CBN Governor, Yemi Cardoso
The Central Bank of Nigeria (CBN) has approved the merger between Unity Bank Plc and Providus Bank Limited, paving the way for both lenders to commence integration.
The approval followed a court-ordered meeting and a joint announcement by the banks on February 18, 2026.
Shareholders have also endorsed the deal, leaving only final court sanction before completion.
Once concluded, the merged institution will meet the CBN’s N200 billion minimum capital requirement for national banking licence holders under the ongoing recapitalisation programme.
The apex bank’s policy sets new capital thresholds of N200 billion for national banks and N500 billion for international banks as part of efforts to strengthen the financial system.
Industry observers say the consolidation will bolster the combined bank’s capital base, improve operational stability, and position it to better navigate inflationary pressures, foreign exchange volatility, and liquidity constraints.
While Providus Bank brings strong digital banking capabilities and corporate banking depth, Unity Bank contributes an extensive retail and SME footprint.
