line with the revised minimum capital requirements for Capital Market Operators issued by the SEC in January 2026.
The capital injection will support the commencement of full operations and contribute to the Group’s revenue diversification objectives.
The Group ensures a seamless post-offer process, with refunds for excess or rejected
applications, along with applicable interest, to be remitted via Real Time Gross Settlement or NIBSS Electronic Funds Transfer directly to the bank accounts detailed in the application forms.
These payments will be processed by the Registrars, Pace Registrars Limited, not later
than Tuesday, 17 February 2026.
Simultaneously, the electronic allotment of shares will be credited to successful shareholders’ accounts with the Central Securities Clearing System (CSCS) by the same date.
For applicants who do not currently have CSCS accounts, their allotted shares will be
temporarily held in a registrar-managed pool account pending the submission of their completed account opening documentation to Pace Registrars Limited, after which the shares will be transferred to their personal CSCS accounts.
The Offer attracted significant participation from a new generation of investors, with data from the application process showing that a substantial proportion of successful applicants were first-time shareholders in a financial services company. This broadening of the ownership base reflects growing retail investor belief in Sterling HoldCo’s vision and strengthens the Group’s connection to the communities it serves.
The allotment announcement follows a period of strong financial momentum for Sterling HoldCo. In its FY25 interim results, the Group reported a 99% increase in profit before tax, building on the 102% growth achieved in 2024. Gross earnings rose 46% to ₦476.5 billion, driven by growth across both interest and non-interest income streams, while total assets expanded to ₦3.92 trillion. Customer deposits grew by 18% to ₦2.98 trillion, and shareholders’
funds increased by 39% to ₦424.0 billion, reflecting sustained profitability and balance-sheet expansion.
The Group’s cost-to-income ratio improved to 63% from 72% in the prior year,
underscoring the scalability of the Group’s platforms and the resilience of its business model.
This performance is supported by a diversified financial services structure that spans multiple segments of the market. Its core businesses include Sterling Bank Limited, its conventional banking subsidiary; The Alternative Bank Limited, its non-interest banking arm; and SterlingFI
Wealth Management, which provides investment and wealth advisory services.
This diversified structure enables the Group to serve a broader customer base, reduce
concentration risk, and generate income across multiple revenue streams.
The recapitalisation of the Group’s core banking subsidiaries is already complete. Sterling Bank Limited and The Alternative Bank Limited are fully compliant with the CBN’s revised minimum capital requirements, having received final regulatory approvals in January 2026.
The Alternative Bank, in particular, has emerged as a national non-interest bank with aphysical network now surpassing 150 points, deploying capital to solve real-world
challenges through initiatives such as the Mata Zalla project, which trains women as electric tricycle drivers and mechanics, and an agricultural programme in Plateau State designed to secure economic futures.
These outcomes demonstrate that the capital raised is already being put to work in ways that create tangible impact.
Sterling Financial Holdings Company Plc warmly welcomes its new shareholders and thanks all investors for their participation.
With a strengthened capital base, increasing deposits, a diversified earnings mix, and residual capacity for further investment, the Group is wellpositioned to sustain growth across its subsidiaries, deploy capital responsibly, and support sustainable economic activity.
Cardoso Tasks Central Banks, DFIs on Africa’s Growth


CAIRO – The Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, has
stated that Africa must grow, industrialise, create jobs, expand opportunities, and lift
millions out of poverty, while also decarbonising and building climate resilience.
Mr. Cardoso recently stated in his keynote speech at the Egypt 30by30 Programme
organised by the Central Bank of Egypt and the International Finance Corporation
(IFC), that the collaborative ambition behind the 30by30 initiative embodies a shared
continental vision that Africa’s future must be resilient, climate-aware, and
economically sustainable.
Through closer collaboration with the Central Bank of Egypt and partners across the
World Bank Group, he said the CBN remains dedicated to building a resilient, risk-
aware financial framework, advancing green finance, strengthening cross-border
cooperation, and positioning Africa not just to withstand shocks, but to thrive in a
changing global economy.
Governor Cardoso also emphasised that resilience begins with credibility, adding
that “In Nigeria, disciplined and transparent reforms are strengthening
macroeconomic fundamentals and boosting confidence in the financial system,
laying the groundwork for sustainable growth.
“To build resilient financial systems, we must anchor our economies on trustworthy
institutions, credible policies, transparent markets, and risk-aware innovation,” he
added.
Furthermore, Governor Cardoso noted that “Climate risk is financial risk. It affects
sovereign ratings, cost of capital, inflation dynamics, food security, insurance
markets, and fiscal sustainability.”
He argued that Africa contributes the least to climate change yet bears some of its
highest costs. He, however, noted that Africa also offers some of the world’s greatest
opportunities in renewable energy capacity, biodiversity, a young population, and
rapidly evolving financial markets.
“To seize these opportunities, we must innovate for resilience, not as isolated
nations, but as a continent. By working together deliberately, transparently, and with
unwavering commitment, we can build the resilient, sustainable, and inclusive
financial systems that Africa needs not only to withstand future shocks but also to
thrive in the decades ahead,” Governor Cardoso noted.
The engagement underscored a defining imperative for the continent: Africa’s
financial future depends on a dual commitment to stability and sustainability.

