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All Posts in "Day: September 27, 2025"

AMCON Transfers 34% Stake In Unity Bank To Providus, Strengthening Merger Deal

The Asset Management Corporation of Nigeria (AMCON) has offloaded 34 per cent of its stake in Unity Bank Plc to Providus Bank.

This has strengthened the business combination deal between Providus and Unity Bank.
The 34 per cent total equity stake in Unity Bank was transacted through a crossed deal on the floor of the Nigerian Exchange Limited (NGX) to the preferred bidder, 24 hours ahead of their Court-Ordered Meeting to approve the scheme of merger.
The transaction was completed involving four billion Unity Bank shares at N1.66 per share, amounting to over N6.5 billion in value.
A total of three deals was carried out on Unity Bank shares on the Exchange on September 25, 2025.
The ongoing business combination arrangement is a milestone for Providus Bank as it puts it in a comfortable position to beat the March 31, 2026, recapitalisation deadline that was placed by the Central Bank of Nigeria.
Providus Bank began operations in June 2017. It is licensed by the Central Bank of Nigeria to provide banking services to individuals and businesses. The bank has a strong IT infrastructure and digital channels which it deploys to provide exceptional service to our customers so they can achieve their objectives.
Providus Bank is an innovative financial institution that provides personal, private, corporate, commercial and digital banking products and solutions.
Its tailored financial services delivery includes: Business Advisory, Portfolio Management, Personalised Relationship Management, Fast-tracked Service delivery and Self-service solutions. Providus Bank competitive advantage in Private, Institutional, Business and Personal Banking is driven by the philosophy to create support and value for Institutions, Agencies, SMEs and HNIs.
Its business development strategy also focuses on developing expertise and collaborating to improve the non-oil (emerging) sector of the Nigerian Economy, which includes but not limited to Agriculture, Mining, Hospitality, E-commerce, and Art & Entertainment.
Providus Bank believes that the New World of Fast, Smart, Personal, and Borderless banking relationship is here. We are therefore inspired by our Future Forward Banking ethos to make life (at work and leisure) more exciting for our partners with the use of cutting-edge technology that delivers best-in-class customer satisfaction.
In less than 10 years, Providus Bank has emerged as one of the fastest growing financial institutions in the country.
Through this merger, Providus aims to transform from a niche player into a national bank, leveraging Unity Bank’s over 211-branch network spread across all 36 states and the FCT.
The move aligns with Providus’ broader strategy to deepen its retail presence and diversify its customer base.
Additionally, Providus Bank would significantly benefit from scale in retail banking as it would expand its footprint from a largely digital operation to a full-fledged national player.
It also brings in a strong SME lending pipeline, especially in agriculture, mining, ecommerce, hospitality, and entertainment sectors, which both banks already support.
Providus plans to integrate its technology stack into Unity Bank’s branch network, enhancing service delivery and cost efficiency.
The bank believes the combined entity will unlock new value across its retail, SME, and digital channels.
At the court order meeting, Unity Bank shareholders will decide whether to approve a cash consideration of N3.18 per share or opt for a share swap under which every 17 Unity Bank shares convert into 18 shares in the enlarged Providus Bank.
If approved, Unity Bank’s assets, liabilities, intellectual property, and ongoing legal matters will be transferred to Providus. Unity Bank will be dissolved, with Providus continuing as the surviving entity.
The meeting is expected to pave the way for regulatory sign-offs from the CBN and the Securities and Exchange Commission (SEC), both of which had already approved the merger in August 2024.
Winifred Bosa by — September 27, 2025 in brands and Marketing
NLNG, NCDMB Mark Graduation Of 122 Beneficiaries From Train 7 HCD Programme

By Winifred Bosa

(L-R) Engr. Joshua Anemeje, Train 7 Project Corporate Liaison Manager; one of the six candidates retained by AOS ORWELL; Barr. Esueme Dan Kikile, NCDMB’s General Manager Human Capital Development (HCD); Engr. Omochi Adekwu,Manager, Maintenance, NLNG; Favour Ugochukwu, Contract Manager AOS ORWELL and Obe Akinkunmi, Co-ordinator of the AOS ORWELL OJT Training at the close out ceremony of NLNG T7 Project HCD Advanced Training Programme In Bonny….on Friday

NLNG, in collaboration with the Nigerian Content Development and Monitoring Board (NCDMB), recently achieved a major milestone in the Nigerian Content development commitment, with the close-out of Train 7 Project Human Capital Development (HCD) Advanced Training Programme, at the plant complex in Finima, Bonny Island.

