Unity Bank and Providus Bank have secured shareholder approval for their proposed merger, Providus Bank confirmed in a statement on Friday. The approval was granted at an extraordinary general meeting held in Lagos, following a July 17 order of the Federal High Court. The banks said the deal will combine all assets, liabilities, and undertakings of both institutions, with Providus Bank’s certificate of incorporation serving as that of the enlarged entity.
The Central Bank of Nigeria had earlier consented to the merger, citing its financial support as critical to the stability of the post-merger institution. The combined entity is expected to operate about 230 branches nationwide, with assurances that employees’ jobs will be protected.
The banks described the move as a milestone for Nigeria’s financial sector, noting that the merger would strengthen customer confidence, support businesses, and expand service delivery across the country. Analysts anticipate more consolidations among small-tier banks ahead of the March 2026 recapitalisation deadline set by the apex bank.
Source: https://www.premiumtimesng.com/
