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.
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News
NAF, Oyo Deepen Strategic Partnership To Advance Aviation Capability, Security And National Development
NAF, Oyo Deepen Strategic Partnership To Advance Aviation Capability, Security And National Development
The Nigerian Air Force (NAF) and the Oyo State Government have taken significant steps towards strengthening institutional collaboration following a visit by the Executive Governor of Oyo State, His Excellency Engr Seyi Makinde, to the Chief of the Air Staff (CAS), Air Marshal SK Aneke, at Headquarters Nigerian Air Force, Abuja, on Friday, 24 July 2026.
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Discussions focused on a proposed Memorandum of Understanding (MoU) that will facilitate strategic cooperation in the operation and maintenance of the Oyo State Government’s newly acquired Diamond DA-42 aircraft, reinforcing a shared commitment to enhancing aviation capability, security and sustainable development.
Governor Makinde expressed profound appreciation to the Nigerian Air Force for its unwavering support to Oyo State, particularly its vital role during the recent rescue operation involving abducted students in Oriire Local Government Area.
He commended the professionalism and dedication of NAF personnel, noting that the Service’s Intelligence, Surveillance and Reconnaissance (ISR) personnel operated tirelessly, day and night, to provide critical situational awareness that significantly supported the operation.
The Governor further observed that the intelligence and operational insights shared by the Nigerian Air Force have also provided valuable perspectives that will help shape the State’s technology-driven security architecture and future security initiatives.
He also appreciated the Service for supporting the accommodation of the State’s aircraft and expressed the desire to expand collaboration in aviation operations and post-service housing initiatives for the benefit of both institutions.
In his remarks, the Chief of the Air Staff expressed appreciation for the confidence reposed in the Nigerian Air Force, describing the proposed partnership as a reflection of the Service’s professionalism, operational excellence and enduring relationship with the people of Oyo State. Air Marshal Aneke reaffirmed the NAF’s commitment to supporting the State Government in areas of mutual interest, assuring that the necessary frameworks would be explored to facilitate a mutually beneficial collaboration.
NAF, Oyo
He further commended Governor Makinde’s visionary leadership and reaffirmed the Nigerian Air Force’s resolve to continue fostering strategic partnerships that strengthen national security, promote innovation, enhance personnel welfare and accelerate socio-economic development.
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CDS Charges Air-To-Ground Integration Graduands To Strengthen Joint Operational Capability
The Chief of Defence Staff (CDS), General Olufemi Oluyede, has charged newly qualified Joint Terminal Attack Controllers (JTACs) and Joint Fire Observers (JFOs) to apply their specialised skills in strengthening joint military operations and enhancing operational effectiveness across the Armed Forces of Nigeria.
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Represented by the Director Liaison, Defence Headquarters, Air Vice Marshal Garba Bello, the CDS gave the charge during the graduation ceremony of the Advanced Air-to-Ground Integration Course 4/2026 held at the Nigerian Air Force Base, Makurdi.
He emphasised that effective air-ground integration remains indispensable in today’s complex security environment, as it enhances mission success while reducing the risks of friendly fire and collateral damage.
He also commended the successful evolution of the programme into a fully indigenous training capability delivered by Nigerian instructors, describing it as a major milestone in building sustainable national capacity for joint operations in line with the Chief of the Air Staff’s commitment to strengthening jointness, mission-oriented training and operational excellence.
A total of 53 personnel comprising 16 JTACs and 37 Joint Fire Observers (JFOs) drawn from the Nigerian Army, Nigerian Navy and Nigerian Air Force successfully completed the intensive 16-week programme.
Through rigorous classroom instruction, simulation exercises and practical field training culminating in live Close Air Support missions using A-29 Super Tucano aircraft, the participants acquired the expertise required to coordinate close air support, facilitate effective joint fires integration, and provide accurate targeting information that enhances commanders’ decision-making and the effective employment of joint fires.
The enhanced capability is expected to improve the precision, responsiveness and effectiveness of joint operations against terrorism, insurgency, banditry and other emerging security threats across the country.
