The Central Bank of Nigeria (CBN) has approved the proposed merger between Unity Bank Plc and Providus Bank Limited.

CBN’s spokesperson, Sidi Ali Hakama, disclosed this in a statement on Tuesday evening.

Hakama said this strategic move is designed to bolster the stability of Nigeria’s financial system and avert potential systemic risks.

“The merger is contingent upon the financial support from the CBN. The fund will be instrumental in addressing Unity Bank’s total obligations to the Central Bank and other stakeholders,” Hakama noted.

She added that the CBN’s action is in accordance with the provisions of Section 42 (2) of the CBN Act, 2007.

According to her, this arrangement is crucial for the financial health and operational stability of the post- merger organisation.

 Hakama also noted that no Nigerian bank currently faces a precarious situation comparable to that of Heritage Bank, which was recently liquidated.

 She added that the apex bank remains committed to safeguarding depositors’ interests and ensuring the smooth functioning of the banking sector through proactive measures and strategic interventions.

Gov. Umaru Bago of Niger has approved N25 billion for payment of 21 years of pension and gratuity arrears owed to both retired state and local government workers in the state.

Bago made the disclosure during an interview with newsmen in Minna on Tuesday.

The governor said that the approval of the sum to clear the arrears of pension and gratuity underscored his administration’s dedication to the welfare of the state’s retired civil servants after their meritorious service years.

According to him, in addition to settling these long-standing arrears, his government has also paid N20,000 in wage awards to civil servants across the board for the second time in two months.

Bago also said that his administration had commenced the payment of all outstanding leave grants pending since 2018.

“This move is a significant step towards alleviating the financial burden on the retirees.

“Some have not received their pensions for over 20 years, leading to a considerable backlog,
hence the payment process to continue in batches, starting from the retirees from the local government areas,” he said.

According to the governor, his administration is committed to the prompt payment of pension in order to prevent accumulation as witnessed from previous administrations in the state.

Bago also warned against any attempt to alter the serial numbers and files of the beneficiaries, saying that anyone found guilty of such actions would face severe consequences.(

The Police Command in Kano State has arrested 76 persons in connection with 25 Russian flags recently held by protesters in various parts of Kano.

Also arrested was a Nigerien national believed to be responsible for sewing the Russian flags.

“The suspects were found with 25 Russian flags and their arrest has been linked to a case of sedition,” Commissioner of Police in the north-western state, Salma Dogo, told the News Agency of Nigeria(NAN), on Tuesday in Kano.

“The suspects were apprehended at different locations across the metropolis and have been transferred to Abuja for further investigation,” he said.

Dogo urged residents to support the efforts of security personnel by providing information that could aid the quest to apprehend those involved in the recent mass looting of public assets.

He assured the public that the police and other security agencies would maintain a visible presence in and around the metropolis to ensure law and order.

Dogo appealed to parents to monitor their children’s conduct and behaviour, warning that anyone found fomenting trouble would be arrested and prosecuted.

The Nigeria Police Force (NPF) has warned protesters against the display of foreign flags during protests across the country.

The police spokesman, ACP Olumuyiwa Adejobi issued the stern warning in a statement on the Force’s X account on Tuesday.

Adejobi also warned protesters against calls for a military takeover, categorizing such actions as treasonable felonies under the Nigerian law.

He said this follows a wave of violent protests, particularly in Bauchi, Kano, Kaduna, and Katsina States where protesters brandished foreign flags.

“Ongoing investigations reveal that protest organizers in the states mentioned above are luring innocent children into participating in these unpatriotic and criminal acts,” Adejobi said.

“Over 90 suspects have been arrested, including tailors who sewed the flags and their sponsors.

“Efforts are underway to apprehend others who sponsored the production of the flags and fuelled these treasonable acts.”

Adejobi explained that the display of foreign flags and calls for a military takeover constitutes a clear treasonable offense.

He said such action reveals the motives of protest organizers to destabilize Nigeria’s democratic government.

