- Safiu Kehinde
Two Nigerian financial institutions, Providus Bank and Unity Bank, are set for a merger as stakeholders and Boards of Directors of both have endorsed their business collaborations.
This was disclosed in a joint statement issued on Saturday by the banks.
According to the statement, the banks came to the agreement during a court-ordered Extraordinary General Meeting (EGM) on Friday.
The institutions held that the development signifies a moment of national significance for Nigeria’s banking industry—one that reflects resilience, foresight, and collective responsibility.
Providus Bank and Unity Bank maintained that the merger would strengthen confidence in the financial system as well as serving as a signal to the markets, to regulators, and to the wider public that Nigeria’s banking sector remains robust and forward-looking.
They further noted that with a starting solid Capital Adequacy Ratio, the emerging entity will have the scale to compete; the reach to serve every part of the federation, and the capacity to support businesses, households, and government at every level.
The merger is also poised to see the enlarged bank immediately rank high among the banks with the most extensive branch networks in Nigeria, with approximately 230 branches nationwide.
Both institutions also noted that their merger, when completed, will secure jobs, protect livelihoods, and create new opportunities within a bigger, stronger, and future-oriented institution.
“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,” the statement added.
They added that the merger will usher in a new chapter with bigger ambition, broader reach, and stronger capacity.
With enhanced technology platforms, deeper capital strength, and a commitment to customer service, the enlarged bank is poised to stand as both a guardian of stability and a catalyst for growth in Nigeria’s journey toward a trillion-dollar economy.
Meanwhile, Providus Bank and Unity Bank expressed their gratitude to the Central Bank of Nigeria (CBN) for its foresight, determination, and commitment to building a stronger financial system.
They maintained that the CBN, by enabling this transaction, has reinforced its vision of a sector anchored on resilience and customer confidence.
This regulatory support, according to the banks, is not only shaping healthier banks, but also inspiring the confidence of businesses, investors, and everyday Nigerians that our financial system is ready to serve as a cornerstone for sustainable growth.