Earlier, the Director General, Air Power Centre of Excellence, Air Vice Marshal Patrick Obeya, described the graduation as another significant milestone in institutionalising doctrine-driven air-to-ground integration and developing a specialised cadre capable of strengthening the vital link between air power and surface forces.
Also speaking, the Commandant, Air Warfare and Doctrine Centre (AWDC), Air Vice Marshal Garba Ibrahim Jibia, noted that the graduates are now equipped with the knowledge, procedures and interoperability required to coordinate joint fires in accordance with established operational doctrine.
CDS Charges Air-To-Ground Integration Graduands
The ceremony featured a live air-to-ground targeting demonstration, a video presentation of field exercises, and the presentation of awards and certificates to outstanding graduands, reinforcing the Armed Forces of Nigeria’s commitment to developing a highly professional, mission-ready and interoperable force capable of addressing contemporary security challenges.
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Arsenal Moves For Vinicius Jr As Real Madrid Push For Diomand
Arsenal are exploring a potential deal for Real Madrid winger Vinicius Junior, while the Spanish giants are reportedly advancing their efforts to sign RB Leipzig forward Yan Diomande.
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Sky Sports News on Saturday reported that there has been no club-to-club contact between Arsenal and Real Madrid over Vinicius, but the Premier League club’s interest is genuine.
The Brazilian is one of several forwards Arsenal are exploring, with Julian Alvarez, Diomande and Bradley Barcola also among their options.
Vinicius, 26, has entered the final year of his contract with Real Madrid. If an agreement cannot be reached on a new deal, the Spanish club could be open to selling him rather than risk losing the Brazil international for free next summer.
The situation has also been linked to Real Madrid’s interest in Diomande.
Sky Sports, Talk Sports and other reports said the Spanish club had an £85.4m bid rejected by RB Leipzig for the 19-year-old Ivorian winger, while Liverpool and Arsenal have also shown interest.
A report carried by Yahoo Sports said the developments could provide a boost to Arsenal’s hopes of signing Vinicius, with the Brazilian potentially open to a move if Real Madrid complete a deal for Diomande as his replacement.
Real Madrid’s pursuit of Diomande has reportedly intensified, with talkSPORT reporting that the club is advancing its efforts to sign the winger after its initial bid was rejected.
The report said Diomande had initially preferred a move to Paris Saint-Germain, but the lack of a completed agreement between PSG and Leipzig had left room for Madrid to pursue the deal.
Sky Sports’ Peter Smith described a potential move for Vinicius as a “jaw-dropping addition” for Arsenal.
“It’s well known Arsenal are aiming to strengthen their left-wing options this summer – but a deal for Brazil ace Vinicius Junior would be a jaw-dropping addition,” Smith said.
Vinicius was runner-up in the 2024 Ballon d’Or voting and is regarded as one of Real Madrid’s leading attacking players.
He has also been named one of the club’s captains for the new season, according to Brazilian outlet ge, which reported that he would wear the armband in the absence of Federico Valverde.
The report also noted that Vinicius’ relationship with new Real Madrid manager Jose Mourinho had been in focus.
“However, it is understood the player and head coach have been in touch since an incident last season which saw Vinicius Jr abused by Mourinho’s Benfica midfielder Gianluca Prestianni and that the pair were ready to start this new campaign together with a clean slate.
“But with Arsenal’s interest being reported, there is now the possibility Vinicius Jnr will be kicking off the 2026/27 season in the Premier League,” the report said.
Arsenal have been looking to strengthen their left-wing options this summer.
The club sold Leandro Trossard to Besiktas for £17m and signed Christos Tzolis from Club Brugge for £34m, while Gabriel Martinelli scored one Premier League goal last season.
Arsenal Moves For Vinicius Jr
Arsenal’s interest in Vinicius remains exploratory, with no club-to-club contact reported, while Diomande is being pursued by Real Madrid and has also attracted interest from Arsenal and Liverpool.
A move for Diomande could therefore have implications for the transfer market around Vinicius, although no deal has been agreed for either player.
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