Nigeria At 65: Chevron Sees Brighter Future In Oil And Gas Sector

Chevron Nigeria has said it is expanding deepwater production in Nigeria in a sustained effort to expand new growth opportunities.

The Company said it is committed to further exploration and development of oil and gas resources by converting its joint venture and deepwater leases under the Petroleum Industry Act (PIA).

The Chairman and Managing Director, Chevron Companies in Nigeria, Mr. Jim Swartz, while speaking on Nigeria’s 65th independence anniversary, said the Company is proud of its partnership and contribution to the social and economic development of the country.

In over six decades of operation in Nigeria, Chevron Nigeria has continued to make significant investments in the country that have helped generate socio-economic development in several communities across Nigeria, Swartz said.

To further boost its business development, the Chairman said Chevron is executing infill drilling programs as part of its efforts to improve the current production base upon which the future can be sustained, and has also signed a 20-year renewal of four deepwater leases, in addition to planned infill drilling to mitigate production decline in its Agbami hub, non-operated Usan hub, and support for continued maturation of the Owowo development

He said entry into Oil Prospecting License 215 aims to boost deepwater development opportunities, while completion of seismic data acquisition across several of its deepwater leases aims to position itself for future exploration and demonstrate Chevron’s commitment to future growth in Nigeria.

The Chairman also mentioned the near-field discovery with the successful drilling of the Meji NW-1 appraisal well.

Swartz, while offering explanation on the business perspective of Chevron Nigeria said, “At Chevron Nigeria, we strive to build lasting relationships to help enable human progress now and into the future. Chevron has a long commitment to Nigeria. We have been making significant investments in Nigeria for over 60 years, contributing to the growth and development of the country.”

According to him, “Chevron Nigeria produces oil and natural gas from various fields, supplying domestic and international markets, while utilizing natural gas to produce diesel and naphtha. The joint venture between Chevron Nigeria Limited (CNL) and the Nigerian National Petroleum Company Limited (NNPCL/CNL JV) is one of the major natural gas suppliers to Nigeria’s domestic market and remains ahead in maximizing the supply of on-spec gas in the domestic and regional markets.”

He added that Chevron Nigeria has been successful in leading and investing in major initiatives which include the development of the Deep Water Agbami project which has produced over 1 billion barrels of oil; the development of the Escravos Gas Plant facility to enable the reduction of gas flares, processing of gas and the development of the Escravos Gas-to-Liquids (EGTL) facility.

The EGTL facility has helped to significantly reduce gas flaring and produce high quality products, including refined diesel.

Also, in partnership with other private and state entities from the Economic Community of West African States, Chevron led the development of the ~700km West African Gas Pipeline project through which Nigeria supplies gas to Benin, Togo, and Ghana, helping to boost economic development in the region.

“We prioritize local content and human capacity building as over 90% of our workforce in the country are Nigerians. We also provide contract opportunities to Nigerian companies in all our projects. Chevron supports the PIA, and we commend the efforts of the Federal Government of Nigeria to reposition the oil and gas industry for growth through several industry regulations,” Jim further stated.

 

Olusoga Oduselu, Chevron Nigeria’s General Manager, Corporate Affairs, highlighted the company’s focus on helping to engender the development of communities in the Niger Delta through the legacy Global Memorandum of Understanding, the current Host Community Development Trusts and the Foundation for Partnership Initiatives in the Niger Delta.

According to Olusoga, “Chevron Nigeria’s social investment footprint extends beyond its areas of operation. Among other health initiatives, Chevron Nigeria built and donated a DNA Molecular laboratory to the University of Lagos Teaching Hospital, and the facility is very significant to medical research in Nigeria.

At the height of the coronavirus (“COVID-19”) pandemic, Chevron Nigeria donated a Polymerase Chain Reaction laboratory to Warri Central Hospital to support the Delta State government in the fight against the COVID-19 pandemic, in addition to other industry-collaborations. Chevron Nigeria has also implemented health initiatives such as the Roll Back Malaria, Prevention of Mother to-Child transmission of HIV/AIDS and awareness programmes on River blindness.”

