The Central Bank of Nigeria (CBN) has granted approval to Apices Finance Company Limited to operate as a licensed finance company.

This is to further widen the pool of financial institutions providing access to credit in the country.

The approval, conveyed in a letter signed by Dr. Rita Sike, Director of Financial Policy and Regulation Department at the CBN, confirmed that Apices met the regulatory conditions required under the Bank and Other Financial Institutions Act (BOFIA) 2020 and the CBN Act of 2007.

“This licence is granted subject to strict adherence to the provisions of the CBN Act 2007, BOFIA 2020, and rules and regulations issued by the bank from time to time,” the apex bank stated, warning that non-compliance could lead to revocation.

The CBN also insisted on due diligence regarding approved board members and management appointees, cautioning that any adverse findings or misrepresentation discovered after the licensing process could invalidate the authorisation.

Apices Finance is expected to notify the regulator of its official commencement date so the bank can update its records accordingly.

The approval comes at a time when Nigeria is seeking to deepen financial inclusion and diversify access to credit through non-bank financial institutions.

Licensed finance companies are positioned to play a critical role by offering loans to consumers and businesses, providing leasing services, and other non-deposit-taking financial solutions.

The entry of firms like Apices points to growing investor confidence in Nigeria’s expanding fintech and credit market, especially as traditional banks face mounting pressure to extend financial services to underserved individuals and small enterprises.

Reacting to the approval, the Managing Director of Apices Finance Limited, Daniel Odoviano Oniko, expressed optimism about the company’s role in Nigeria’s economic growth.

“My joy knows no bounds when Apices Finance Company Limited was approved by the Central Bank of Nigeria (CBN) to operate as a finance company in Nigeria. Our vision is that Apices Finance Company Limited is out to champion financial excellence and empower Africa’s next generation of business leaders,” he said.

Oniko pointed out that the company would focus on empowering retail customers, SMEs, and commercial businesses, sectors he described as vital for Nigeria’s future. He added that the company is well-positioned to support President Bola Tinubu’s economic agenda, which prioritises stimulating activity among small businesses.

“SMEs and startups are not just businesses—they are the lifeblood of our economy. They create jobs, drive innovation, and build communities. When we invest in them, we invest in our future,” Oniko often remarks.

With over two decades experience spanning consumer, retail, SME, investment, enterprise risk management, corporate, and commercial banking, Oniko says he is bringing vast expertise to the new company.

He said he is a long-time advocate for lifting Nigeria and Africa from “poverty to prosperity” through financial empowerment of small businesses and young entrepreneurs.

The entry of Apices Finance is expected to boost competition in the non-bank financial sector, expand access to credit, and support the federal government’s broader financial inclusion and economic diversification goals.

The United Bank for Africa (UBA) Plc will be hosting world leaders, policymakers, and investors and other private sector players at the forthcoming 2025 United Nations General Assembly (UNGA).

This year’s gathering at the UNGA, which is the 80th Edition, will be held between September 15th and September 25th, and as always, UBA Group has mapped out series of engaging activities to spotlight Africa’s opportunities and foster high-level dialogue with global leaders towards boosting the continent’s potential.

A key part of the event, will be the UBA’s unveiling of a ground-breaking whitepaper that presents actionable strategies for unlocking Africa’s vast economic potential, as part of the bank’s mission to drive sustainable growth across the continent.

The whitepaper, a first-of-its-kind initiative by a leading African financial institution at UNGA, titled ‘Banking on Africa’s Future: Unlocking Capital and Partnerships for Sustainable Growth’, will highlight opportunities in trade, infrastructure, digital innovation, climate finance, and inclusive growth.

By providing a roadmap for collaboration between Africa and the global community, UBA aims to position the continent not just as a beneficiary of investment, but as a critical driver of future global prosperity.

Apart from the Whitepaper launch, other activities of the group will include the Business Council for International Understanding (BCIU) Roundtable to be hosted by UBA America, as well as the annual UBA Reception.

The reception will convene world leaders, policymakers, and influential business executives who will be involved in critical dialogues on investment and development across the continent.

