The merger between Unity Bank Plc and Providus Bank Limited is moving steadily toward completion, with integration activities already underway and only a handful of procedural steps remaining before the deal is fully sealed.
The transaction has cleared its most significant hurdles. The Central Bank of Nigeria (CBN) threw its weight behind the deal with a financial accommodation to support the combination, while the Securities and Exchange Commission (SEC) issued a “no objection” clearance. Shareholders of both lenders added their voices at separate Extraordinary General Meetings in September 2025, where they voted overwhelmingly in favour of the scheme of merger. A Court-Ordered Meeting has since been held, with the final court sanction now the last major step standing between the two institutions and a fully consummated union.
The deal is significant in the context of Nigeria’s ongoing banking recapitalisation drive. Together, Unity Bank and Providus Bank command a combined capital base exceeding N200 billion, clearing the CBN’s minimum threshold for retaining a national banking licence. This places the soon-to-be enlarged institution among the 21 banks that have met the apex bank’s new capital requirements for national operations — a milestone analysts regard as critical to long-term sector stability.
Unity Bank’s Managing Director and CEO, Ebenezer Kolawole, called the development a defining chapter for the institution. “This milestone underscores our commitment to building a stronger, more resilient bank that can deliver greater value to our customers and stakeholders,” he said, adding that the merger would sharpen the combined entity’s capacity to support economic growth and roll out innovative financial products across Nigeria.
The bank also pushed back against media reports suggesting the process had stalled, insisting the transaction remains firmly on course and that the remaining steps are largely procedural.
Once complete, the merged institution is expected to emerge as a more competitive force in Nigeria’s retail and SME banking space — better capitalised, more operationally agile, and better positioned to serve customers at scale.
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