 

In its deep offshore operations, Chevron Nigeria has continued to implement projects and programmes in the areas of health, education, and socio-economic development across Nigeria. For instance, Star Deep Water Petroleum Company Limited (a Chevron company) and its parties in the Agbami field have been investing in fighting Tuberculosis (TB) with the construction and equipment of chest clinics in Nigeria to support the treatment and care of tuberculosis patients in Nigeria. Currently, twenty-eight such chest clinics, fully equipped with standard X-Ray machines, male and female wards, treatment rooms, laboratories and Gene Xpert Machines have been completed across the country to support Nigerian health system. The Agbami parties have also donated nine (9) mother-and-child health care centers and one medical diagnostics laboratory in some States in Nigeria. Some of the donated chest clinics and mother and childcare centers became useful for COVID-19 response in some states during the heat of the pandemic.

Chevron Nigeria continues to support development of education in the Niger Delta region and across the country through development of education infrastructure, capacity building and scholarships.

The scholarships include: the NNPC/CNL JV’s national university scholarship and the community scholarship program which caters for students in both secondary and tertiary institutions from communities in Chevron Nigeria’s areas of operations. Additionally, Chevron Nigeria awards scholarships to visually impaired students to enhance their access to quality education. Over 23,000 people have benefitted from the company’s scholarship programs which include scholarship for community postgraduates’ scholars in Nigeria and foreign universities.

Since inception of the Agbami Medical and Engineering Professional Scholarship programme in 2009, over 16,500 students from all the states of Nigeria have benefitted from the scholarship, out of which 715 students have graduated with first class degrees. Chevron Nigeria and its Deepwater parties have continued to invest in education infrastructure.

The parties have executed 39 Science laboratory complexes and 25 conventional and hybrid libraries across the country. Also, Chevron and its partners take a wide-ranging activity to encourage students to develop interest in key subjects of Science, Technology, Engineering, and Mathematics and, ultimately, pursue STEM courses and career.

Chevron Corporation has also sponsored certain global health and environmental-related initiatives that have an impact in Nigeria.

These efforts include the contribution to Global Fund against HIV/AIDS, malaria, and TB which has benefitted Nigeria in the areas of providing access to lifesaving antiretroviral therapy for people living with HIV, provision of long-lasting insecticide-treated mosquito nets and detection of tuberculosis cases. Also, as part of its efforts in environmental conservation, Chevron Nigeria with the support of Chevron Corporation, built and donated the Lekki Conservation Centre to the Nigerian Conservation Foundation in 1992.

The 78-hectare facility has become a center of excellence in environmental research and education, reserved as a sanctuary for the rich flora and fauna of the Lekki Peninsula, Lagos.

The CNL also sponsors the Junior Tennis tournament, the National Arts competition, and other activities by various organizations.

 

Chevron Nigeria is optimistic about the future of the oil and gas business in Nigeria. As the Chairman/Managing Director emphasized: “Chevron remains committed to our partnership in ensuring safe, reliable, and efficient operations in Nigeria and delivering a reliable, ever cleaner, and efficient energy supply for Nigeria, the West African region, and the world.”

UNIBEN bars 5,000 students from exams over unpaid fees

UNIBEN-main-gateThe management of the University of Benin, on Monday, said about 5,000 students of the institution will miss the second semester examination over failure to pay school fees.

A memo released by the Registrar of the institution, Ademola Bobola, said the affected students failed to pay their school fees despite repeated reminders.

He lamented that the students failed to subscribe to the opportunities provided by the Nigerian Education Loan Fund.

NELFUND, a pivotal financial institution established under the Student Loans (Access to Higher Education) (Repeal and Re-enactment) Act, 2024, was signed into law by President Bola Tinubu on April 3, 2024.