Ecobank Nigeria fully repays tendered US$300m Eurobond notes

Ecobank completes early repayment of tendered US$300m Eurobond Notes |  APAnews - African Press Agency

Ecobank Nigeria has announced the successful repayment of the outstanding principal and accrued interest on its original US$300 million Eurobond due 16 February 2026, marking a significant milestone in its liability management strategy and overall balance sheet strengthening efforts.

Following the full repayment of the Eurobond obligations, the Bank stated that it will now focus its funding initiatives primarily on the domestic capital markets. This strategic shift reflects growing confidence in Nigeria’s local debt market and aligns with Ecobank Nigeria’s long-term objective of optimising funding costs while deepening its participation in the domestic financial ecosystem.

“Going forward, Ecobank Nigeria will prioritise domestic credit ratings and local debt issuance to achieve its funding objectives,” stated Ogorchukwu Okwechime, Financial Controller, Ecobank Nigeria, in Lagos. He added that the successful repayment reinforces the Bank’s commitment to maintaining a resilient balance sheet and sustaining investor confidence.

The tender offer was conducted with Renaissance Capital Africa (Renaissance Securities Nigeria Limited) acting as financial adviser and dealer manager, while Sodali & Co Limited served as tender agent. The notes were originally issued by EBN Finance Company B.V., with limited recourse to the issuer, for the sole purpose of financing the purchase of the US$300 million 7.125 per cent Senior Note due 2026 issued by Ecobank Nigeria.

The transaction underscores Ecobank Nigeria’s proactive approach to liability management, prudent capital planning, and strategic alignment with evolving market conditions. It further positions the Bank to leverage domestic funding opportunities while maintaining financial flexibility and operational stability.

APC have all governors, afraid of free, fair election – ADC

The African Democratic Congress, ADC, has criticised the ruling All Progressives Congress, APC, over the controversial passage of the Electoral Act Amendment Bill by the National Assembly

Reacting to the development on Wednesday, the spokesperson of the African Democratic Congress, Bolaji Abdullahi, accused the APC of undermining Nigeria’s democracy.

In a post shared via his X handle, Abdullahi said the level of impunity displayed by the ruling party was troubling, warning that it should not be allowed to become “the death of our democracy.”

He alleged that despite having almost all state governors under its control, the APC was still apprehensive about conducting a free and fair election.

According to him, Nigerians would resist any form of tyranny, adding that the country had experienced similar situations in the past.

He said: “With this level of impunity, we pray that the APC does not become the death of our democracy.

“Almost all the governors are in their party, yet they are afraid of a free and fair election. But Nigerians will never surrender to tyranny. We have seen this before.”

Turaki PDP faction officially inaugurates Abia State Caretaker committee

The National Working Committee, NWC, of the Peoples Democratic Party, PDP, led by Kabiru Tanimu Turaki, SAN, has officially inaugurated a Caretaker Committee to steer the affairs of the party in Abia State.

Speaking at the event, the Vice Chairman of PDP, Southeast, Ali Odefa, charged the newly inaugurated committee to “keep the flag flying” and resist what he described as internal and external forces allegedly working to destabilize the party.

Odefa alleged that for over a year, the party had faced “anti-democratic forces” determined to weaken its structures. According to him, ongoing legal disputes over the party’s leadership have now been consolidated at the Court of Appeal, with judgment reserved.

He described the newly appointed chairman of the Abia Caretaker Committee, Mr. Ikpegbu Emeka-Yello, as experienced, fearless, and capable of navigating what he admitted would not be an easy assignment.

In his acceptance speech, Mr. Ikpegbu Emeka-Yellow described the appointment as “a call to service, sacrifice and selfless leadership”

He acknowledged that the PDP in Abia had suffered a serious leadership crisis in recent years, weakening its structures and morale but emphasized reconciliation as the central mission of the caretaker committee.

However, the Nyesom Wike-backed faction of the PDP in Abia has described the committee as illegal.

