Unity Bank and Providus Bank Merger Approved by Shareholders

Unity Bank Plc and Providus Bank have successfully received shareholder approval for their merger, which aligns with the Central Bank of Nigeria's (CBN) N200 billion capital requirement. This merger is seen as a critical milestone in the ongoing recapitalization program of Nigeria's banking sector, aimed at reinforcing capital adequacy and enhancing resilience while reducing systemic risk.

The merger has garnered significant support from the CBN, which is facilitating the transaction to strengthen the financial capabilities of the combined entity. The Securities and Exchange Commission and other relevant regulatory bodies have also approved the merger, which is part of broader efforts to enhance the banking sector's stability.

The formal adoption of the merger scheme is set to occur during an extraordinary general meeting scheduled for September 2025, with the integration process commencing thereafter. Ebenez Kolawole, the Managing Director and Chief Executive Officer of Unity Bank, described the merger as a defining milestone that underscores the commitment to building a stronger, more resilient bank capable of delivering greater value to customers and stakeholders.