The primary objective of NELFUND is to provide financial support to qualified Nigerians for tuition and other fees, charges, and upkeep during their studies in approved tertiary academic institutions and vocational and skills acquisition institutions within Nigeria.

According to the memo released by UNIBEN, defaulting students were barred from writing the second semester examination, which commenced on Monday, September 29, 2025, adding that the school management had put in place an enforcement team.

The memo read, “With the second semester examination set to begin on Monday, 29th September, 2025, these (defaulting) students shall be barred from writing the examination if they fail to pay their school charges or subscribe to the student loan by NELFUND.

“About 5,000 students have been identified in this category of defaulters.

“In compliance with the directive of the Senate of the University of Benin, these students shall not be allowed to write the forthcoming examination.

“Provost of the College of Medical Sciences, Deans, Directors, and Heads of Departments are specially required to enforce the directive of the Senate without compromise.”

The memo asked that the list of all defaulting students in their respective colleges, schools, faculties, institutes, and departments be published not later than 8.00 am on Monday.

“This is to enable the affected students to know their status as defaulters and afford them the opportunity to remedy their situation before the examination begins.

“Management has, accordingly, appointed an enforcement task force headed by the Deputy Vice Chancellor (Academic) to monitor and enforce full compliance with the directive of the Senate.

“Management expects full cooperation and compliance by all stakeholders to maintain the university’s high standards.”

DLM Capital completes N9bn sovereign bond

image2In a step towards reshaping the Nigerian capital market, DLM Capital Group, a Nigerian development investment bank, has announced the successful completion of its N9 bn Series 1 Sovereign Bond Backed Composite Notes issuance under its N30 billion Medium-Term Note Programme.

The issuance, which is due in 2035, was carried out through its special purpose vehicle, DLM Funding SPV Plc. It is AAA-rated, approved by the Securities and Exchange Commission, and designed to deliver capital preservation, liquidity, and competitive returns.

The N9 bn issuance attracted strong participation from institutional investors, a development that the company said reflected confidence in DLM Capital’s credit strength, innovative structuring capability, and proven track record of delivering secure investment products.

The signing ceremony, hosted by DLM Advisory, the Financial Adviser, Transaction Structurer, and Joint Issuing House/Bookrunner for the transaction and a subsidiary of DLM Capital Group, took place at the Group’s headquarters in Lagos.

Present at the event were Group Chief Executive Officer of DLM Capital Group, Sonnie Ayere; Group Managing Director, DLM Global Markets, Babatunde Obaniyi; and others.

Commenting on the transaction, Ayere said the successful issuance underscored DLM Capital Group’s commitment to building innovative financial instruments that protect investor value while unlocking opportunities across the real economy. He noted that the firm’s approach balances safety, liquidity, and competitive returns, while ensuring capital is channelled into sectors such as small and medium enterprises, which are critical to Nigeria’s long-term development.

The proceeds of the issuance will be invested in Federal Government of Nigeria Bonds and underserved SME sectors, with the target investors including pension funds, development finance institutions, asset managers, and high-net-worth individuals.

FAAN phases out cash transactions, adopts digital scheme

FAANThe Federal Airports Authority of Nigeria has officially launched its new contactless payment system, branded the “Go Cashless” policy, with the goal of tripling its revenue while improving efficiency and transparency across the nation’s airports.

The unveiling took place on Monday at the Murtala Muhammed International Airport, Lagos, where FAAN’s Managing Director, Mrs Olubunmi Kuku, represented by the Director of Public Affairs and Consumer Protection, Henry Agbebiire, declared that the cashless system places Nigeria’s airports in line with global best practices.

According to Agbebiire, the initiative signals a new era for FAAN in driving transparency, efficiency, and accountability. He noted that the policy is designed to reshape airport operations and passenger experience, adding that the phased rollout will begin in Lagos and Abuja airports before extending nationwide.

