Unity Bank and Providus Bank confirm merger remains on track after court-ordered meeting, with combined capital exceeding ₦200bn
Unity-Providus Merger Hits ₦200bn Milestone, Eyes Final Approval
The proposed merger between Unity Bank Plc and Providus Bank Limited is charging toward completion, with the combined entity now boasting a capital base exceeding ₦200 billion—the critical threshold for securing a national banking licence under the Central Bank of Nigeria’s (CBN) recapitalisation framework.
In a joint update released February 18, 2026, following a successful court-ordered meeting and strong shareholder endorsement, the banks confirmed the deal remains firmly on course. Key regulatory green lights—including CBN backing with financial accommodation and a “no objection” clearance from the Securities and Exchange Commission (SEC)—have paved the way, positioning the enlarged institution among Nigeria’s resilient national players.
Shareholders of both banks had overwhelmingly approved the scheme at Extraordinary General Meetings in September 2025, adopting the merger plan. With major approvals secured and integration activities now actively underway, the transaction awaits only final court sanction to seal the deal.
Analysts view these milestones as pivotal in helping banks meet the CBN’s recapitalisation deadlines, bolstering sector-wide capital adequacy and reducing systemic risks.
Unity Bank Managing Director and CEO Ebenezer Kolawole hailed the progress as transformative: “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 banks moved swiftly to dispel any misinformation: contrary to some media reports suggesting delays, all essential regulatory steps are complete, with remaining formalities on track.
Once finalised, the Unity-Providus combination promises a more competitive, innovative, and customer-focused bank—poised to reshape retail and SME banking in Nigeria with greater scale, reach, and stability. Read More
