President Bola Ahmed Tinubu has nominated Mr Taiwo Oyedele as the minister of state for finance, replacing Dr Doris Uzoka-Anite. Uzoka-Anite will now move to the Ministry of Budget and National Planning, as the Minister of State, her third portfolio in the administration. President Tinubu has today conveyed the nomination of Oyedele to the Senate for confirmation in a letter to the Senate President, Godswill Akpabio.

The Special Adviser to the President on Information and Strategy, Bayo Onanuga, announced this in a statement on Tuesday. Onanuga revealed that until President Tinubu nominated him as a minister, Oyedele, from Ikaram, Akoko, Ondo State, was the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, which overhauled Nigeria’s tax system.

Oyedele, 50, is an economist, accountant and public policy expert. He attended Yaba College of Technology, where he obtained a Higher National Diploma in accountancy and finance. He attended Oxford Brookes University and earned a BSc in applied accounting. He also completed executive education programmes at the London School of Economics, Yale University, the Gordon Institute of Business Science, and the Harvard Kennedy School.

Onanuga further stated that Oyedele spent 22 years of his working career at PwC, joining in 2001 and rising to become the Fiscal Policy Partner and Africa Tax Leader. According to Onanuga, Oyedele is also a professor at Babcock University in Ogun State and a visiting scholar at the Lagos Business School.

The Central Bank of Nigeria has approved the merger between Unity Bank Plc and Providus Bank Limited, clearing the way for the two banks to begin integration.

The move follows a Court-Ordered Meeting and a joint statement released by the banks on Wednesday, February 18, 2026. The merger has also received the backing of shareholders, and all remaining steps are mainly procedural.

Once the court gives its final approval, the combined bank will join other institutions that have met the CBN’s new N200 billion capital requirement for national banking operations. The merger ensures the enlarged bank will maintain the necessary capital levels under the apex bank’s recapitalisation framework.

This merger comes as part of the CBN’s wider recapitalisation programme, which sets higher capital thresholds for banks depending on their licence type. National banks are required to have a minimum of N200 billion, while international banks must maintain N500 billion.

The programme is designed to strengthen the banking sector, improve financial stability, and ensure institutions can withstand challenges such as inflation, exchange rate swings, and tighter liquidity conditions.

Analysts say the combined bank will have a stronger balance sheet and greater resilience in Nigeria’s unpredictable economy. Providus Bank contributes digital banking and corporate services expertise, while Unity Bank brings an established retail and SME banking network.

Together, the merger is expected to increase market reach, deepen customer engagement, and improve service across both retail and SME segments.

Akpo Ojo

The Central Bank of Nigeria (CBN) has approved the participation of licensed Bureau De Change (BDC) operators in the Nigerian Foreign Exchange Market (NFEM) as part of efforts to improve foreign exchange liquidity in the retail segment of the market and meet the legitimate needs of end users.

The CBN has also approved that weekly forex purchases by each BDC be capped at $150,000, and that utilisation comply with existing BDC operational guidelines.

The new directive by the apex bank is contained in a circular signed by the Director, Trade and Exchange Department, Musa Nakorji.

The circular stated that all BDCs duly licensed by the CBN are permitted to access foreign exchange through any authorised dealer bank of their choice, at the prevailing market rates.

The move, according to the circular, aims to deepen market efficiency and ensure broader access to foreign exchange across the economy.

However, the CBN has imposed strict compliance and risk-management conditions on the transactions.

It said authorised forex dealers are required to conduct full Know-Your-Customer (KYC) and due diligence checks on BDC clients before any forex sale.

To strengthen transparency and accountability, the CBN further directed that all licensed BDCs must submit timely and accurate electronic returns in line with extant regulations.

“Any unutilised foreign exchange must be sold back to the market within 24 hours, as BDCs are prohibited from holding forex positions purchased from the NFEM,” the CBN said.

Also, the circular restricted settlement practices, mandating that all foreign exchange transactions be conducted through settlement accounts with licensed financial institutions.

The apex bank therefore, prohibited third-party transactions, while cash settlement is limited to a maximum of 25 percent of each transaction amount.

Overall, the directive reflects the CBN’s broader strategy to balance market access with strong regulatory oversight, ensuring liquidity in the foreign exchange market while safeguarding financial system integrity.