“Effective September 29, 2025, the collection of physical cash will be gradually phased out at all FAAN revenue points, including airport access gates, car parks, VIP, and protocol lounges. This ensures faster, seamless, and more secure transactions,” he said.

He explained that going cashless would eliminate the delays and risks associated with cash handling while strengthening FAAN’s revenue assurance framework. “Every transaction will now be electronic, traceable, and secure. This is not just about revenue growth; it is about demonstrating Nigeria’s readiness for global business by aligning with international standards,” he added.

Kuku stressed that the new system would triple FAAN’s revenue, calling it a long-overdue step toward modernisation. She also highlighted that the initiative falls under FAAN’s six strategic business goals, reinforcing the agency’s commitment to fiscal responsibility and sustainable development.

Also speaking at the event, Director of Commercial and Business Development, Ms Joy Adebola Agunbiade, revealed that FAAN plans to completely eliminate cash payments by the end of the first quarter of 2026. She explained that the phased introduction allows both users and stakeholders ample time to adapt.

Agunbiade added that the solution complements existing systems like E-tags and Point of Sale terminals. The new cards, which can be loaded with as little as ₦1,000, have no expiration date and allow users to own multiple cards.

“For FAAN, we anticipate a 50 percent revenue increase during the pilot phase, rising to 75 percent as more points are integrated, and ultimately tripling revenue within the first year of full implementation. These funds will be reinvested into airport infrastructure nationwide,” she explained.

She further pointed out that Lagos and Abuja access gates alone record over 300,000 monthly vehicular entries, stressing that digitising these payments will block leakages and safeguard revenue.

On security, Fisayo Kolawole, Head of Commercial and Public Sector at Paystack, the fintech firm partnering with FAAN, assured users of robust safety measures. He said the system complies with global standards as a Level One security provider, with all transactions encrypted end-to-end and protected by multiple authentication layers

NGX offers stockholders N150m exemption on capital gains tax

Temi PopoolaInvestors in Nigeria’s capital market will benefit from a N150m annual exemption under the new Capital Gains Tax regime, following a high-level stakeholder dialogue convened by the Nigerian Exchange Group on the Tax Reform Act 2024.

The provision, which takes effect from January 2026, is designed to protect 99.9 per cent of retail investors from the 30 per cent tax on gains from the disposal of shares.

The exemption was clarified by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, during the forum, which brought together issuers, investors, intermediaries, and regulators.

Oyedele explained that while the standard rate is 30 per cent, a reduced 25 per cent CGT will apply where proceeds from share sales are reinvested in fixed income or other non-equity assets. He added that reinvestments into Nigerian companies, whether listed or unlisted, will remain fully exempt to encourage capital inflows into productive sectors of the economy.

Speaking at the session, Temi Popoola, GMD/Chief Executive Officer of NGX Group, said the dialogue was necessary to ensure clarity for issuers and investors ahead of the implementation. “Reforms of this scale raise important questions for the market. Our priority is to keep the capital market attractive and forward-looking while supporting long-term growth,” he noted.

Also, the Chairman of NGX Group, Umaru Kwairanga, stressed the role of NGX as a trusted convener, ensuring that stakeholders are well-informed and market confidence preserved. He added that engaging with regulators on such critical reforms helps sustain Nigeria’s market competitiveness compared with other African economies.

“At NGX Group, we believe that significant policy shifts must be clearly understood and calibrated to preserve market confidence. Our core function is to facilitate this essential engagement between policymakers and the market to ensure reforms translate into sustainable, long-term economic growth.”

The dialogue also addressed concerns around the determination of base cost, prospective calculations from the Act’s commencement date, and the treatment of cross-listed securities to avoid double taxation.