The training ends officially on 30th September 2025 with the departure of the trainees from its plant facility in Bonny Island. The HCD programme, run under the guidance of the NCDMB, is a Federal Government initiative to build capacity for the oil and gas industry and fulfil the Nigerian Oil and Gas Industry Content Development (NOGICD) Act’s requirement on human capital development.

A total of 122 trainees, having completed prior HCD Basic Training Programmes, were approved by the NCDMB, to participate in the rigorous three month On the Job Training (OJT) within NLNG facilities, covering both graduate and vocational categories. The training programme focused on development of technical expertise in plant and facility management, amongst other competencies, and has positioned the trainees to take advantage of future opportunities within the oil and gas industry.

Speaking at the ceremony, NLNG’s Train 7 Project Director Engr. Ali Uwais, represented by Engr. Joshua Anemeje, Train 7 Project Corporate Liaison Manager, described the advanced training programme as a testament of the resilience, discipline, and growth of the trainees.

He congratulated the trainees for their commitment to excellence and urged them to take advantage of future opportunities within the oil and gas industry.

“This programme is about building a new generation of Nigerian professionals who will shape the oil and gas sector for decades to come. Its successful completion with a zero-incident safety record reflects not only your dedication but also NLNG’s uncompromising culture of ‘Safety First and Always’, and its operational excellence”, Engr. Anemeje said.

He further commended NCDMB, for its role as a strategic partner in driving Nigerian Content targets and capacity development in the industry, and the training partners, Candix Engineering Nigeria Limited, AOS Orwell, Arco Marine and Engineering Limited, Dover Engineering and Amaiden Energy Nigeria Limited, for ensuring a world class OJT experience and HR management.

In his comments, the NCDMB’s General Manager Human Capital Development (HCD), Esueme Dan Kikile, Esq, expressed delight on the conclusion of the training programme, which produced a pool of skilled and globally competitive workforce, knowledgeable in key areas such as instrumentation, electrical, mechanical, lifting and rigging activities, and fabrication, preventive and corrective maintenance, and can compete globally in the oil and gas industry and its linkage sectors.

Kikile described Train 7 Project as one of the largest gas infrastructure developments in Africa, noting that it not only created jobs but also provided a platform to groom young Nigerians with advanced technical and managerial competencies.

“This training provided hands-on experience on a live LNG project that complimented your academic and theoretical knowledge. This training further exposed trainees to specialised advanced technical disciplines, project management, health and safety, and emerging technologies critical to the future of the industry,” he added.

‘It is my delight to note that twenty-seven (27) of the trainees have received special recognition awards for their aptitude during the programme, out of which six (6) who were very exceptional have been offered automatic employment by AOS Orwell, one of the training partners,” he revealed.

He lauded NLNG and all other partner companies for their unwavering commitment to Nigerian Content development, referencing several other initiatives on which the Board is partnering with NLNG to deepen local content implementation in the Nigerian oil and gas industry.

Winifred Bosa by — September 27, 2025 in brands and Marketing
IHS Nigeria And HSES Partner To Promote Environmental Sustainability , Public Health

 


L-R: Senior Vice President and Chief Corporate Services Officer, IHS Nigeria Limited, Dapo Otunla; Chief Executive Officer, IHS Nigeria, Mohammed Darwish; Group Chief Human Resource Officer, IHS Towers, Ayotade Oyinlola; Mandate Secretary, FCT Health Services and Environment Secretariat (HSES), Dr. Adedolapo Fasawe; Permanent Secretary, HSES, Dr. Baba Gana Adams, during the signing of a Memorandum of Understanding (MoU) between IHS Nigeria and HSES to promote clean energy, environmental sustainability, and improved public health in the Federal Capital Territory, held at IHS Nigeria’s corporate office recently.

