Ebenezer_Kolawole_MD Unity Bank
Picnews
The merger between Unity Bank and Providus Bank is moving forward, with integration activities already underway. The combined capital base of both banks exceeds N200 billion, meeting the Central Bank of Nigeria’s (CBN) minimum requirement for a national banking license.
The merger has received key regulatory approvals, including backing from the CBN and a “no objection” clearance from the Securities and Exchange Commission (SEC). Shareholders of both banks overwhelmingly endorsed the merger at their Extraordinary General Meetings in September 2025.
Managing Director and CEO of Unity Bank, Ebenezer Kolawole, described the merger as a defining moment, stating that it enhances their capital base, operational capacity, and strategic positioning. The merger is expected to deliver a stronger, more competitive, and customer-centric financial institution.
The combined entity will have a robust capital base, enabling it to support economic growth and deliver innovative financial solutions across Nigeria. Analysts believe the merger will reshape competition in Nigeria’s retail and SME banking space.
Providus Bank brings niche corporate banking capabilities and digital strengths to the merger, while Unity Bank contributes an established retail footprint and SME banking presence. The merger is expected to create a platform capable of delivering stronger value to customers and stakeholders.
The CBN’s recapitalisation programme aims to strengthen systemic stability and enhance capital adequacy across the sector. The merger is part of broader efforts to reinforce Nigeria’s banking system and mitigate potential systemic risks.
The banks have dismissed reports suggesting the merger had stalled, clarifying that outstanding steps are largely procedural. The final court sanction is expected to conclude the process.
The merger positions the combined entity among the 21 banks that have satisfied the CBN’s new capital threshold for national banking operations. With regulatory approvals in place, shareholders on board, and integration progressing, the Unity-Providus merger signals a new era for banking in Nigeria.