BREAKING: NNPC, NUPRC, NMDPRA shut as PENGASSAN begins strike

PENGASSAN strike shuts down NNPC, key oil agenciesThe nationwide strike declared by the Petroleum and Natural Gas Senior Staff Association of Nigeria on Monday paralysed operations at key oil and gas regulatory institutions, including the Nigerian National Petroleum Company Limited, the Nigerian Upstream Petroleum Regulatory Commission, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

The industrial action, which followed the weekend directive by the union’s National Executive Council, saw members across the country withdrawing their services, effectively shutting down critical agencies that drive Nigeria’s oil and gas industry.

Our correspondent observed that at the NUPRC headquarters in Abuja, the main gate was under lock and key, leaving several employees stranded outside the premises. Security operatives on duty confirmed that no staff were allowed entry, in line with the strike directive issued by the union.

Similarly, activities at the NMDPRA headquarters in the busy Central Business District were completely grounded as workers fully complied with the industrial action.

Confirming the situation, the PENGASSAN Chairman in NMDPRA, Tony Iziogba, told The PUNCH that the union had achieved “100 per cent compliance,” effectively restricting access to staff and visitors.

He added that his colleagues had also enforced 100 per cent compliance at the NNPCL and other relevant agencies.

PENGASSAN said the strike became inevitable after the alleged wrongful dismissal of about 800 workers at the Dangote Petroleum Refinery.

The union’s directive to halt crude oil and gas supplies to the Dangote Petroleum Refinery has sent shockwaves through the energy sector, with oil marketers warning of severe disruptions in fuel distribution. This move is expected to choke the domestic market, driving up demand and prices.

On Sunday, PENGASSAN announced a nationwide strike, instructing all its members in various offices, companies, institutions, and agencies to cease all services starting at 12:01 am on Monday, September 29, 2025.

The union also directed members stationed in various field locations to down tools from 6:00 am on Sunday, September 28, and commence a round-the-clock prayer vigil.

In a strongly worded resolution signed by PENGASSAN General Secretary, Lumumba Okugbawa, the union accused the refinery of violating Nigerian labour laws and International Labour Organisation conventions by sacking workers for joining the union. It alleged the dismissed workers had been replaced by foreigners.

“All processes involving gas and crude supply to Dangote Refinery should be halted immediately,” the resolution declared. “All IOC (International Oil Companies) branches must ramp down gas production and supply to Dangote Refinery and petrochemicals.”

The development has heightened fears of fuel scarcity and blackouts, as NNPC remains the sole importer of petrol while the midstream and downstream authority regulates supply and distribution. Similarly, NUPRC is responsible for monitoring crude production and enforcing gas supply obligations to power plants.

All eyes are now on Monday’s emergency meeting convened by the Minister of Labour. Whether dialogue can restore calm or whether Nigeria plunges deeper into crisis may depend on the willingness of both sides to compromise.

JAMB awaits post-UTME results of underage candidates cleared for admission

PIC.1.-JAMB-UMTE-COMPUTER-BASED-TEST-IN-ABUJA

Sixteen out of the 71 universities that received applications for admissions of underage candidates failed to meet the September 15, 2025, deadline set by the Joint Admissions and Matriculation Board for the submission of post-Unified Tertiary Matriculation Examination screening results.

JAMB had directed 71 universities that received applications from underage candidates to submit their post-UTME results early to enable speedy processing of admissions.

The Registrar of JAMB, Prof. Ishaq Oloyede, recently disclosed that out of the 41,027 underage candidates who sat for the 2025 UTME, only about 500 scaled through initial screening.

He noted that four institutions — the Air Force Institute of Technology, Kaduna; Abubakar Tafawa Balewa University, Bauchi; University of Jos; and Osun State University — formally notified JAMB that they would not admit underage candidates under any circumstances.

However, data obtained by The PUNCH showed that 40 underage candidates were affected by the delay from the 16 universities yet to submit results. These include Abia State University (one applicant), Bayelsa Medical University (one), Bingham University, Karu (three), Federal University of Technology, Ikot-Abasi (one), Federal University, Lokoja (two), Kwara State University (four), Lead City University (two), Madonna University (one), McPherson University (two), Michael Okpara University of Agriculture (one), Modibbo Adama University (one), Rhema University (one), TopFaith University (one), University of Abuja (12), and University of Calabar (six).