 

IHS Nigeria, part of the IHS Holding Limited (NYSE: IHS) (“IHS Towers”) group, one of the largest independent owners, operators, and developers of shared communications infrastructure in the world by tower count, has announced a strategic collaboration with the Health Services and Environment Secretariat (HSES) of the Federal Capital Territory (FCT), Abuja to promote clean energy use and improve environmental health standards in the Federal Capital Territory.

The partnership was formalized through the signing of a collaboration agreement on Thursday, September 25th at the IHS Nigeria head office in Lagos, marking a significant step in advancing joint efforts towards environmental sustainability, climate action, and improved public health across the FCT.

This collaboration underscores the shared commitment of both organizations to address pressing environmental challenges, promote cleaner and more sustainable energy alternatives, and reduce carbon emissions in the country.

The partnership also aligns with Nigeria’s Nationally Determined Contributions (NDCs) in tackling climate change and fostering a healthier, more sustainable environment for citizens.

Under the terms of the agreement, IHS Nigeria will work closely with HSES to implement community-based projects that promote the use of cleaner energy sources, reduce reliance on fossil fuels, and support initiatives designed to improve environmental health standards in the FCT.

Commenting on the collaboration, Mohamad Darwish, CEO, IHS Nigeria, said:
“Climate and environmental responsibility are central to our sustainability agenda. With over 16,000 sites nationwide, we are fully aware of our responsibility to reduce carbon emissions and advance clean energy solutions. Our investments in solar and hybrid power solutions, totaling over $750 million in the past decade, reflect our commitment. Partnering with HSES enables us to expand this impact by supporting healthier communities and contributing meaningfully to Nigeria’s energy transition and environmental goals.”

Speaking on behalf of HSES, Dr. Dolapo Fasawe, Mandate Secretary of Health Services and Environment Secretariat, said:
“There is no health without a clean environment. This partnership with IHS Nigeria is a demonstration of how the public and private sectors can come together to drive sustainability and safeguard the well-being of our people. Through this collaboration, we aim to showcase practical solutions that reduce carbon footprints, promote the adoption of clean cooking and energy alternatives, and inspire other states across the country to follow suit. The FCT is proud to lead by example in this regard.”

This landmark agreement not only reinforces IHS Nigeria’s dedication to sustainability, one of its core values but also strengthens the FCT’s efforts to advance climate resilience, environmental protection, and public health.

Winifred Bosa by — September 27, 2025 in brands and Marketing
IHS Nigeria Releases 2023,2024 Impact Assessments, Renews Commitment To Sustainable Development

By Winifred Bosa

IHS Nigeria, part of the IHS Holding Limited (NYSE: IHS) (“IHS Towers”) group, one of the largest independent owners, operators, and developers of shared communications infrastructure in the world by tower count, has  published its 2023 and 2024 Impact Report.

