News
Court Dismisses Appeal Against Providus Bank, Unity Bank Merger
Court Dismisses Appeal Against Providus Bank, Unity Bank Merger
The Supreme Court on Monday dismissed an appeal seeking the dissolution of the merger between Providus Bank Limited and Unity Bank Plc.
A five-member panel of the apex court, in a unanimous judgement delivered by Justice Tijani Abubakar, dismissed the appeal seeking to overturn the judgement of the Court of Appeal, for lacking in merit.
The appellants, Suleiman Abubakar and Mohammed Goni Modu, who are customers and shareholders of the banks, had appealed against the appellate court judgement. They named Providus Bank, Unity Bank, PAC Capital Limited, Vetiva Advisory Services Limited, Lighthouse Capital Limited, Planet Capital Limited, and the Corporate Affairs Commission as first to seventh respondents.
They also listed the Federal Competition and Consumer Protection Commission, the Securities and Exchange Commission, and the Central Bank of Nigeria as the eighth, ninth, and 10th respondents, respectively, in the appeal marked SC/CV/132/2026.
The Supreme Court, after dismissing the case of the appellants, subsequently invoked its powers under Section 22 of the Supreme Court Act to directly sanction the merger between Providus Bank Limited and Unity Bank Plc. The decision accordingly brought respite to customers and shareholders of the banks, as the judgement effectively drew the curtain on litigation surrounding the merger.
As part of efforts to comply with the Central Bank of Nigeria’s recapitalisation policy, Providus and Unity Banks had approached the Federal High Court in July 2025. The two banks sought an order to convene separate meetings of their respective shareholders and directors to consider and approve a scheme of merger between the two.
Following the court’s order, Providus and Unity Banks held separate meetings and approved the scheme of merger. The meeting also led to the trial court sanctioning the scheme.
Dissatisfied, the two appellants, despite not being parties to the scheme of merger, approached the trial court seeking leave to bring an application as interested parties and for an order dissolving the merger of the two banks. After granting leave for the appellants to be joined as interested parties, the trial court then ordered that the appellants’ application would be determined first before the motion of the respondents.
Dissatisfied, the appellants (Messrs Abubakar and Modu), who are customers and shareholders of the affected banks, approached the Court of Appeal to challenge the trial court’s decision.
However, the appellate court dismissed their case on March 6 and ordered an accelerated hearing and determination of the suit before the trial court, with costs against the appellants. Not satisfied, the appellants again approached the apex court to have the lower court’s order overturned.
However, the Supreme Court, in a unanimous judgement, held that the appeal was unmeritorious and accordingly dismissed, with a cost of N10 million each in favour of the respondents. The judgement was delivered in Appeal No. SC/CV/132/2026, arising from Appeal No. CA/LAG/CV/137/2025 and Suit No. FHC/L/MISC/734/2025.
Subsequently, the panel invoked Section 22 of the Supreme Court Act to directly sanction the merger between Providus Bank and Unity Bank, effectively bringing to a close all litigation surrounding it.
The apex court further ordered the transfer of all assets, liabilities, and undertakings, including the real properties of Unity Bank Plc, to Providus Bank Limited, in accordance with the approved scheme of merger.
Justice Abubakar, in addition, ordered that the transfer be completed within 10 days of the sanction of the scheme. As part of the merger arrangements, the apex court approved a consideration of N3.18 per share or 18 Providus Bank shares of 50 kobo each for every 17 Unity Bank shares held by shareholders.
Providus Bank, Unity Bank Merger
The court also ordered the dissolution of the board of Unity Bank Plc without winding up the institution and approved the adoption of the new name, Providus-Unity Bank Limited, for the enlarged entity.
Reacting to the apex court verdict, counsel to Unity Bank, Damian Dodo, alongside Reuben Atabo, SAN, described the ruling as a historic decision that had finally settled all disputes relating to the merger. According to Mr Dodo, the Supreme Court’s intervention had removed all legal obstacles to the consolidation.
“What the Supreme Court has done by this judgement is to bring closure to the merger between Providus Bank and Unity Bank. Some persons went to the Federal High Court and attempted to truncate the merger, and the matter progressed through the Court of Appeal to the Supreme Court. Today, that chapter has been conclusively closed,” he said.
Eereporter.com
Economy
NAF, Innoson Vehicle Manufacturing (IVM) Sets for Partnership to Advance Indigenous Defence Capacity
NAF, Innoson Vehicle Manufacturing (IVM) Sets for Partnership to Advance Indigenous Defence Capacity
The Chief of the Air Staff (CAS), Air Marshal Sunday Kelvin Aneke, has expressed the readiness of the Nigerian Air Force (NAF) to explore a strategic partnership with Innoson Vehicle Manufacturing (IVM) to strengthen indigenous capacity in aircraft spares production, technology transfer and specialised technical training.
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The CAS stated this on 29 September 2026 when the Chairman of IVM, Chief Dr Innocent Ifediaso Chukwuma, CON, paid a courtesy visit to him at Headquarters NAF, Abuja.