Ramadan: UN scribe laments humanitarian crisis in Gaza, Sudan, others

As Muslims around the world commence Ramadan fast today, United Nations Secretary General, Antonio Guterres, has expressed worry over persistent conflict, hunger, displacement in Gaza, Sudan, Yemen and Afghanistan.

Guterres made his feelings known in a Ramadan message while advocating that the global community heed Ramadan’s enduring massage of unity, deliver help and hope to those who are suffering and safeguard the rights and dignity of every person.

“Ramadan also represents a noble vision of hope and peace. But for too many members of the human family, this vision remains distant. From Afghanistan to Yemen, from Gaza to Sudan and beyond, people are suffering the horror of conflict, hunger, displacement and more.

“In this difficult and divided times, let us heed Ramadan’s enduring massage to bridge divides, deliver help and hope to those who are suffering and safeguard the rights and dignity of every person”, he said.

The UN Scribe believes that the holy month would inspire the world to work as one to build a peaceful, generous and just world for all people.

“Every year, I pay a special solidarity visit to a Muslim community and join in the fast. And every year I come away heartened by Ramadan’s spirit of peace a compassion.

“Ramadan Kareem!”, he said.

Private school teachers open up on daily struggles amid N10,000 monthly salary

In the past, the teaching profession was seen as one of the most noble professions anyone could find themselves in. Teachers were seen as the moulders of society because every professional went through the tutelage of a teacher.

However, teachers have become the dregs of society, especially those in private schools.

Private school teachers, especially those in Jos, the capital of Plateau State, have been reduced to mere tools by school proprietors to be used and dumped at will.

They face severe low-income and poor working conditions, highlighting their silent struggles but with a resilience that goes to show that if given the right conditions to work, they will excel.

Though private schools have become the largest employer of labour in Jos with many of them springing up in almost every street, the teachers they employ have been the ones at the receiving end as their salaries and remuneration are nothing to write home about.

Findings by DAILY POST show that some private schools pay NCE, HND, BSc, and Master’s degree holders between N10,000 and N25,000 monthly and the teacher may not have a salary increase for the next five to ten years of teaching.

Even when the salary is increased, it may not be more than 10% of the basic salary.

Teaching in a private school, therefore, has become a means to an end with the teachers just hanging in there waiting for an opportunity to come up, and off they go.

Some teachers who spoke to DAILY POST on their silent struggles while trying to build the lives of their pupils, say they get ‘imprisoned’ almost all day between 7am and 3pm and at the end of the month, they are paid paltry sums that do not last up to a week.

Most of them are made to take classes from JSS1 to SS3 and as to be expected, these overworked and underpaid teachers cannot give their best, thereby contributing to the falling standard of education in the state.

The school proprietors too do not help matters in any form or shade.

As soon as a teacher starts to grumble and ask questions, they are relieved and replaced almost immediately.

It has become a regular sight to see teachers engaging in manual labour at construction sites, farms, and even illegal mining sites to augment their poor income.

Some private school teachers revealed that they had no option but to endure the hardship while looking forward to better days ahead.

First to speak was Ezekiel Atangs who has been a private school teacher for over 15 years.

He said, “I have been teaching in private schools for the past 15 years and I can say that my experiences have never been palatable. Where I am currently working is my third but the story has been the same.

“I have been here for the past four years on a N15,000 salary. There has never been an increment and anytime we approach the proprietor for an increase, she will tell us that anyone who is not happy with the salary can leave.

“I have a wife and three children, so I have to engage in menial labour to augment the stipend I get from my teaching job. When I close and during weekends, I go to construction sites to work. If not, my family will starve.”

Another private school teacher, Ishaya Bitson, also shared his bitter experience.

“I can tell you in all honesty that private school teachers in Plateau State are really suffering.

“I have a degree in education but all efforts to get a job with either the state or federal governments have proved abortive, I had to pick a job with a popular private school in Jos.

“On the surface, the school is one of the most prestigious in Jos with the school fees running into hundreds of thousands of naira. But it will interest you to know that the teachers are poorly paid.

“When I was employed five years ago, my salary was N20,000 with the promise of a review after one year but since then, I have been stuck on the same salary.

“Whenever I approach the principal to talk about the increase, he will tell me to be patient or if I can’t cope any longer, I should put in my resignation letter. We are really suffering in silence,” he lamented.

For Leonard Bagudu, the story is the same.

“I have an NCE and I’ve been teaching in a private school for the past eight years on a salary of N12,000 with no hope of a change in the near future.

“I teach JSS3 to SS3, yet I am not happy. Imagine resuming work at 7am and teaching all round till 3pm, yet you are paid a paltry sum. I can tell you that no private school teacher in Jos is happy due to the poor salaries we get,” he disclosed.