The report highlights IHS Nigeria’s continued commitment to helping foster a more sustainable and prosperous future for Nigeria, and covers sustainability and community impact activities from January 1, 2023, to December 31, 2024.
During this period, IHS Nigeria continued to contribute towards the United Nation’s Sustainable Development Goals and execute IHS Towers’ four-pillar sustainability strategy – focusing on ethics and governance, environment and climate change, education and economic growth, and our people and communities, which IHS Nigeria seeks to align with the Renewed Hope Agenda of the Nigerian Government.
Report Highlights
Details of the activity published in this report under IHS Towers’ four sustainability pillars include:
Education and economic growth
Supported the construction and operation of the Ilorin Innovation Hub, expected to be the largest innovation centre in Nigeria, and other hubs in Ogbomosho (Oyo) and Alimosho (Lagos)
Partnered with the Ministry of Communication and Digital Economy on the 3 Million Technical Talent (3MTT) initiative to help train more than 100,000 Nigerians in digital skills
Welcomed 10 Nigerian educators to the 12-month Limitless Global Educator Program, in partnership with the Limitless Space Institute, and helped facilitate a visit to the NASA Space Center
Partnered with UNICEF Nigeria to support 956 schools across the country with school connectivity; 421 of which were successfully connected to the internet, enabling them to access the Nigerian Learning Passport under the UNICEF GenU initiative
Environment and climate change
Planted and nurtured 4,000 trees across the country
Installed 144 solar streetlights in communities across eight states, benefiting approximately 23,990 residents by helping improve security
Fitted 6,747 tower sites with hybrid power solutions to reduce dependency on diesel
Supported over 700 students with climate and eco-friendly education tools
Our People and Communities
Constructed nine medical oxygen plants in Bauchi, Ogun, Cross River, Kano, Yobe, Oyo, Kaduna, Ebonyi, and Rivers states to help strengthen lifesaving oxygen supply in hospitals, benefiting up to approximately 90,000 patients so far, according to UNICEF estimates
Constructed four solar powered boreholes in Borno State to provide clean water to over 20,000 beneficiaries
Supported 201 hydrocele surgeries and helped deliver treatment for neglected tropical diseases to over 1,000,000 people in partnership with the END Fund
Partnered with the Nigeria Solidarity Support Fund in Cross River State to vaccinate over 10,000 children
Ethics and governance
IHS Nigeria continues to align with the guidelines of ISO 26000 on social responsibility
Upskilled 238 suppliers and members of the IHS Procurement and Supply Chain team on sustainable supply chain management
Supported 11 research publications through the Telecommunications and Technology Sustainability Working Group
Awarded six start-ups with seed grants through the Sustainable Solution Africa Program
Mohamad Darwish, CEO, IHS Nigeria, commented, “As a business, our focus is not only on providing the connectivity that powers this economy, but also on making a lasting impact in the communities we serve. From a mother who is supported through childbirth with medical oxygen, to a child who writes his first line of code through our digital literacy initiatives, to a father who now worries less about health expenses, to educators who benefit from an unique opportunity to visit the NASA Space Center, these transformational stories provide us with fulfilment as a business and present a picture of progress. There is no better purpose than improving the wellbeing of our fellow citizens and helping encourage hope in the prospects of our country.”
Dapo Otunla, Chief Corporate Services Officer, IHS Nigeria, commented, “We believe in the power of the community and in empowering our people to help them unlock their full potential. Our interventions cut across the six geopolitical regions in Nigeria, as we seek to help pave the way for socioeconomic development and ensure that all Nigerians, regardless of their location, benefit from a better quality of life.”

Winifred Bosa by — September 27, 2025 in brands and Marketing
Cholera Vaccination Campaign Kicks Off In Darfur, Aiming To Protect 1.8 Million People

By Winifred Bosa

 A cholera vaccination campaign kicked off on 21 September 2025 in Nyala Ganoub, Nyala Shemal and Biliel localities of South Darfur and on 22 September in Abu Jabra and Ad Daein localities, marking the start of a campaign that aims to reach 1.86 million people aged one year and older with oral cholera vaccines in 6 localities of the Darfur states in response to the ongoing cholera outbreak.

According to a press release by WHO , Plans are underway to launch the campaign in Tawila locality of North Darfur before the end of the month.

The campaign comes at a critical time, as cholera cases in Darfur continue to rise at an alarming rate and the ongoing conflict and lack of basic services  make it increasingly difficult to support essential health services and deliver lifesaving medical supplies, including vaccines, nutrition kits and emergency supplies to most localities of the Darfur states, leading to an increased burden of disease, malnutrition and further spread of infectious diseases such as cholera.

“WHO teams in Darfur are working tirelessly with health partners to provide the necessary technical and operational support for a successful implementation of the campaign to protect the vulnerable population in the affected localities from the further spread of cholera,” says World Health Organization (WHO) Representative and Head of Mission in Sudan Dr Shible Sahbani. “The people in Darfur, and the rest of Sudan, must be protected from disease and suffering, and we are here to do exactly that as we have been doing so for decades.”

A total of 1.86 million doses of vaccines were mobilized through cross-border and crossline operations for the vaccination campaign. Extensive efforts were made by WHO, United Nations Children’s Fund (UNICEF) and Sudan’s Ministry of Health to deliver the oral cholera vaccines to the targeted localities in the Darfur States, overcoming numerous access and transport challenges.

