Author: Ogochukwu Ndubuisi

Unity Bank Shareholders Approve Merger with Providus Shareholders of Unity Bank Plc have approved the proposed merger with Providus Bank Limited, marking a major milestone in the business combination of the two financial institutions. At the Court-Ordered Meeting held on September 26, 2025, at the OOPL Hotel in Abeokuta, Ogun State, 295 shareholders participated and deliberated on all items in the Scheme of Merger. Of these, 293 shareholders representing 99.32% of total shareholding (₦4.4 billion in value) voted in favour of the resolutions, while 2 shareholders representing 0.68% voted against. As part of the Scheme Consideration, Unity Bank shareholders will…

Equities Investors Gain N618bn in Nigerian Stock Market Boosted by interest in mid and large cap stocks, equities investors gained N618 billion in Nigerian stock market on Friday due to buying interest that cut across sectoral indexes. The positive sentiment lifted Nigerian Exchange (NGX) market capitalisation up by N618 billion or 0.7 per cent, closing at N89.960 trillion from N89.342 trillion on Thursday. Similarly, the All-Share Index increased by 983.99 points or 0.7 per cent to close at 142,133.03 from 141,149.04 recorded previously. Also, the market breadth closed positive with 36 gainers and 23 losers. Thomas Wyatt Nigeria led the…

Shareholders Approve Providus, Unity Bank Merger Deal Shareholders and Boards of Directors of Providus Bank and Unity Bank have approved the merger of the two institutions. The approval was given at a court-ordered Extraordinary General Meeting (EGM) held on Friday. In a joint statement, the two banks commended the Central Bank of Nigeria (CBN) for its foresight and commitment to building a stronger and more resilient financial system. They said the merger would reinforce confidence in the banking industry and align with the CBN’s vision of a sector that is customer-focused and capable of supporting Nigeria’s transition into a trillion-dollar…

Naira Appreciates to N1,480 on Sufficient Dollar Liquidity The Nigerian naira official exchange rate appreciated to N1480 per dollar at the end of the trading session on Friday in the absence of significant pressure in the forex market. The local currency strengthened against the US dollar on the back of sufficient FX liquidity amidst sustained FX intervention by the Apex Bank and rising external reserves. Updated FX from the Central Bank showed that the naira hit an intraday low of N1471, reflecting a positive exchange rate outlook. Foreign inflows boosted liquidity, and corporate FX demand was sufficiently met at the…

Foreign Investors Dump Nigeria, Ghana, Angola Eurobonds Foreign portfolio investors (FPIs) dumped African issuer notes across tenors in a portfolio rebalancing effort as key adjustment in market fundamentals. The U.S. Federal Reserve rate cut and then improved employment in America fueled the sell sentiment, which affected the oil-rich African issuers’ yield curve. Offshore investors significantly loaded their book due to higher return offerings from African names before the emergence of heated externalities that raised borrowing costs. African sovereign names had earlier witnessed foreign asset managers circling on relative short-dated note in Ghana, Angola, and Nigeria in particular. Similar, Egypt sovereign…

TAJBank Surpassed CBN’s Minimum Capital Requirement TAJBank, one of Nigeria’s non-interest banks, says it has met the Central Bank of Nigeria’s (CBN) new minimum capital requirement for national non-interest banks. The Managing Director of the bank, Mr Hamid Joda, confirmed the capitalisation feat in a statement on Friday in Abuja . “I am happy to report that through the leadership of our bank’s board and support of our valued shareholders and investors, TAJBank has fulfilled the mandatory recapitalisation requirement. “The bank is now fully prepared for a more customer friendly, innovative banking services delivery to our growing customers nationwide,” he…

US, FG seek Innovative Solutions to Boost Agricultural Trade The U.S. Mission’s Foreign Agricultural Service (FAS) has partnered with the Federal Government to adopt innovative solutions aimed at enhancing agricultural trade for economic growth and food security. Mr Matthew Obogbaimhe, Chairman of the Nigerian-American Chamber of Commerce (NACC), Kaduna Chapter, said this at a roundtable on Thursday in Abuja. Obogbaimhe said revitalising Nigeria’s agricultural sector required more than trade restrictions, stressing that the sector demands innovation, sustainable practices and investment in infrastructure. The roundtable, tagged “Innovative Approaches to Agricultural Trade for Economic Growth and Food Security,” was organised by FAS…

Naira Spot Rate Little Change on Balanced FX Demand, Supply The naira rate closed with little change against the US dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), climbing by 30 kobo to end the day at ₦1,488.26 per US dollar from N1,488.56 the previous day. With the Central Bank of Nigeria (CBN) keeping its eyes on US dollar liquidity, and export inflows passing through the official window, the forex market continues see adequate level of FX supply to meet corporate demand. Forex market analysts noted that the naira spot exchange rate movement suggests absence of significant demand for…

Zenith Bank, GTCO Drive NGX Index Higher by 0.31% in Fresh Rally Zenith Bank, GTCO, and other banking names drove the Nigerian Exchange (NGX) All-Share Index (ASI) and other key performance indicators higher on Thursday. The local bourse recovered from losing streaks on Thursday as investors began to re-entered positions in post-interest rate cut reactions. The local bourse experienced an uptrend with bullish sentiments that dominated trading activities, bolstered by interest in financial and consumer goods stocks. According to data from the Nigerian bourse, the All-Share Index (ASI) increased by 0.31%, closing at 141,149.04 points. The positive movement was largely…

GCR Upgrades Sterling Bank’s Ratings with Stable Outlook GCR Ratings has upgraded Sterling Bank Limited’s national scale long and short-term issuer ratings to BBB+(NG) and A2(NG) from BBB(NG) and A3(NG), respectively. The African focused rating agency also upgraded Sterling Investment Management SPV Plc’s Series 2 NGN32.89 billion Fixed Rate Senior Unsecured Bond rating to BBB(NG) from BBB-(NG). Outlooks on the ratings are maintained as stable, GCR said, adding that the ratings of Sterling Bank Limited reflect the strengths and weaknesses of the non-operating consolidated group, Sterling Financial Holdings Company Plc. Ratings analysts highlighted that the Group comprises Sterling Bank, Sterling…