Unity Bank's merger with Providus receives shareholders’ approval

Unity Bank’s proposed business combination with Providus Bank has received the go-ahead of shareholders of the two financial institutions, Providus Bank said in a statement on Friday.

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The merger was approved at an extraordinary general meeting (EGM) on Friday, conducted following an order by the Federal High Court of Lagos, dated 17 July 2025.

“The nod to go ahead by the boards and shareholders of the two institutions signifies a moment of national significance for Nigeria’s banking industry—one that reflects resilience, foresight, and collective responsibility,” the statement said.

“This historic transaction is not simply about numbers; it is about confidence in the Nigeria financial system. By combining Providus Bank and Unity Bank, we are creating an institution of scale and substance- that will give confidence to customers, strength to the financial system and create opportunity for our people,” it added.

In August, the Central Bank of Nigeria granted its consent to the deal, saying the merger is dependent on the financial assistance provided by the regulator to support the transaction.
It added that the intervention was necessary for the financial health of the post-merger entity.

Among the key resolutions sought at the EGM was the approval to combine all the assets, liabilities and undertakings, including real properties, and intellectual property rights of both banks based on agreed terms and conditions.

The certificate of incorporation of Providus Bank will serve as the certificate of the incorporation of the enlarged entity once the merger is completed.

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The bank said the shareholders’ vote is a signal to markets, regulators and the wider public that the Nigerian banking industry remains robust and forward-looking

It is riding on the optimism that the enlarged bank will have the scale to complete, the spread to serve every part of the country and the capacity to provide the needed support for businesses, households and the government.

The business combination is expected to deliver a network of roughly 230 branches across Nigeria, with Providus Bank assuring that employees’ jobs will be secured.

S & P Global expects the ongoing recapitalisation of banks in Nigeria to trigger a series of mergers among small-tier banks.

Analysts say increased business combination activities are likely to be witnessed at the start of next year ahead of the March 2026 deadline.