On September 26, 2025, shareholders of Unity Bank Plc and Providus Bank Limited voted to merge, marking Nigeria’s first bank combination under the 2025 recapitalization plan.
The decision, made at court-ordered meetings, allows directors to finalize the merger.
Merger Terms
Unity Bank shareholders will receive N3.18 per share or 18 Providus Bank shares (50 kobo each) for every 17 Unity shares.
All Unity Bank assets, liabilities, properties, and intellectual rights will transfer to Providus Bank.
Unity Bank’s share capital will be canceled, and the bank dissolved without winding up, with Providus Bank’s certificate of incorporation prevailing.
Strengthened Financial System
The banks issued a joint statement, saying the merger signals Nigeria’s banking sector’s resilience to regulators and the public.
“This strengthens confidence in our economy,” they noted, aligning with the Central Bank of Nigeria’s (CBN) vision for a robust financial system supporting a trillion-dollar economy.
New Bank’s Reach
The merged bank will launch with 230 branches, a strong capital base, and the ability to serve businesses, households, and government agencies nationwide.
Unity Bank’s customer loyalty pairs with Providus’ digital banking expertise, creating a competitive institution.
Job Security and Growth
The merger aims to secure jobs and create opportunities within a larger, future-focused bank.
“This is about people, not just numbers,” the banks stated, emphasizing customer trust and financial stability.
CBN’s Support
The CBN backed the merger with a N700 billion loan to recapitalize the new entity. The banks praised the regulator’s commitment to stability, which inspires confidence among investors and Nigerians.
Looking Ahead
The combined bank will blend innovation, customer focus, and integrity. With enhanced technology and capital, it aims to drive Nigeria’s economic growth in 2025 and beyond.
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