JAMB explained that consideration was being given only to candidates who scored at least 320 in the UTME, secured a minimum of 80 per cent in post-UTME, and obtained 80 per cent (24/30 points) in a single sitting of WAEC or NECO.

The policy shift followed complaints by parents and stakeholders that high-performing candidates were being denied admission strictly on the basis of age.

Nigeria can tap bonds for maritime growth – NGX

Nigerian Exchange LimitedThe Chief Executive Officer of Nigerian Exchange Limited, Mr. Jude Chiemeka, has said that the nation’s maritime industry can leverage blue bonds to raise funds from the capital market to finance infrastructure development projects in the marine and blue economy sector.

Chiemeka, who stated this recently in Lagos during the 3rd quarter citizens’ and stakeholders’ engagement of the Ministry of Marine and Blue Economy and its agencies, explained that these bonds can be raised through bond issuance programmes and listed on the Nigerian Exchange Limited.

According to him, Nigeria’s 853 km coastline and rich waterways represent multi-billion-dollar opportunities in fisheries, aquaculture, ports, shipping, offshore energy, and tourism, adding that a well-managed blue economy can significantly boost gross domestic product, create millions of jobs, and strengthen foreign exchange earnings.

“Nigeria’s Blue Economy has the potential to contribute significantly to the country’s economy. Alternative sustainable financing is the key to moving Nigeria’s marine and blue economy policy into impact.

With innovative instruments like blue bonds, blended finance, and thematic instruments, the ministry can mobilise billions in new capital,” Chiemeka said.

Nigeria’s marine and blue economy refers to the sustainable use of ocean and waterway resources for economic growth, improved livelihoods, and ecosystem health. With a coastline stretching 853 kilometres and abundant inland waterways, Nigeria is strategically positioned to benefit from a thriving maritime economy. However, despite this potential, the sector remains underdeveloped, mainly due to inadequate infrastructure, low investment, and fragmented policy implementation. Blue bonds are innovative debt instruments used to finance projects that benefit ocean ecosystems and coastal economies.

Chiemeka highlighted that the nation’s marine and blue economy sector required $10bn over the next decade to restore mangroves and wetlands, modernise ports and logistics, expand aquaculture and cold-chain facilities, and upgrade wastewater and pollution control systems.

The NGX CEO added that the current budget allocation is far below the required scale to spur development in the sector, maintaining that mobilising private and institutional capital remains essential to fully realise developmental aspirations.

He stated that NGX stands ready to partner with the ministry to “operationalise these instruments and create a financing transformation for Nigeria’s marine future.” “Together, we can move from policy to impact, financing the future of Nigeria’s marine and blue economy.”

He pointed out that the blue (or thematic) bonds reduce the project funding cost compared to bank loans, stressing that they offer an opportunity for institutional investors to participate in infrastructure projects through listed, tradable securities that can offer superior risk-adjusted returns.

“Blended finance works by using public or philanthropic funds (concessional capital) to catalyse private sector investment in projects that contribute to sustainable development but may not otherwise attract commercial funding due to high perceived risks or low returns. This approach has been implemented across various sectors, with a particular focus on infrastructure, energy, and financial services in developing countries. Suitable for capital-intensive projects such as port modernisation, wastewater treatment plants, aquaculture hubs, and cold-chain logistics for fisheries, it enables Nigerian pension funds and banks to participate in blue economy financing with reduced risk,” he explained.