Since 29 May 2025, when the first cholera case was reported from South Darfur, the disease has spread to 36 localities across all 5 Darfur states with reports of 12 739 cases and 358 deaths. Since July 2024, close to 113 629 cases and 3029 deaths have been reported across Sudan’s 18 states, making it the longest recorded cholera outbreak in the country’s history.

Cholera, an acute diarrhoeal infection caused by eating or drinking food or water contaminated with the Vibrio cholerae bacterium, is a global threat to public health and a major indicator of inequity and lack of social development. The 2-year conflict in Sudan has led to mass displacement, disrupted basic services and caused a severe lack of access to safe water, hygiene and sanitation (WaSH) services, creating a conducive environment for water-borne diseases such as cholera to spread. The rainy season poses an additional risk with flooding and contamination of water points contributing to the increase in cases.

Vaccines, together with a comprehensive and multisectoral response that includes disease surveillance, detection and timely reporting; rapid access to treatment of cases; improved access to clean water and sanitation and risk communication and community engagement will help interrupt transmission and contain the cholera outbreak.

As part of its coordination and operational support to the campaign, WHO has supported campaign preparations and implementation, including transport of vaccines between localities, capacity-building and deployment of volunteer vaccinators, and supportive supervision and monitoring of the campaign, building on its decades-long presence in the Darfurs.

“In line with its technical mandate, WHO supported the training of trainers and cascaded training sessions down to the level of vaccinators. Our teams will continue to work alongside the vaccination team to ensure the quality of the campaign,” said Dr Sahbani, describing WHO’s support to the campaign.

The campaign, launched by Sudan’s Ministry of Health with WHO and UNICEF, will run for 10 days, targeting 97% of the population in the 6 localities.

Vaccines were provided by the International Cooperating Group on Vaccine Provision (ICG), of which WHO is a member, together with UNICEF, the International Federation of Red Cross and Red Crescent Societies (IFRC) and Médecins Sans Frontières (MSF), with financial support from Gavi, the Vaccine Alliance.

Winifred Bosa by — September 27, 2025 in Health
Fearless Global Initiative Debuts at UNGA , Advances Black Economic Empowerment

By Winifred Bosa

L-R: Alphonso David, Global Communications Strategist and Partner at Actum; Dr. Jatali Bellanton, CEO of Junior Achievement Africa; Pops Mensah-Bonsu, International Economist & Founder of Brilliant Minds Collective; HM Queen Wa Arian Simone, CEO & Founding Partner of the Fearless Fund; Simi Nwogugu, Editor-in-Chief of Rolling Stone Africa, Akaego Okoye, Founder of African Business Stories at the inaugural Fearless Global Initiative event held at the Glasshouse Chelsea in New York during the United Nations General Assembly (UNGA), recently

The Fearless Global Initiative (FGI), founded by entrepreneur, philanthropist, and CEO & Founding Partner of the Fearless Fund, HM Queen Wa Arian Simone, convened more than 150 global leaders, cultural influencers, policymakers, and changemakers at the Glasshouse Chelsea in New York for its historic debut during the United Nations General Assembly (UNGA).

Held on September 22, 2025, the event, themed “Designing the Future of Global Black Power,” provided a platform for bold conversations, cultural activations, and strategic sessions aimed at charting a 100-year blueprint for global Black economic empowerment.

Speaking at the launch, HM Queen Wa Arian Simone emphasized the importance of turning dialogue into sustained action. “FGI is where the follow-through finally happens,” she said. “For too long, we’ve talked about equity without building the systems to sustain it. Today, we begin shaping the blueprint for the next 100 years of global economic inclusion.”

