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Central Bank of Nigeria (CBN), on Tuesday, announced that it has granted approval for a pivotal financial accommodation to support the proposed merger between Unity Bank Plc and Providus Bank Limited.

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Key Points of the CBN’s Approval for Unity Bank and Providus Bank Merger

Approval Granted: The Central Bank of Nigeria (CBN) has granted approval for a pivotal financial accommodation to support the proposed merger between Unity Bank Plc and Providus Bank Limited

Strategic Move: This approval is a strategic move designed to bolster the stability of Nigeria’s financial system and avert potential systemic risks

Financial Support: The merger is contingent upon the financial support from the CBN, which will be instrumental in addressing Unity Bank’s total obligations to the Central Bank and other stakeholders

Financial Health: This arrangement is crucial for the financial health and operational stability of the post-merger organization

No Precarious Situation: The CBN emphasized that no Nigerian bank currently faces a precarious situation comparable to that of Heritage Bank, which was recently liquidated

Dedication to Financial Stability:  The CBN remains committed to safeguarding depositors’ interests and ensuring the smooth functioning of the banking sector through proactive measures and strategic interventions.

Bailout Amount: The CBN approved a financial package worth N700 billion to support the proposed merger

Loan Terms: The bailout is a 20-year term loan designed to ensure the operational stability of the merged entity, with a principal moratorium of five years and a minimum interest rate of 6%

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Gov Uba Sani appoints Ben Kure as MD of KSMC

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Governor of Kaduna State, Senator Uba Sani, has appointed Ben Solomon Dalhatu Kure as the Managing Director of Kaduna State Media Corporation (KSMC).

Ibraheem Musa, Chief Press Secretary to the Governor, disclosed this in a statement at the weekend.

Kure replaced Ahmed Maiyaki, who has just been appointed the Commissioner for Information.

He is expected to build on Mr. Ahmed Maiyaki’s leadership, which has repositioned the media corporation.

Before this appointment, Kure served as the Chairman of Jaba Local Government from 2016 to 2017, Executive Secretary of the Kaduna State Emergency Management Agency from 2018 to 2019, and Special Adviser (Political Matters) to the Kaduna State Governor from 2019 to 2021.

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Nationwide fuel distribution: Dangote Refinery takes Delivery of CNG trucks

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Dangote Refinery has announced the delivery of its first shipment of compressed natural gas trucks to facilitate its nationwide premium motor spirit and automotive gas oil supply from August 15, 2025.

The 650,000-barrel-per-day refinery disclosed this in a statement by its spokesperson, Anthony Chijiena, on Sunday.

According to him, the refinery, the N720 billion worth investment scheme, is aimed at transforming Nigeria’s fuel distribution landscape by reducing logistics costs and enhancing supply efficiency for customers.

“The fleet of fuel tankers, being imported through Apapa Port, represents a significant capital investment estimated at N720 billion.

“The first consignment of trucks recently departed Apapa Port and was formally received at the refinery site in Ibeju-Lekki by the Vice-President of Oil and Gas at Dangote Industries Ltd., Devakumar Edwin,” the statement reads.

Recall that Dangote Refinery had announced that the fuel distribution scheme would cause a major shakeup in the country’s oil and gas downstream sector.

However, petroleum product retail outlet owners and the Natural Gas Suppliers Association of Nigeria have, in different forums, kicked against the scheme, saying it would result in massive job losses.

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Naira returns to appreciation against dollar as Nigeria’s external reserves swell

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The naira bounced back to appreciate against the dollar at the official foreign exchange market on Thursday as Nigeria’s external reserves continued to rise.

The Central Bank of Nigeria’s data showed that the Naira gained slightly at N1,533.73 against the dollar on Thursday from N1,534.44 traded on Wednesday.

This means that Nigeria’s currency marginally strengthened by N0.70 against the dollar on a day-to-day basis.

Meanwhile at the black market, the Naira remained flat at N1,565 on Thursday, the same exchange rate recorded the previous day.

The development follows the continued rise in the country’s external reserves, which stood at $39.99 billion as of 6th August 2025, up from $39.81 billion on the 4th of this month, CBN data showed.

Ekwutosblog reports that in the past four days, the Naira has recorded mixed sentiments of depreciation and appreciation against other currencies.

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