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Providus Bank and Unity Bank have moved into the integration phase after the Supreme Court cleared the merger, ending the legal hurdle that had delayed completion.
The deal according agency report, is now set to proceed toward creating the enlarged entity, Providus-Unity Bank Limited.
Providus Bank received final court sanction for the merger, which cleared the way for integration work to begin. Earlier court and shareholder approvals had already put the transaction on track, but the Supreme Court’s decision removed the remaining legal obstacle.
The merger is part of a broader consolidation trend in Nigeria’s banking sector, driven by regulatory reforms and higher capital requirements. It is expected to strengthen the combined institution by pooling assets, liabilities, and operations under one banking platform.
Also, the approved scheme provides for Unity Bank shareholders to receive either cash or Providus shares under the merger terms. The court also ordered that Unity Bank’s assets and liabilities be transferred to Providus Bank, with the combined bank operating under the approved enlarged structure.
The transaction had already secured regulatory backing from the Central Bank of Nigeria (CBN) and other relevant authorities, while shareholders of both banks endorsed the scheme at court-ordered meetings in September 2025. Those approvals had moved the merger close to completion, but the court challenge had delayed final implementation until the apex court’s ruling.