“This aligns with actionable intelligence on the tactics of fifth columnists and non-state actors exploiting economic hardship protests to further their nefarious goals,” he stressed.

He added that tensions from the ongoing protests have eased following President Bola Tinubu’s address on Sunday, August 4, 2024.

However, Adejobi said some groups persist in subversive campaigns in the form of violent and unlawful protests characterized by the destruction of public infrastructure and private property, looting, display of foreign flags and calls for a military takeover.

The police spokesman said these individuals and groups will be treated as subversive agents and charged accordingly.

“The Inspector General of Police, IGP Kayode Adeolu Egbetokun has directed Deputy Inspectors General of Police for the Northwest and Northeast zones, DIGs Bala Ciroma and Bello Makwashi to take charge of operations in the states within the two geo-political zones where subversive campaigns are ongoing under the guise of protests,” Adejobi stated.

“They are tasked with stabilizing the situation and preventing further violence in the affected states.

“The Nigeria Police Force reiterates that the use of foreign flags during protests and openly calling for a military takeover of the government is a capital offense under Nigerian law.

“The Police cautions Nigerian youths to be wary of individuals and groups turning protests into business ventures, funded by local or foreign sponsors aiming to destabilize the country.

“Evidence shows that these sponsors have paid significant sums to exploit the hardship protests, brainwashing and misleading innocent children into aiding this campaign against the government.”

Adejobi said the police, however, salutes Nigerians who have refused to participate in and indeed spoke out against the ill-timed protest out of sheer patriotism and belief in the government’s genuine efforts to put the country on the path of economic recovery and growth.

He said the police acknowledges the patriotism of those who peacefully participated in the protests but withdrew when they turned violent.

Adejobi said the police also acknowledges those who heeded President Tinubu’s call to embrace dialogue by withdrawing from the protests.

He added that the police remains committed to maintaining peace, protecting the nation’s heritage and working with the public to ensure the safety and stability of Nigeria.

 A Lagos High Court, at Tafawa Balewa Square, on Tuesday extended an earlier order restricting protesters in Lagos from conducting their activities only at the Gani Fawehinmi Freedom Park and Peace Park.

Justice S.I . Sonaike gave the order following an application filed by the Lagos State Attorney-General (AG), and the Commissioner for Justice, Mr Lawal Pedro (SAN), for an extension of the order.

The state AG had filed for an extension of the order after complying with the order of the court to ensure the safety of the protesters within the two locations ordered by the court.

The state AG was represented in court by the Director for Civil Litigations, Mr Hameed Oyenuga.

Oyenuga told the court that service of the earlier court order had been served on all the respondents in compliance with the pre-action protocols for preemptive reliefs sought by the AG against the representatives of the protesters.

He argued that though the respondents in the suit were yet to respond to the application, “there is the need to extend the earlier restriction order of the protest to two venues.

“This is to ensure that the state can continue to enjoy the relative peace being experienced despite the ongoing protests across the country.”

In her ruling, Justice Sonaike said that she was satisfied with the AG’s compliance with the order of the other vacation judge, Justice Emmanuel Ogundare.

She, therefore, ordered that the restriction of the protest to Freedom and Peace parks in the Ojota and Ketu areas of the state be extended until full compliance to the pre action orders.

The News Agency of Nigeria (NAN) reports that Justice Ogundare had on July 30, while ruling on  an exparte application filed by the state AG, placed restrictions on the protesters.

The AG was seeking to secure public safety and prevent irreparable loss of lives and property in the state during the period of the protests.

Defendants in the application are –  Adamma Ukpabi and Tosin Harsogba (for Active Citizens Group), Comrade Juwon Sanyaolu and Hassan Soweto (for Take it Back Movement) and the Commissioner of Police, Lagos State.

The Department of State Services (DSS) said it has arrested some sponsors of foreign flag-flying protesters and insurrections in the country.

Spokesman of the DSS, Dr. Peter Afunanya, told newsmen today at Defence Headquarters that their identities would soon be made public, urging Nigerians to be patient.

Details Later….

CREDIT: GUARDIAN