The Unity Bank-Providus Bank merger is firmly on track, with their combined capital base surpassing the CBN’s N200 billion threshold, joining the ranks of 21 banks that have met the recapitalization benchmark.
The transaction has cleared several critical hurdles, including CBN backing—alongside a financial accommodation to support the deal—and a “no objection” clearance from the Securities and Exchange Commission.
Shareholders of both banks further sealed the deal’s momentum at separate Extraordinary General Meetings in September 2025, where the scheme of merger was overwhelmingly adopted. Integration activities are currently underway, with a final court sanction the remaining step to conclude the process.
Analysts tracking Nigeria’s ongoing banking recapitalization program have described the regulatory and shareholder endorsements as the most consequential milestones for meeting the CBN’s deadline, noting that the approvals reinforce capital adequacy and help mitigate systemic risks across the sector.
Unity Bank‘s Managing Director, Ebenezer Kolawole, called the development “a defining moment,” saying the merger significantly enhances the institution’s 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,” he said.
The bank also moved to dispel media reports suggesting the merger had stalled, stating that all necessary regulatory steps have been completed and remaining formalities are imminent. When concluded, the enlarged institution is expected to reshape Nigeria’s retail and SME banking landscape.
WHAT YOU SHOULD KNOW
The Unity Bank-Providus Bank merger is on track and legally sound, with all major regulatory and shareholder approvals secured. The combined institution’s capital base surpasses the CBN’s N200 billion national banking threshold, firmly positioning it among Nigeria’s recapitalized lenders.
Despite media speculation of delays, the process is nearly complete—and when finalized, the merged entity is set to become a stronger, more competitive force in Nigeria’s retail and SME banking space.
