Following the not too long ago held Court-Ordered Meeting and subsequent overwhelming endorsement, the merger and enterprise mixture between Unity Bank Plc and Providus Bank Limited stays firmly on track.
Analysts appraising the continued recapitalisation programme consider that the regulatory backing and shareholders’ assist for the merger characterize an important milestones for assembly the recapitalisation necessities throughout the stipulated timeline.
Recall that the Central Bank of Nigeria (CBN) backed the merger between the 2 lenders, with a pivotal {financial} lodging to assist the transaction. The merger additionally acquired an additional increase with a “no objection” nod from the Securities and Exchange Commission (SEC). The regulatory approvals kind a part of broader efforts to strengthen the resilience of Nigeria’s banking system, reinforce capital adequacy throughout the sector, and mitigate potential systemic dangers.
The growth positions the mixed entity among the many 21 banks which have happy the apex {bank}’s new capital threshold for nationwide banking operations.
Through the proposed merger, the mixed capital base of Unity Bank and Providus Bank exceeds N200 billion, which is the minimal requirement to retain a nationwide banking licence underneath the CBN’s recapitalisation framework. The transaction marks a big milestone in strengthening the {financial} stability and long-term competitiveness of the enlarged establishment.
Following the CBN’s approval, shareholders of each banks overwhelmingly endorsed the merger at their respective Extraordinary General Meetings held in September 2025, the place the scheme of merger was formally adopted. The transaction has since progressed with further regulatory clearances from the Securities and Exchange Commission (SEC) and different related authorities. Integration actions between the 2 establishments are at present underway, with the ultimate court docket sanction anticipated to conclude the method.
Managing Director and Chief Executive Officer of Unity Bank, Ebenezer Kolawole, described the event as a defining second for the establishment, including that the complementary strengths and distinctive benefits of the Unity Bank and Providus Bank merger place the brand new entity on a robust footing to create and leverage alternatives available in the market.
“This milestone underscores our commitment to building a stronger, more resilient bank that can deliver greater value to our customers and stakeholders. The merger with Providus Bank significantly enhances our capital base, operational capacity, and strategic positioning. We are confident that the combined institution will be better equipped to support economic growth and deliver innovative financial solutions across Nigeria.”
The Bank additional clarified that, opposite to reviews in sure sections of the media suggesting that the merger course of had stalled, the transaction stays firmly on monitor. The obligatory regulatory steps have been accomplished, with just a few different steps solely a matter of ritual.
When accomplished, the Unity-Providus merger is predicted to ship a stronger, extra aggressive, and customer-centric {financial} establishment — one with the size, innovation, and attain to redefine the retail and SME banking panorama in Nigeria.
