The proposed merger between Unity Bank Plc and Providus Bank Limited has moved closer to completion, with integration efforts progressing steadily and key regulatory milestones already secured.
This was contained in a statement on Wednesday.
It follows a Court-Ordered Meeting where shareholders overwhelmingly endorsed the transaction, reaffirming confidence in the combination.
According to the Managing Director and Chief Executive Officer of Unity Bank, Ebenezer Kolawole, the development is a defining moment for the institution.
He noted that the complementary strengths of both banks’ positions position the enlarged entity to capitalise on emerging market opportunities and deepen its impact across Nigeria’s financial sector.
“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,” Kolawole added.
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Industry analysts have praised the recapitalisation drive, describing regulatory backing and shareholder approval as critical steps toward meeting capital requirements within the stipulated timeline.
Pinnacle Daily recalls that the Central Bank of Nigeria (CBN) supported the merger with a pivotal financial accommodation to facilitate the transaction.
The deal also received a “no objection” from the Securities and Exchange Commission (SEC), further reinforcing confidence in the process.
These approvals form part of broader regulatory efforts to strengthen the resilience of Nigeria’s banking sector, bolster capital adequacy, and mitigate systemic risks.
The merger positions the combined institution among the 21 banks that have met the apex bank’s new capital threshold for national banking operations.
Upon completion, the merged entity will boast a capital base exceeding N200 billion, the minimum required to retain a national banking licence under the CBN’s recapitalisation framework.
Shareholders of both banks had earlier ratified the scheme at separate Extraordinary General Meetings in September 2025, formally adopting the merger proposal.
According to the statement, integration activities are well underway, with the final court sanction expected to conclude the process.
The banks also dismissed media speculation suggesting delays.
“The necessary regulatory steps have been completed, with a few other steps only a matter of formality,” it stated.
Once finalised, the Unity–Providus combination is expected to create a stronger, more competitive, and customer-focused financial institution, one with the scale, innovation, and reach to reshape retail and SME banking in Nigeria.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