Discussions focused on leveraging IVM’s indigenous manufacturing capabilities to support NAF operational requirements and advance local content in the defence sector. Chief Chukwuma highlighted IVM’s interest and capability in the production of selected aircraft parts and spares, while also showcasing its CNG and electric vehicle manufacturing capabilities.
The CAS welcomed the initiative and reaffirmed NAF’s commitment to partnerships that promote local production, technology transfer and human-capacity development. He also expressed interest in exploring affordable vehicle acquisition options for NAF personnel through convenient payment arrangements, subject to further engagement and applicable procedures.
Innoson Vehicle Manufacturing (IVM)
The engagement underscores the CAS’s drive to harness indigenous innovation and local expertise to strengthen NAF capability and personnel welfare, while supporting Nigeria’s broader pursuit of technological self-reliance and industrial development.
Eereporter.com
Nigerian Navy Disclaims Recurrent Fake Recruitment on Social Media
The Nigerian Navy has observed the recurrent circulation of fake recruitment notices on social media platforms and other unofficial channels, purportedly announcing Nigerian Navy recruitment exercises. The Nigerian Navy wishes to state categorically that such notices are not authorised and should not be regarded as official recruitment announcements.
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The Nigerian Navy therefore advises prospective applicants and members of the public to exercise caution and disregard recruitment information obtained from unofficial social media accounts, websites or other unauthorised sources. All official information concerning Nigerian Navy recruitment, including eligibility requirements, application procedures, timelines and categories, will be communicated exclusively through authorised Nigerian Navy channels. The official recruitment website is http://www.joinnigeriannavy.navy.mil.ng, while the Nigerian Navy’s official website is https://navy.mil.ng.
Members of the public are particularly warned against making payments to individuals, agents or unauthorised platforms in connection with Nigerian Navy recruitment. Recruitment into the Nigerian Navy is free of charge, and the Service does not authorise third parties to recruit applicants or collect recruitment fees on its behalf.
Nigerian Navy
The Nigerian Navy will continue to monitor and address the circulation of fraudulent recruitment information and urges the public to rely solely on its official communication channels for accurate and verified information on recruitment exercises.
Signed
AA FOLORUNSHO Director Naval Information
Captain (Nigerian Navy)
Eereporter.com
Girl-Child Rights: Six FCT Schools Advance to NILDS-EU Debate Semi-Finals
The National Institute for Legislative and Democratic Studies (NILDS), in collaboration with the European Union (EU), has commenced an inter-secondary school debate aimed at promoting the education, protection, equal opportunities and meaningful participation of the girl child in public affairs.
The initiative, organised as part of activities marking the International Day of the Girl Child, involves 12 secondary schools drawn from the six Area Councils of the Federal Capital Territory (FCT).
The programme is being implemented under the European Union Support for Democratic Governance in Nigeria (EU-SDGN).
Speaking at the opening of the debate in Abuja, the Director-General of NILDS, Professor Abubakar Sulaiman, said increased investment in the education and empowerment of girls, coupled with equal opportunities and greater participation in public affairs, would contribute to Nigeria’s democratic development.
Sulaiman, who was represented by the Acting Director, Department of Legislative Support Services, Professor Amuda Kannike, SAN, said women bring valuable perspectives to governance and should be given greater opportunities to participate in decisions affecting society.
He also called for stronger legislation to protect and advance the rights of women and girls, stressing that progress in the area should not depend solely on individual discretion.
The NILDS Director-General disclosed that recommendations and insights generated from the debate would be forwarded to relevant committees of the Senate and House of Representatives to support legislative discussions on issues affecting the girl child.
Also speaking, European Union Policy Officer, Amira Haid, said the partnership with NILDS demonstrates the EU’s commitment to empowering girls and addressing gender inequalities in Nigeria.
Haid noted that while progress had been made in girls’ education, significant challenges remained, particularly in healthcare and gender equality.
A Senior Research Fellow at NILDS, Dr Doris Heron, commended the participating students for demonstrating a strong understanding of issues affecting the girl child.
She said their contributions showed their ability to engage with complex social and legal issues, including through references to constitutional provisions, international treaties and other relevant legal instruments.
The first stage of the competition featured 12 secondary schools representing the six Area Councils of the FCT.
Following the opening round, six schools were eliminated, while six others progressed to the semi-final stage.
The successful schools are scheduled to compete in the semi-finals on October 5, 2026, while the Grand Finale will hold on October 12, 2026.
The students have debated issues including girl-child empowerment, child marriage, female circumcision and gender stereotypes, providing them with opportunities to research, develop arguments and engage one another on questions of rights, education, equality and development.
The competition is being broadcast on Democracy Radio 104.9 FM, Abuja, with the debates also available on digital platforms to extend the discussions beyond the participating schools.
According to NILDS, the initiative is designed not only as a competition but also as a platform for developing informed, confident and civically engaged young people while drawing greater public attention to the rights and aspirations of the girl child.
The programme will culminate in the Grand Finale on October 12, when the remaining schools will compete for the overall honours.
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