SEC Raises Alarm Over AI-Generated Investment Scams In Nigeria

The Securities and Exchange Commission (SEC) has warned Nigerians to beware of a rising wave of artificial intelligence (AI)-driven scams that are targeting unsuspecting investors with promises of guaranteed profits and fake celebrity endorsements.
The Commission recalls that platforms such as CBEX, Silverkuun, and TOFRO were operating illegally by advertising AI-powered trading systems that promise unrealistic returns.
“These platforms are not registered or regulated by the SEC, yet they continued to mislead the public with false claims of AI-driven investments. They posed serious risks to investors hence the commission issued series of disclaimers against their activities,” the Commission stated.
The SEC explained that fraudsters are increasingly turning to deepfake videos and AI-generated content to lure victims, pointing that manipulated videos featuring politicians, celebrities, and TV hosts are being shared through Facebook ads, Instagram reels, and Telegram groups to give fraudulent platforms an air of credibility.
According to the Commission, “Scammers are exploiting AI to fabricate endorsements and testimonials that appear genuine. This has made traditional fraud detection methods less effective, hence the need for tech-enabled regulation and greater public awareness.”
To counter the growing threat, the SEC explained that it is adopting advanced surveillance systems capable of detecting fraudulent activity in real time, adding that partnerships with the Central Bank of Nigeria (CBN) and the Nigerian Financial Intelligence Unit (NFIU) are being strengthened to enable data-sharing and joint enforcement actions.
“We are moving from reactive to predictive oversight. This is essential in combating fraud and systemic risks in our market,” the Commission emphasized.
The regulator said it has also engaged social media companies to clamp down on misleading ads and cautioned influencers against promoting unlicensed investment schemes.
“Any influencer or blogger found to be complicit in promoting illegal platforms will face regulatory sanctions or even prosecution,” SEC warned.
The Commission urged Nigerians to take extra precautions before investing, stressing that any scheme promising daily profits, zero risk, or celebrity-backed endorsements should be treated with suspicion.
It stated: “Any investment that guarantees unrealistic returns or uses manipulated videos of public figures should immediately raise a red flag”.
The Commission further encouraged Nigerians to verify the registration status of any investment platform on its website, where a list of licensed Capital Market Operators is available.
It added that investors should confirm that registration numbers displayed on company websites match the details on the SEC portal and avoid platforms that only operate through Telegram or WhatsApp without a verifiable office address.
Suspicious platforms or fraudulent ads can be reported directly to the SEC via email at sec@sec.gov.ng, by phone at +234 9 462 1168, or through its online complaints portal.
Unity Bank Shareholders Approve Merger With Providus Bank

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 receive ₦3.18 per share or be allotted 18 ordinary shares of ₦0.50 each in Providus Bank Limited (credited as fully paid) for every 17 ordinary shares of Unity Bank Plc held. Upon completion, Unity Bank’s entire share capital will be cancelled, and the Bank dissolved without winding up, while Providus Bank Limited will retain its certificate of incorporation as the enlarged bank.

Speaking on the development, Chairman of Unity Bank Plc, Hafiz Mohammed Bashir, said: “This approval by our shareholders is a strong vote of confidence in the merger and what it represents for the future. By joining forces with Providus Bank, we are creating a stronger, more competitive, and more resilient institution that will deliver long-term value to our customers, shareholders, and the Nigerian economy.”

He stated that the new name of the enlarged entity shall be Providus-Unity Bank (PUB) to reflect the core loyalty present in the vast northern market.

The Chairman clarified to the shareholders during the Court-ordered meeting that the NGX lifted the suspension of trading of Unity Bank shares on the floor of The Exchange on 25th September 2025, with a remarkable crossing of 4.004Billion units of AMCON shares (representing 34% of issued shares of Unity Bank Plc) to an existing shareholder of Unity Bank and not to Providus Bank.

Shareholders also authorised the Bank’s Directors and Solicitors/Transaction Advisers to seek the necessary Court orders and take all required actions to give full effect to the Scheme.

Analysts commend the shareholders for endorsing the merger to pave the way for the emergence of a financial powerhouse anchored on strong market positioning with the capacity to take on the competition on the strength of both traditional and modern digital Banking.