Unity, Providus Banks Merger on Track as Integration Advances, Await Final Court Sanction

Unity, Providus Banks Merger on Track as Integration Advances, Await Final Court Sanction

LAGOS, Feb. 18, 2026 — The proposed merger between Unity Bank and Providus Bank has reached an advanced stage, following overwhelming shareholder approval and key regulatory clearances, signalling that the business combination is firmly on course.

The development follows a Court-Ordered Meeting and subsequent Extraordinary General Meetings held in September 2025, where shareholders of both institutions formally adopted the scheme of merger. The transaction has since secured significant regulatory backing, including support from the Central Bank of Nigeria (CBN) and a “no objection” approval from the Securities and Exchange Commission  (SEC).

Industry analysts monitoring the ongoing banking sector recapitalisation exercise note that the regulatory endorsements and shareholder approvals represent critical milestones toward meeting the CBN’s new capital requirements within the stipulated timeline.

The apex bank had earlier provided pivotal financial accommodation to facilitate the transaction, reinforcing its broader objective of strengthening the resilience of Nigeria’s banking system, improving capital adequacy, and mitigating systemic risks across the sector.

With a combined capital base exceeding N200 billion, the enlarged institution will meet the minimum threshold required to retain a national banking licence under the CBN’s recapitalisation framework. The merger positions the combined entity among the 21 banks that have successfully met the new capital benchmark for national banking operations.

Speaking on the development, Managing Director and Chief Executive Officer of Unity Bank, Ebenezer Kolawole, described the merger as a defining moment for the institution.

He said the complementary strengths of both banks would enhance capital strength, operational capacity, and strategic positioning, enabling the enlarged entity to better support economic growth and deliver innovative financial solutions across Nigeria.

“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,” Kolawole stated.

The bank also dismissed reports in some sections of the media suggesting that the merger process had stalled, clarifying that the necessary regulatory steps have largely been completed, with only final formalities — including court sanction — outstanding.

Integration activities between the two institutions are already underway. Upon completion, the Unity-Providus merger is expected to create a stronger, more competitive, and customer-focused financial institution with expanded scale and reach, particularly across the retail and SME banking segments.