The event featured an exceptional lineup of leaders, including Abby Phillips, CNN News Anchor, Jasmine Crocket, U.S. Representative for Texas’s 30th Congressional District, Ben Crump, Civil Rights Attorney and Social Justice Advocate, Rachel Noerdlinger, Global Communications Strategist and Partner at Actum, Alphonso David, CEO of the Global Black Economic Forum; Kat Graham, Actress, Singer, and UNHCR Ambassador; Minister Sara Beysolow Nyanti, Minister of Foreign Affairs, Republic of Liberia; Lexi Underwood, Actress & Activist; Sam Vaghar, Executive Director of the Millennium Campus Network; Chris Kirigua, Deputy Chief of Mission & Chief Treasury Representative, Kenya; Gwen Madiba, Editor-in-Chief of Rolling Stone Africa; Simi Nwogugu, CEO of Junior Achievement Africa; Dr. Jatali Bellanton, International Economist & Founder of Brilliant Minds Collective; Pops Mensah-Bonsu, President of SEED Academy Ghana, Retired NBA Player & Entrepreneur; Barkue Tubman-Zawolo, Host, Global Envoy for Cultural Diplomacy for the Republic of Liberia, and Founder/CEO of MBL Intl Group amongst others.

Highlights of the program included the session “What Can I Do for You? What Can You Do for Me?” which redefined the exchange between Africa and Black America, and the centerpiece working session, “The 100-Year Plan: Designing the Future of Global Black Power,” which began shaping a framework for long-term economic, cultural, and political transformation. A fireside chat with Kat Graham explored storytelling as a catalyst for economic growth, while a live, symbolic Yoruba art activation by world-renowned artist Laolu Senbanjo provided a striking cultural expression of freedom, movement, and empowerment.

The Fearless Global Initiative situates itself in a continuum of unfinished work. Sixty years ago, Malcolm X challenged the world to see civil rights as human rights, a call that was never fully answered on the global stage. With its debut, FGI has picked up that mantle, ensuring the work is no longer delayed.

Winifred Bosa by — September 27, 2025 in News
E1 Lagos GP Announces Sponsorship Lineup , With First Bank Of Nigeria At The Helm

 

From L-R: Mr. Jubril A. Gawat (Senior Special Assistant to the Governor of Lagos on New Media), Olayinka Ijabiyi – Group Head, Marketing and Corporate Communications First Bank, Mr Gbenga Omotosho – Commissioner of Information and Strategy, Lagos State, Mr Samuel Egube – Deputy Chief of Staff/E1 Lagos GP LOC Chairman during a stakeholder Immersion Session at LASWA Yard, Falomo Jetty, Falomo Ikoyi-Obalende, Ikoyi, Lagos recently.

 

The Local Organising Committee of the E1 Lagos GP is proud to announce its sponsorship lineup for Africa’s first all-electric powerboat race, taking place from October 2–5, 2025, on the Lagos Lagoon.

The announcement was made at the Stakeholder Immersion Session, convened to ensure that every stakeholder – from sponsors and the media to creators and influencers – carries a unified understanding of the E1 Lagos GP’s identity, communication standards, and positioning. It was a unique platform to deepen stakeholder awareness of what the E1 Series represents globally and how Lagos is preparing to host its maiden edition on African waters. The session also featured opening remarks by Mr. Gbenga Omotosho, Honourable Commissioner for Information and Strategy in Lagos State, a presentation from the Lagos State Waterways Authority on established safety protocols, and guidance from the Teksight Edge team on proper brand use and communications guidelines.

Speaking at the session, Mr. Samuel Egube, Deputy Chief of Staff to the Governor of Lagos State and Chairman of the E1 Lagos GP LOC, said: “Today marks not only an affirmation of our sponsors’ commitment, but a promise that we will uphold clarity, professionalism, and integrity in how Lagos tells its story on the global stage. We are proud to stand with First Bank as our Presenting Partner, and with all our partners who share in our vision for sport, innovation, and legacy.”

In his remarks, Honourable Commissioner for Information and Strategy, Mr. Gbenga Omotosho, noted: “The E1 Lagos GP is more than a sporting event; it is a statement of Lagos’ readiness to lead Africa into a sustainable future, where innovation and culture meet global standards. Our responsibility is to ensure that the people, the media, and all partners tell this story with one voice.”

Mr. Olayinka Ijabiyi, Group Head, Marketing and Corporate Communications, First Bank of Nigeria, added: “First Bank is honoured to take its place as the Presenting Partner of the E1 Lagos GP. Our heritage of over 130 years in supporting innovation and development in Nigeria aligns perfectly with this groundbreaking event. We are delighted to support a project that not only showcases sport at its finest but also emphasizes sustainability and youth engagement.”

