🚀 TechCabal Daily – Unity Paves the Path for Game-Changing Merger!

Unity Bank has charted a new course. On September 27, the Nigerian tier-2 lender announced that a current investor acquired the 34% majority stake previously held by the Asset Management Corporation of Nigeria (AMCON), paving the way for the long-awaited merger with Providus Bank.

In brief: AMCON initially took control of Unity Bank during a bailout phase, but its recent withdrawal returns ownership to shareholders at a pivotal time.

Current landscape: The merger will create a network of 230 branches with assets totaling approximately ₦5.3 trillion ($3.5 billion), positioning the combined entity to compete effectively in Nigeria’s bank recapitalization efforts. The Central Bank of Nigeria (CBN) mandated in March 2024 that banks must raise additional capital by March 2026, with national commercial banks like Unity and Providus required to reach a minimum of ₦200 billion ($134 million).

Broader context: Only 14 banks have met the CBN’s capital requirements so far, making mergers a strategic move for survival. Following Union Bank’s integration into Titan Trust, the Unity-Providus merger signals the beginning of a consolidation wave. Nigeria is expected to have fewer but more robust banks, better equipped to support the government’s $1 trillion economic vision by 2030.

Supported by the Lagos State government, LagRide is launching a new minibus service called LagRide Omni. This six-seater, with space for luggage, caters to families, coworkers, groups of friends, or anyone seeking a direct ride without multiple stops across the city.

This addition complements LagRide’s recent app update, which now offers three ride categories similar to competitors like Bolt, Uber, and inDrive. These include an EV category featuring 100 electric vehicles, a Pro category with newer cars and professional drivers, and a Legacy category offering budget-friendly rides. The Omni service will be the fourth option.

Competitive edge: While Uber offers an XL category in other African markets such as South Africa, it is not available in Lagos. LagRide’s new minibus service aims to fill this gap by tailoring offerings to local needs rather than replicating competitors.

Strategic growth: With the recent onboarding of 10,000 drivers and 5,000 vehicles, LagRide is positioning itself as Lagos’ most comprehensive mobility platform.

Satellite technology rarely captures African headlines unless there’s a failure or an overseas launch. However, last week in Abuja, representatives from two African space agencies convened to discuss collaborative opportunities.

The Nigerian Communications Satellite (NIGCOMSAT) Ltd and the Kenyan Space Agency (KSA) have initiated talks about a joint satellite services venture. Kenya aims to procure satellite capabilities from Nigeria instead of relying on non-African providers, exploring how Nigeria’s assets can bolster its expanding space ambitions.

Perfect timing: These discussions coincide with the approaching end of life for Nigeria’s NigComSat-1R satellite, launched in 2011 with a 15-year operational expectancy. The replacement satellite has been delayed by three years. While satellites don’t abruptly cease functioning at lifespan end, performance deteriorates due to fuel depletion, solar panel wear, and system backups running out.

Nigeria’s space goals remain ambitious. In August, Nigeria signed a memorandum of understanding with Brazil to enhance cooperation in space tech, focusing on climate monitoring, national security, and spacecraft development. Earlier in May, Nigeria announced plans to launch four new satellites to improve surveillance and address security challenges. These initiatives underscore Nigeria’s commitment to expanding its role in space.

Potential impact: This partnership could enable Kenyan businesses and households to access more affordable satellite broadband, reducing dependence on European and Asian providers. Both nations stand to strengthen satellite infrastructure resilience and empower their citizens in the digital era, asserting sovereignty in a sector where Africa has often been sidelined.

Kenya’s pay-TV industry has faced a significant downturn. The Communications Authority reported a 77% drop in active pay-TV subscriptions within a year. Major providers like DStv and GOtv lost many customers after the regulator shifted its focus from total sign-ups to only active, paying subscribers.

This change in measurement revealed inflated subscriber figures previously and highlights a shift in consumer habits: more Kenyans are opting for mobile streaming platforms over traditional satellite TV.

Key insight: For countless households, mobile apps such as TikTok, Netflix, and Showmax have become the primary entertainment source, underscoring the vulnerability of the pay-TV model amid falling costs of smartphones and mobile data.

Looking ahead: This development poses challenges for Canal+, the French media company that recently completed a $2 billion acquisition of MultiChoice, South Africa’s leading pay-TV provider, aiming to expand in English-speaking African markets like Kenya. MultiChoice plans to focus more on live sports and mobile gaming to retain subscribers, but whether these strategies will sustain long-term loyalty remains uncertain.

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 accurate as of 00:00 AM WAT, September 29, 2025.