A school proprietor, who spoke on the poor salary package for teachers however, claimed there was nothing they could do than pay whatever they can afford.

“Yes, there is no doubt the salary of private school teachers is poor but there is nothing much we can do about it. Everyone knows the current economic situation in the country and we barely survive or break even after paying levies to the state ministry of education and other relevant authorities.

“Some parents also do not help matters as they don’t pay their children’s fees on time and this too affects what we manage to pay our teachers.

“Many people think we proprietors are the ones enjoying it, but I can tell you that we barely break even,” he narrated.

However, an assistant director in the Plateau State Ministry of Education, who spoke on the condition of anonymity, stated that there is little or nothing the ministry can do as the salaries of the private schools are not regulated by the government.

According to him, “We have had complaints of poor salaries paid by private schools but there is nothing the ministry can do because they are regulated by the government.

“Private schools, just like other private organizations, are at liberty to negotiate their salary structure with their staff but all we have been telling them is to be fair to their employees.

“We have heard of private school teachers being paid as low as N10,000 or N15,000 and we have been talking with them to find a balance and raise these salaries.”

Aiyedatiwa holds parallel stakeholders’ meeting, blames ‘vested interests’ over crisis

Following the violent chaos that rocked the stakeholders’ meeting of the All Progressives Congress (APC), Ondo State chapter, on Tuesday, Governor Lucky Aiyedatiwa has denied his involvement in the crisis.

According to Aiyedatiwa, miscreants with no form of business at the state secretariat of the party were responsible for the chaos.

The Chairman of the party in the state, Ade Adetimehin, was beaten and injured along with other party chieftains after some hoodlums alleged to be members of the National Union of Road Transport Workers (NURTW) stormed the secretariat in Akure, the state capital.

The injured chieftains of the party, who are currently hospitalised, accused the governor of sponsoring the hoodlums to disrupt the stakeholders’ meeting.

Meanwhile, Aiyedatiwa, who led party leaders from across the state to a parallel stakeholders’ meeting with members of the congress committees from the national secretariat of the party, disclosed that the initial plan for a 10 a.m. meeting on Tuesday was never formalised, as he had requested it be moved to 2 p.m. to allow him and other top officials, including the Speaker and Deputy Governor, to attend.

While stressing his commitment to due process and denying any animosity towards the congresses, Aiyedatiwa attributed the violence to factional disputes over candidacy, stressing that the earlier incident was a gathering of rival supporters rather than an official party meeting.

He said, “Normally, we have stakeholders’ meetings, and as the governor, I am always in attendance, alongside the speaker and the deputy governor. All of us are always present at every stakeholder’s meeting. ‎

“In the first quarter of this year, we had one in January before the anniversary of the state. We had 60 persons per local government. But this one was an impromptu stakeholders’ meeting because of the congresses at the ward and local government levels.

“Later on, I got a call from one of them saying there were some problems around, or some miscreants around the party secretariat.

“I asked him to call the Commissioner of Police, and I also called the Commissioner of Police myself to ensure the place was protected because I was going to attend the meeting. I asked that security operatives be deployed to protect the place.”

List of senators who opposed manual backup clause in electoral bill released

The identities of the 15 senators who voted in support of mandatory real-time electronic transmission of election results during deliberations on the Electoral Act (Repeal and Re-Enactment) Bill, 2026 have been revealed.

The lawmakers opposed the retention of a controversial provision that allows manual collation of results as a backup.

DAILY POST recalls that the Senate approved the electronic transmission of election results while retaining manual collation as a fallback option in a plenary session on Tuesday.

The resolution followed a tense plenary session in the red chamber of the National Assembly.

During a dramatic division on the floor, 55 senators voted in favour of keeping the manual backup clause, while Senator Enyinnaya Abaribe and the 14 others stood against it, insisting on mandatory real-time electronic transmission.

The senators include:

Natasha Akpoti-Uduaghan (PDP, Kogi Central)

Enyinnaya Abaribe (ADC, Abia South)

Abdul Ningi (PDP, Bauchi Central)

Aminu Tambuwal (PDP, Sokoto South)

Ireti Kingibe (ADC, FCT)

Seriake Dickson (PDP, Bayelsa West)

Onawo Ogwoshi (ADC, Nasarawa South)

Tony Nwoye (ADC, Anambra North)

Victor Umeh (ADC, Anambra Central)

Ibrahim Dankwambo (PDP, Gombe Central)

Austin Akobundu (PDP, Abia Central)

Khalid Mustapha (PDP, Kaduna North)

Sikayo Yaro (PDP, Gombe South)

Emmanuel Nwachukwu (APGA, Anambra South)

Peter Jiya (PDP, Niger South)