The sponsors of the E1 Lagos GP are: First Bank of Nigeria (Presenting Partner), Oando, Spiro, Sunbeth, and Tolaram Group (with Guinness Stout, Johnnie Walker, and The Singleton). These partnerships demonstrate the commitment of leading brands to Lagos’ vision of hosting world-class events that inspire pride and create lasting impact.

With these partnerships and the alignment achieved during the immersion session, the E1 Lagos GP is positioned to set a new benchmark for sports, innovation, and sustainability in Africa, while projecting Lagos as a hub of culture, commerce, and global excellence.

Winifred Bosa by — September 27, 2025 in brands and Marketing
Dangote Petroleum Refinery Reorganisation: Commitment To Safety, Integrity , Workers’ Rights

 
Dangote Refinery Reorganisation: Commitment to Safety, Integrity
 
The Dangote Petroleum Refinery have  clarify on the recent reports concerning the ongoing reorganisation within its facility.
In a press statement from the company said that this exercise is not arbitrary. “It has become necessary to safeguard the refinery from repeated acts of sabotage that have raised safety concerns and affected operational efficiency”.
“The foregoing decision was taken in the best interest of the Refinery as result of intermittent cases of sabotage in the various units of the Refinery with dire consequences on human life and related safety concerns”.
“We remain vigilant to our internal systems and vulnerabilities to ensure the long-term stability of this strategic national asset. It is imperative to protect the refinery for the benefit of Nigerians, our partners across Africa, and the thousands of people whose livelihoods depend on it”.
“Over 3,000 Nigerians continue to work actively in our Petroleum Refinery, at present. Only a very small number of staff were affected, as we continue to recruit Nigerian talent through our various graduate trainee programmes and experienced hire recruitment process”.
“We recognise and uphold internationally accepted labour principles, including the right of every worker to freely decide whether or not to join a union. Our commitment to workers’ rights is unwavering”.
The Dangote Petroleum Refinery exists to serve Nigerians, to strengthen Africa’s energy independence, and to create decent, sustainable jobs. We will continue to work in partnership with our employees, regulators, and stakeholders to uphold the highest standards of safety, transparency, and accountability, it stated.
Online Poster by — September 27, 2025 in Energy
Tax Stamp Plan Will Hurt Consumers, Says MAN

The Manufacturers Association of Nigeria has cautioned the Federal Government against the proposed introduction of a Tax Stamp System for excisable products, warning that the policy would increase production costs, harm consumers, and contravene the Nigeria Tax Act 2025.

In a statement by the Director-General of MAN, Segun Ajayi-Kadir, said the association appreciated the government’s drive to modernise tax administration, but the proposed measure “risks clawing back the reliefs granted under the 2025 Tax Act.”

Ajayi-Kadir said, “The introduction of a tax stamp system amounts to giving with one hand and taking back with the other. It would impose a hidden tax on industries under the guise of compliance, with small and medium-sized industries bearing disproportionate burdens.”

He stated that the measure would increase compliance costs that producers and importers would ultimately pass on to consumers, thereby worsening inflationary pressures.

Ajayi-Kadir observed that introducing a Tax Stamp System for excisable products could push households toward cheaper illicit products and erode the competitiveness of Nigerian manufacturers under the African Continental Free Trade Area.

DG noted that international experience had shown that tax stamps deliver limited revenue gains while creating heavy compliance and operational bottlenecks. He pointed to studies in Ghana and Uganda which found that stamp systems imposed significant cost burdens without curbing illicit trade.

Ajayi-Kadir stressed, “Paper-based tax stamps are prone to falsification, making it difficult for consumers and retailers to distinguish between genuine and counterfeit goods. Digital stamps, on the other hand, cut productivity by up to 40 per cent and have not reduced illicit trade.

He also argued that Nigeria already had home-grown digital tools such as the Customs’ B’Odogwu Automated Excise Register System and the Federal Inland Revenue Service’s e-invoicing platform, which provide real-time visibility of excise operations. “These tools already give the government the visibility that tax stamps claim to provide, without adding redundant layers,” he said.

