Providus and Unity Bank complete merger, begin operations as ProvidusUnity Bank

ProvidusUnity Bank Limited has commenced operations as a single institution, completing the merger of Providus Bank and Unity Bank after the transaction cleared its final legal hurdle at the Supreme Court.

A five-member panel of the apex court, led by Justice Tijani Abubakar, dismissed an appeal seeking to halt the consolidation, ruling that the appeal lacked merit and awarding costs of N10 million against each appellant. The case was brought by two bank customers and shareholders, Suleiman Abubakar and Mohammed Goni Modu, who had challenged an earlier Court of Appeal decision that had already dismissed their bid to stop the merger.

Under the approved scheme, Unity Bank shareholders will receive N3.18 per share or 18 Providus Bank shares of 50 kobo each for every 17 Unity Bank shares held. The court ordered that all assets, liabilities and undertakings of Unity Bank, including its real property, be transferred to Providus Bank within 10 days, and approved the dissolution of Unity Bank’s board without winding up the company.

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The combined institution will operate about 230 branches nationwide, placing it among Nigeria’s largest banking networks. Its asset base is projected to exceed N2 trillion, with deposits above N1.2 trillion.

The merger forms part of Nigerian banks’ efforts to meet recapitalisation requirements set by the Central Bank of Nigeria. Both banks first approached the Federal High Court in July 2025 for approval to hold shareholder and director meetings on the scheme, and shareholders subsequently approved the deal before the Federal High Court sanctioned it.

In a notice to customers, the bank said the merger aims to create a stronger institution with broader national reach, deeper capabilities, and improved digital banking services, and assured customers that operations would remain seamless throughout the integration period. Customer deposits, savings and corporate funds remain fully intact and accessible.

The two banks have now moved into the integration phase. For customers, the immediate visible change is the new name appearing on banking apps, debit cards and transaction alerts, with further details on how existing Unity and Providus accounts will be unified expected in the coming days.

Last updated: June 26, 2026