UBA’s Group Chairman, Tony Elumelu, emphasized the strategic importance of these dialogues, explained that over the past few years, UBA has become an active leader in conversations and activities that will drive tangible investments to the continent.

“These conversations are fundamentally different from previous discussions because they will be followed by feasible and actionable decisions. UBA will actively work to implement these outcomes for the benefit of the continent, as committed partners in Africa’s development and sustainability,” Elumelu noted.

Continuing, he said, “’The United Nations General Assembly is the largest and most official gathering of world leaders, and we cannot let such an opportunity pass without major African players like UBA taking centre stage to bring these leaders together and showcase Africa’s potential.”

UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who remarked on the upcoming event, especially the whitepaper’s significance, emphasized the need for more private organizations and players to demonstrate their commitment to the continent’s development through concrete action and proven capabilities.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

Unity Bank Plc has called a Court-Ordered Meeting for Friday, September 26, 2025 (9:00 a.m.) at OOPL Hotel, Abeokuta, Ogun State, to seek shareholder approval for a Scheme of Merger with ProvidusBank Limited.

The meeting follows an Order of the Federal High Court, Lagos Judicial Division, issued on July 17, 2025 by Hon. Justice D. I. Dipeolu under Section 711 of the Companies and Allied Matters Act (CAMA) 2020, in Suit No. FHC/L/MISC/734/2025.

The Scheme proposes the combination of all assets, liabilities, undertakings, real properties and intellectual property rights of Unity Bank with those of ProvidusBank. If sanctioned, ProvidusBank Limited will become the surviving entity, and Unity Bank’s entire share capital will be cancelled with the Bank dissolved without winding up.

The certificate of incorporation of ProvidusBank will stand as that of the enlarged institution.

Shareholders are to vote on the Scheme as set out in the Scheme Document dated June 25, 2025. The Scheme Consideration provides two alternatives for Unity Bank investors:

Cash: ₦3.18 per Unity Bank share; or

Share Swap: 18 ordinary shares of ₦0.50 each in ProvidusBank for every 17 ordinary shares of ₦0.50 each held in Unity Bank.

Approval of the Scheme at the meeting requires the statutory majority: not less than three-quarters in value of the ordinary shares of members present and voting by poll, in person or by proxy.

The Court has appointed Mr. Hafiz Mohammed Bashir, Chairman of the Board, to preside; failing him, Mr. Ebenezer A. Kolawole, Managing Director, or any other director chosen by shareholders present will chair the proceedings.

Shareholders may submit questions on the Scheme to the Company Secretary on or before 5:00 p.m., Tuesday, September 23, 2025.

Eligibility to attend and vote will be determined by the register of members as of Friday, September 19, 2025, after which the register will be closed for purposes of the meeting.

Proxy Forms have been circulated; duly executed and stamped forms (with any required Power of Attorney or notarized authority) should be lodged with the Registrar not less than 24 hours before the meeting.

In the event a member attends and votes in person, the proxy for that member will not be entitled to vote.

The Court’s Order also authorizes Unity Bank’s directors to consent to any modifications that the Securities and Exchange Commission (SEC), the Central Bank of Nigeria (CBN) and/or the Court may require.

Upon shareholder approval, Unity Bank’s solicitors—Adelepetun Caxton-Martins-Agbor & Segun (ACAS-Law)—will seek final Court sanction and any consequential orders necessary to give full effect to the Scheme, including the continuation of all pending or contemplated legal proceedings by or against ProvidusBank post-sanction.

Shareholders who have not received the Scheme Document within 14 days of the notice may obtain copies from Unity Bank Registrars Limited, 25 Ogunlana Drive, Surulere, Lagos. The Applicants to the proceedings are ProvidusBank Limited (RC 198892) and Unity Bank Plc (RC 94524).

Investors are advised to review the Scheme Document in detail and decide between the cash payout and the share-swap option, bearing in mind the approval thresholds, regulatory conditions, and the proposed corporate structure of the enlarged bank.