The merger between Providus Bank and Unity Bank has entered the integration phase following the completion of all legal and regulatory requirements, setting the stage for the emergence of ProvidusUnity Bank Limited.

Recall that the Supreme Court upheld the merger scheme, ordering all of Unity Bank’s assets and liabilities to be transferred to Providus Bank.

The enlarged institution operates as a national commercial bank.

Providus Bank in a statement to customers formally notified them of the announced the successful completion of the legal process backing the merger and assured them that banking operations would remain seamless throughout the integration period.

“We are pleased to announce the final court sanction of the merger between ProvidusBank and Unity Bank. This business combination is set to create a strong institution with broader national reach, deeper capabilities and an even greater commitment to delivering exceptional banking experiences to you,” the bank stated.

According to the bank, the merger marks a significant milestone that will strengthen its capacity to serve customers through improved access to banking services, enhanced technology infrastructure, stronger digital capabilities and expanded product offerings.

“This merger represents an important milestone in our journey and positions us to serve you better through expanded access, enhanced technology infrastructure, improved digital capabilities, improved product offerings, and a wider network of service channels across Nigeria,” the bank said.

Providus Bank also assured customers that the transition would not affect their banking relationship, stressing that all accounts and existing service channels would remain fully operational during the integration process.

“Your banking relationship remains secure and uninterrupted,” the bank assured customers, adding that they would continue to enjoy access to their accounts and banking services through existing channels while integration activities progress.

The bank further noted that customers should expect improved service delivery arising from the merger, supported by stronger capabilities and a wider operational footprint across the country. It added that any actions required from customers during the transition would be communicated clearly and in advance.

Highlighting the strategic importance of the combination, the bank said the next phase of its evolution is geared towards building a stronger institution capable of supporting economic growth while maintaining high service standards.

“This next chapter reflects our commitment to building a stronger institution for customers, supporting economic growth and continuing to deliver the service standards you expect from us,” it stated.

Economic and Financial Crimes Commission (EFCC) and the Corporate Affairs Commission (CAC) have expressed concern over the growing activities of unregistered Point of Sale (POS) operators and warned that they  pose significant risks to businesses, the financial system and national security.

The concern was raised on Thursday in Abuja when Senator Ibrahim Adah, chairman of the CAC Board, led a delegation of the commission’s management staff on a courtesy visit to Mr Ola Olukoyede, executive chairman of the EFCC, at the anti-graft agency’s headquarters.

Adah disclosed that only about 20 per cent of POS operators in Nigeria are currently registered with the CAC, describing the situation as a violation of the Companies and Allied Matters Act (CAMA) 2020 and the Central Bank of Nigeria’s Agent Banking Regulations 2026, which require businesses operating under business names to be duly registered.

He appealed for stronger collaboration between both agencies to enforce compliance and develop a reliable database of POS operators for law enforcement purposes.

According to him, emerging evidence indicates that criminal proceeds, including ransom payments from kidnapping activities, are sometimes channelled through POS terminals.

“We seek closer cooperation in developing a reliable database of POS operators for use by the EFCC and other law enforcement agencies,” Adah said.

He noted that the visit was part of efforts to strengthen partnerships with institutions whose mandates intersect with that of the CAC, particularly in combating financial crimes.

The CAC chairman stressed that the two agencies could not effectively tackle economic and financial crimes in isolation, especially those involving corporate entities.

“When companies are misused for fraud or money laundering, the mandates of both institutions are directly affected. Neither of the two agencies can therefore fight and win the war against economic and financial offences if we work alone,” he said.

Adah identified data and intelligence sharing, public sensitisation on financial risks, and staff capacity building as critical areas for deeper collaboration, reaffirming the CAC’s commitment to protecting the integrity of Nigeria’s financial system.

Responding, Olukoyede described the activities of unregulated POS operators as a major challenge to the country’s financial ecosystem.

“If you do not regulate the activities of such key players, you will be having major problems and challenges within your financial ecosystem,” he said.

The EFCC chairman assured the CAC of the commission’s readiness to strengthen cooperation in tackling economic crimes and promoting regulatory compliance.

He described the CAC as the gateway to economic growth in Nigeria, noting that foreign investors often have their first engagement with the country through the commission.

Olukoyede revealed that the EFCC had established a dedicated desk to handle matters relating to the CAC and disclosed that the commission was currently investigating about 200 companies referred to it by the corporate regulator.

“As a matter of fact, I think we have about 200 companies that you forwarded to us that we are currently investigating and we have made reasonable progress.

“We have made very interesting discoveries, which will help you when you lay your hands on the report,” he said.

He added that many public corruption cases handled by the EFCC involve procurement and contract fraud perpetrated through companies registered by the CAC.

Olukoyede also underscored the need for both agencies to address insider-related challenges and improve internal accountability mechanisms.

On information sharing, he directed officials of both organisations to review and update their existing Memorandum of Understanding to reflect current realities, particularly regarding beneficial ownership information and data protection.

The renewed partnership, according to both agencies, is aimed at deepening corporate compliance, enhancing transparency and safeguarding the integrity of Nigeria’s financial system.

Securities and Exchange Commission (SEC) has banned the marketing and promotion of a purported initial public offering (IPO) by Dangote Petroleum Refinery & Petrochemicals FZE,.

It further warned that no application for such offer has been filed with or approved by the regulator.

In a public notice issued on Tuesday, the Commission said it had become aware of advertisements, flyers, digital banners and targeted electronic mails circulating on social media platforms and investment channels concerning a supposed securities offering by the refinery.

The SEC expressed concern over the involvement of some Registered Capital Market Operators (CMOs) in what it described as an “unwholesome and manipulative exercise” of actively soliciting advance subscriptions for an offering that has not been presented to the Commission.

According to the regulator, “No application for the registration of an IPO or public offer of shares of the Refinery has been filed with or approved by the Commission.”

The Commission added that the ongoing pre-marketing activities were “capable of misleading investors, distorting market expectations, creating information asymmetry and generally undermining the integrity of the capital market.”

It further stated that the marketing campaign and invitations to “create accounts”, “pre-fund,” or “secure guaranteed allocations” amounted to market manipulation and constituted “serious violation of the Investments and Securities Act.”

Consequently, the Commission directed all Registered Capital Market Operators, particularly stockbrokers and digital platform promoters, to immediately stop all promotional activities.

The SEC ordered them to “cease with immediate effect from publishing, reposting, or distributing any promotional material, flyer, or commentary relating to the acquisition or allocation of shares in the Refinery.”

It also directed operators to “remove or take down all such unauthorized marketing materials from websites, social media handles (including X, LinkedIn, Instagram, Facebook etc.), and messaging groups within twenty-four (24) hours of this notice.”

The regulator further instructed operators to desist from accepting deposits, commitments, account openings or expressions of interest from investors for the purported public offering and to “reverse and refund all funds already collected in connection with this purported offering to clients within twenty-four (24) hours of this notice.”

The Commission warned that defaulters would face sanctions as non-compliance would attract penalties under the Investments and Securities Act, 2025 and the SEC Rules and Regulations.

Advising investors to exercise caution, the SEC said members of the public should “rely only on formal, official pronouncements issued directly by the Commission through its official channels.”

It warned that “all such high-pressure marketing tactics, or transfer of funds to any operator for ‘pre-IPO’ placement should be ignored as they did not receive the Commission’s approval.”

The Commission assured that if it eventually receives and clears an application for a public offering by the refinery, an approved prospectus would be made available to investors in line with the provisions of the Investments and Securities Act, 2025.