Unity clears way for merger

Unity Bank has finally found a way forward. On September 27, the Nigerian tier-2 bank confirmed that an existing shareholder has snapped up the Asset Management Corporation of Nigeria’s (AMCON) 34% majority stake, clearing the way for the year-long anticipated merger with Providus Bank. 

ICYMI: AMCON originally took control of Unity during a bailout, but its exit now hands the bank back to shareholders at a critical moment.

State of play: The deal creates a 230-branch network with around ₦5.3 trillion ($3.5 billion) in asset size, positioning the combined bank to compete in Nigeria’s bank recapitalisation race. In March 2024, the Central Bank of Nigeria (CBN) ordered banks to raise fresh capital before March 2026. National commercial banks like Unity and Providus must hit at least ₦200 billion ($134 million).

Zoom out: Only 14 banks have met the CBN’s new capital thresholds, and mergers are fast becoming the survival play. The Unity–Providus deal, coming right after Union Bank’s absorption into Titan Trust, signals the start of a merger wave. Nigeria is likely to have fewer banks, but stronger ones, better positioned to support the government’s $1 trillion economy target by 2030.

LagRide, the Lagos State government-backed ride-hailing service, is set to roll out a new minibus category, LagRide Omni. The service, which seats six passengers with room for luggage, is designed for families, colleagues, a group of friends, or anyone tired of making fragmented trips across the city to get to their destination. 

This new update comes hot on the heels of Lagride’s latest addition to its app. Like the ride categories on competitors like Bolt, Uber, and inDrive, LagRide passengers can now pick from three ride categories. The first is the EV category, which comes after the ride-hailing app's recent addition of 100 electric vehicles (EVs) to its fleet. There is also the Pro category that provides new cars and trained captains for riders. Then the Legacy category, with affordable everyday riders for users. The Omni will join as the fourth option.

How competitors stack up. This new bus category is similar to Uber’s XL category available in other parts of the continent, including South Africa. However, this category is not available for Lagos riders, meaning LagRide is trying to be more than a clone of its competitors by introducing new services that serve the locals. 

LagRide is betting on its structure. Its recent injection of 10,000 new drivers and addition of 5,000 vehicles to its fleet show that LagRide is building the foundation to become Lagos’ most complete mobility ecosystem.

Paga is in USA

Big news! Paga Group is now live in the United States, with digital banking services designed for Africa’s diaspora! Eligible users can send, pay, and bank in US Dollars & Naira, safe, regulated, and borderless. Learn more

Nigeria and Kenya eye new satellite collaboration

Satellites don’t usually make headlines in Africa until they fail or get launched abroad. But last week in Abuja, two African agencies sat across the table, asking what they could build for themselves.

The Nigerian Communications Satellite (NIGCOMSAT) Ltd and the Kenyan Space Agency (KSA) have opened talks on a potential partnership in satellite services. Kenya plans to source satellite services from Nigeria rather than non-African providers, to see how Nigeria’s satellite capabilities could support its growing space ambitions.

The timing could not be better. These talks come at a time when Nigeria’s satellite, NigComSat-1R, nears the end of its lifespan. Launched in 2011 to operate for over 15 years, the replacement for the ageing infrastructure has been pushed three years later than initially planned. Although satellites don’t just stop working when they reach the end of their lifespan, reliability declines as fuel reserves dwindle, solar panels and electronics degrade, and backup systems are exhausted.

Still, Nigeria has space ambitions. In August, the country signed a memorandum of understanding (MoU) with Brazil to deepen cooperation in space technology through climate monitoring, national security, and space vehicle development. In May, the nation announced plans to launch four new satellites to boost surveillance and tackle rising insecurity. Nigeria has been signing deals and taking up projects, signalling its appetite for a bigger role in space.

This Nigeria-Kenya deal could birth something different. This deal could mean that Kenyan businesses and households could access cheaper satellite broadband without solely relying on European or Asian providers. Both countries can improve satellite resilience and give their citizens a stronger stake in the digital future. Both countries want to establish sovereignty in a sector that has seen the continent being left out too often.

The World Wide Web3

Source:

Coin Name	Current Value	Day	Month
Bitcoin	$111,953	+ 2.10%	+ 3.33%
Ether	$4,132	+ 2.71%	- 5.28%
XRP	$2.85	+ 1.26%	+ 1.85%
Solana	$209	+ 2.76%	+ 3.35%

* Data as of 00.00 AM WAT, September 29, 2025.

🚨 Flash Sale: 25% Off Moonshot Tickets 🚨

For a limited time only, you can save your seat at Africa’s biggest tech gathering with an exclusive 25% discount. On October 15 & 16, the Eko Convention Centre in Lagos will host founders, investors, policymakers, creatives, and operators shaping Africa’s innovation economy. Moonshot 2025 will feature deal rooms, investor lounges, immersive exhibitions, and the TC Startup Battlefield. Moonshot 2025 is designed for real connections and lasting impact. This offer ends soon.

🎟️ Secure 25% off your Moonshot ticket now. Get tickets.

Events

• Entertainment Week Africa (EWA)—formerly Entertainment Week Lagos—returns to Lagos on November 18–23, 2025. Now a pan-African platform for the $58.4 billion creative economy, EWA has drawn 53,000+ attendees across film, music, fashion, and tech. This year’s edition introduces a dedicated film and music content market where artists, labels, directors, and publishers can pitch, licence, and sell directly to buyers and investors, supported by hands-on clinics to prep them for meetings. It will also feature a 50-company job fair, an expanded deal room accelerator with a ₦25 million seed fund, and more film premieres under the theme “Close the Gap.” Learn more here.
• The 10th FATE Business Conference takes place on September 26 in Lagos under the theme “AI-Powered Business: Innovate. Automate. Accelerate.” The conference will feature keynotes from Kofo Akinkugbe (SecureID) and Adedeji Olowe (Lendsqr), with panel discussions led by policymakers and business leaders including Olatunbosun Alake (Lagos State Government), Prof. Peter Adewale Obadare (Digital Encode), and Bode Abifarin (Strata). Expect practical insights on how AI is changing industries and powering business growth. Register here.

• Bigger, bolder, and more intentional. Following the resounding success of the inaugural summit in 2024, Growth Padi is thrilled to announce Growth Africa Summit 2025 (GAS 2.0) with the trailblazing theme: “Redefining the Growth Playbook.” Set against the backdrop of a fast-evolving entrepreneurial landscape, this year’s summit will challenge outdated strategies and usher in a new wave of radical, resilient, and relevant growth models tailored for African businesses. Register to attend by November 1.

• Day 1-1000: Koolboks wants to be more than a freezer
• Digital Nomads: You too can become a global site reliability engineer, like Leke Ariyo
• Coming to Lagos for Moonshot? Find the best meals, and techies, at these restaurants

Written by: Opeyemi Kareem and Ifeoluwa Aigbiniode

Edited by: Ganiu Oloruntade

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