Unity Bank and Providus Bank Merger Awaits Court Approval

Unity Bank Plc and Providus Bank are in the process of merging, awaiting final court sanction as of February 18, 2026. The merger is part of a strategy to meet the Central Bank of Nigeria's (CBN) capital requirement of N200 billion for banks operating under different licensing tiers by the March 2026 deadline.

A joint release from the lenders confirmed that the merger remains firmly on course, with overwhelming shareholder approval and regulatory clearance already secured. The CBN has provided financial support for the merger, emphasizing regulatory confidence in the deal.

Once the court grants final sanction, the combined entity is expected to exceed the N200 billion capital base requirement, enhancing its position within Nigeria's banking sector. Analysts suggest that this merger will strengthen the banks' balance sheets and resilience amid Nigeria's volatile macroeconomic environment, potentially reshaping competition in the retail and SME banking space.