Recently, the shareholders and Boards of Directors of Providus Bank and Unity Bank at a court-ordered Extraordinary General Meeting (EGM) gave their resounding approval to proceed with the business combination of the two financial institutions.
The nod to go ahead by the boards and shareholders of the two institutions signifies a moment of national significance for Nigeria’s banking industry—one that reflects resilience, foresight, and collective responsibility.
The deal, which won overwhelming shareholder approval at a court-ordered Extraordinary General Meeting, combines the strengths of both institutions.
Analysts believe that the Providus-Unity deal signals more than a merger, but a bold step to protect shareholder value, restore confidence, and reshape the future of Nigeria’s banking landscape.
The success of the merger could well determine how future business combinations are perceived—not merely as survival strategies, but as platforms for lasting value creation.
For instance, as at June 30, 2025, the enlarged bank held N5.3 trillion in total assets and N3.2 trillion in deposits, ranking 9th and 11th in the industry, respectively. It now boasts 229 branches and serves 3.6 million customers nationwide.
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With stronger capital adequacy, broader reach, and enhanced digital platforms, the enlarged bank positions itself as a backbone for Nigeria’s $1trillion economy ambition.
Also, the business combination between Providus Bank and Unity Bank which marks a significant milestone in Nigeria’s financial sector comes at a time when investor confidence and shareholder value have been under intense scrutiny.
The merger represents not just the unification of assets but also a strategic step towards creating a stronger, more competitive institution particularly in Nigeria’s banking environment where institutions under the regulation of the Central Bank of Nigeria (CBN) are faced with a recapitalisation hurdle with a March 31, 2026.
By prioritising transparency, safeguarding investor interests, and strengthening institutional resilience, the transaction is expected to inspire broader confidence in Nigeria’s banking system and serve as a model for how strategic partnerships can unlock value, stabilise fragile institutions, and reinforce the foundations of long-term prosperity.
Following the success of the merger, Providus Bank and Unity Bank lauded the Central Bank of Nigeria (CBN) for its foresight, determination, and commitment to building a stronger financial system.
Providus Bank believes that the New World of Fast, Smart, Personal, and Borderless banking relationship is here. We are therefore inspired by our Future Forward Banking ethos to make life (at work and leisure) more exciting for our partners with the use of cutting-edge technology that delivers best-in-class customer satisfaction.
In less than 10 years, Providus Bank has emerged as one of the fastest-growing financial institutions in the country.
Through the merger, Providus aims to transform from a niche player into a national bank, leveraging Unity Bank’s over 211-branch network spread across all 36 states and the FCT. The move aligns with Providus Bank’s broader strategy to deepen its retail presence and diversify its customer base.
Additionally, Providus Bank would significantly benefit from scale in retail banking as it would expand its footprint from a largely digital operation to a full-fledged national player.
It also brings in a strong SME lending pipeline, especially in agriculture, mining, e-commerce, hospitality, and entertainment sectors, which both banks already support.
Providus plans to integrate its technology stack into Unity Bank’s branch network, enhancing service delivery and cost efficiency. The bank believes the combined entity will unlock new value across its retail, SME, and digital channels.
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Also, Providus Bank was recently named one of the best workplaces in banking in 2025 by the Great Place to Work (GPTW), a global leader in workplace culture. The recognition highlights the bank’s efforts to create an environment where employees feel supported, engaged and motivated.
According to GPTW, the award was based largely on staff feedback, which has become an increasingly important measure of how organisations are adapting to shifting workforce expectations.
Reacting to the feat, Managing Director/CEO, Providus Bank, Walter Akpani, had attributed it to the quality of staff at the financial institution.
“Our people are at the very heart of what we do. This recognition is a tribute to their hard work, creativity and dedication,” he noted.
Also, the Group Head of Human Resources at ProvidusBank, Kingsley Ogirri, said the recognition reflected the experiences of employees themselves.
“It is proof that the policies and programmes we have put in place are making a difference, from opportunities for growth, to wellness initiatives, to creating a space where everyone feels valued,” he added.
The CBN, by enabling the transaction, has reinforced its vision of a sector anchored on resilience and customer confidence. The CBN regulatory support is not only shaping healthier banks, but also inspiring the confidence of businesses, investors, and everyday Nigerians that the financial system is ready to serve as a cornerstone for sustainable growth.
For Unity Bank, the deal comes as a lifeline, providing an opportunity to overcome years of structural and balance sheet challenges that had weighed heavily on its operations; while for Providus Bank, it is a chance to scale further, expand reach, and leverage synergies that will position the combined entity as a force to reckon with in Nigeria’s fast-evolving banking space.
With this development, both banks have an opportunity to chart a new course defined by innovation, efficiency, and trust, setting a standard for future industry consolidations.
The enlarged 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.
Both entities merger is a move that signals stability, renews optimism, and sends a reassuring message to stakeholders that value preservation remains a top priority.