Unity Bank–Providus Merger Nears Completion

The proposed merger between Unity Bank Plc and Providus Bank Limited has moved closer to completion following a court-ordered meeting and fresh endorsements of the transaction.

Industry analysts tracking the banking sector’s recapitalisation programme say the strong backing from regulators and shareholders represents a critical step toward meeting the new capital requirements set within the regulatory timeline.

The Central Bank of Nigeria has expressed support for the combination and provided financial accommodation to facilitate the process. The deal also secured a “no objection” clearance from the Securities and Exchange Commission, reinforcing confidence in the transaction.

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These approvals form part of broader efforts to reinforce capital buffers across the banking industry, enhance financial stability and reduce systemic vulnerabilities. With an estimated combined capital base exceeding N200 billion, the enlarged institution is expected to meet the apex bank’s minimum threshold for retaining a national banking licence under the recapitalisation framework.

Shareholders of both lenders had earlier approved the scheme at separate extraordinary general meetings in September 2025, paving the way for subsequent regulatory consents. Integration between the two banks is already in progress, with final court sanction anticipated to formally conclude the merger.

Unity Bank’s Managing Director and Chief Executive Officer, Ebenezer Kolawole, described the development as transformative, noting that the complementary strengths of both institutions would improve operational capacity and strategic positioning.

The bank also dismissed speculation that the transaction had stalled, affirming that the process remains on course as the final procedural steps are completed.