Unity Bank’s CEO Highlights Strategic Benefits of Merger with Providus Bank
Unity Bank’s Managing Director and Chief Executive Officer, Ebenezer Kolawole, has emphasised the strategic advantages of the ongoing merger with Providus Bank, describing the development as a “defining moment” for the institution. Following the recent Court-Ordered Meeting and overwhelming shareholder endorsement, the merger remains firmly on course to reshape Nigeria’s banking landscape.
Analysts evaluating the ongoing recapitalisation programme believe that the strong regulatory backing and shareholders’ support mark vital milestones in meeting the stipulated recapitalisation timeline. The Central Bank of Nigeria (CBN) approved the merger, providing crucial financial support to facilitate the transaction, which also received a “no objection” clearance from the Securities and Exchange Commission (SEC). These regulatory approvals are part of broader efforts to strengthen Nigeria’s banking system’s resilience, reinforce sector-wide capital adequacy, and mitigate systemic risks.
The development positions the combined entity among the 21 banks that have satisfied the CBN’s new capital threshold for national banking operations. With the merger, the combined capital base of Unity Bank and Providus Bank now exceeds N200 billion, meeting the minimum requirement for a national banking licence under the CBN’s recapitalisation framework. This milestone significantly enhances the financial stability and long-term competitiveness of the enlarged institution.
Unity Bank’s CEO highlighted the importance of the merger’s strategic benefits, stating, “This milestone underscores our commitment to building a stronger, more resilient bank that can deliver greater value to our customers and stakeholders. The merger with Providus Bank significantly enhances our capital base, operational capacity, and strategic positioning. We are confident that the combined institution will be better equipped to support economic growth and deliver innovative financial solutions across Nigeria.”
Following the CBN’s approval, shareholders of both banks overwhelmingly endorsed the scheme at their respective Extraordinary General Meetings held in September 2025, where the merger was formally adopted. The process has since advanced with additional regulatory clearances from the SEC and other relevant authorities. Integration activities are currently underway, with the final court sanction expected to conclude the process.
The bank further clarified that, contrary to some media reports suggesting the process had stalled, the merger remains on track. All necessary regulatory steps have been completed, with only a few remaining formalities.
When finalised, the Unity-Providus merger is expected to create a stronger, more competitive, and customer-centric financial institution — one with the scale, innovation, and reach to redefine Nigeria’s retail and SME banking sectors.