MAN warned that introducing tax stamps would undermine the government’s efforts to promote local manufacturing and job creation. The association listed risks including increased circulation of counterfeit goods, reduced consumer demand, potential job losses, and deterrence of new investment in the sector.

Ajayi-Kadir added, “At a time when operators are grappling with rising excise rates, high energy prices, inadequate power supply, and high inflation, the additional burden of implementing tax stamps is a serious threat to industrial sustainability.”

He urged the government to reject any persuasion to roll out the system “in whatever guise or form” until a comprehensive stakeholder engagement and impact assessment were conducted.

Instead, MAN called on the government to strengthen existing digital fiscal tools and border enforcement, while adopting smarter, cost-effective alternatives such as targeted audits and risk-based compliance checks.

Ajayi-Kadir concluded, “Tax stamps often hinder local industry, erode gains in tax simplification, and yield limited revenue impact. The government should strengthen existing systems rather than impose undue burdens on manufacturers and consumers

Online Poster by — September 27, 2025 in Industry
CBN’s Banking Reforms : Shareholders Endorse Providus–Unity Business Combination

By Winifred Bosa
Shareholders endorse Providus–Unity business combination, boosting confidence in CBN's banking reforms |
Rising from a court-ordered Extraordinary General Meeting (EGM) on Friday, the shareholders and Boards of Directors of Providus Bank and Unity Bank have given their resounding approval to proceed with the business combination of the two financial institutions.
The nod to go ahead by the boards and shareholders of the two institutions signifies a moment of national significance for Nigeria’s banking industry—one that reflects resilience, foresight, and collective responsibility.
In a statement made available to the press, Providus Bank and Unity Bank also wish to express profound appreciation to the Central Bank of Nigeria (CBN) for its foresight, determination, and commitment to building a stronger financial system. CBN, by enabling this transaction, has reinforced its vision of a sector anchored on resilience and customer confidence. This regulatory support is not only shaping healthier banks, but also inspiring the confidence of businesses, investors, and everyday Nigerians that our financial system is ready to serve as a cornerstone for sustainable growth.
Strengthening Confidence in the Financial System
The vote is also a signal to the markets, to regulators, and to the wider public that Nigeria’s banking sector remains robust and forward-looking. In affirming this merger, shareholders have helped to reinforce the confidence that underpins economic stability. It is a statement that Nigerian banks are prepared to adapt, consolidate, and grow in line with the Central Bank of Nigeria’s vision of a stronger and more resilient financial system—and ultimately, its aspiration to support Nigeria’s transition into a trillion-dollar economy.
Scale, Reach, and Capacity
With a starting solid Capital Adequacy Ratio, the emerging entity will have the scale to compete, the reach to serve every part of the federation, and the capacity to support businesses, households, and government at every level.
The enlarged bank will immediately rank high among the banks with the most extensive branch networks in Nigeria, with approximately 230 branches nationwide. Unity Bank has served its customers faithfully with a proud legacy, while Providus Bank has earned a reputation for innovation, world-class digital banking platforms, and customer-centric service excellence. The enlarged bank will provide the backbone for businesses to thrive and communities to prosper.
Safeguarding Jobs, Investing in People
The merger of the two institutions when completed secures jobs, protects livelihoods, and creates new opportunities within a bigger, stronger, and future-oriented institution. The success of this merger rests not only on systems and balance sheets but on people—and their contribution will be safeguarded and celebrated.
“This historic transaction is not simply about numbers; it is about confidence in the Nigeria financial system. By combining Providus Bank and Unity Bank, we are creating an institution of scale and substance- that will give confidence to customers, strength to the financial system and create opportunity for our people,”
 The statement added.
A Bank for the Future
This merger ushers in a new chapter: a bank that is bigger in ambition, broader in reach, and stronger in capacity. It will embody the values of innovation, empathetic relationship management, customer focus, and integrity.
With enhanced technology platforms, deeper capital strength, and a commitment to customer service, the enlarged bank will stand as both a guardian of stability and a catalyst for growth in Nigeria’s journey toward a trillion-dollar economy.
Online Poster by — September 27, 2025 in Capital Market