Secrets Reporters
In a move poised to reshape Nigeria’s banking landscape, Unity Bank Plc’s shareholders overwhelmingly approved a merger with Providus Bank Limited on September 26, 2025, creating what is now the ninth-largest bank by assets with ₦5.3 trillion in holdings. However, behind the scenes of this high-stakes consolidation, driven by the Central Bank of Nigeria’s (CBN) recapitalization mandate, a storm of labor disputes, abrupt terminations, and accusations of managerial overreach has erupted.
SecretsReporters‘ analysis of leaked internal documents, union communications, and recent developments reveals a fractured institution where promises of seamless integration have given way to allegations of victimization, financial impropriety, and a breakdown in trust between staff, unions, and leadership.
This investigative report draws on confidential emails, meeting minutes, and union resolutions dated between October 2025 and January 2026, alongside public records and social media chatter, to uncover how the merger—intended to stabilize Unity Bank amid regulatory pressures—has instead amplified internal conflicts. As the enlarged Providus-Unity Bank emerges, questions loom over corporate governance, employee rights, and the true cost of Nigeria’s banking sector overhaul.
The Merger: A Lifeline or a Takeover?
Unity Bank, a retail-focused institution with over 211 branches nationwide, has long grappled with financial instability, relying on CBN support to stay afloat. The merger with Providus, a tech-savvy private lender, was announced in early 2025 as a strategic rescue. Under the scheme, Unity’s assets, liabilities, and undertakings transfer to Providus, which survives as the enlarged entity renamed Providus-Unity Bank Limited. Unity shareholders receive either ₦3.18 cash per share or 18 Providus shares for every 17 Unity shares held.
Approved at court-ordered meetings in September 2025, the deal positions the new bank as a formidable player, ranking ninth by assets and eleventh by deposits as of June 2025. Proponents hail it as a boost for competition against giants like Access and UBA, with enhanced digital capabilities and a national footprint. Yet, the process has been mired in controversy, with critics labeling it Nigeria’s “most controversial bank rescue.” Leaked documents show union leaders warning of “unfair labor practices” and a rushed integration that disadvantages workers.
Staff Dismissals: A “New Year Tears” Betrayal?
The merger’s human cost came into sharp focus on December 31, 2025, when Unity Bank’s management terminated 42 employees, including two ASSBIFI (Association of Senior Staff of Banks, Insurance and Financial Institutions) executives. An internal email from our sources, forwarded on January 2, 2026, described the sackings as a “violation of due process and labor engagement protocols.” The message highlighted that Managing Director Ebenezer Kolawole had assured staff during a payoff meeting that all would transition to the new entity—a promise that led many to decline alternative offers.
Affected staff included Sunday Ilesanmi Shallom (unit executive), Mark Chinedu Matthew (unit executive), and others like Okundia Francis and Durkwa Emmanuel Usman. The terminations, executed on New Year’s Eve, were dubbed “New Year Tears” by insiders, with one X user lamenting it as Unity’s “thank you present.” Union officials demanded an “ultimatum for immediate recall,” warning of threats to industrial harmony.
This isn’t isolated; X posts from December 2025 onward decry the merger’s “chaotic” impact, with one analyst calling Unity an “overhyped stock” amid unmaterialized benefits. Providus customers have also voiced frustrations, citing deteriorating services post-announcement.
Union Concerns: From Commendation to Condemnation
ASSBIFI’s October 15, 2025, letter initially commended Unity’s leadership for “successfully navigating the merger,” aligning it with Nigeria’s $1 trillion economy goal by 2030. However, it raised red flags: no provisions for transferring service years, retaining union membership (per Nigeria’s Constitution and ILO Conventions 87/98), or guaranteeing severance for post-merger disengagements unrelated to performance.
A subsequent meeting on October 14, 2025, involving Unity executives like Adegboyega Olumuyiwa (DH Resources) and ASSBIFI leaders like Comrade Olusoji Oluwole, reiterated these issues. Unity’s Chief-of-Staff assured staff welfare prioritization but dodged loan write-offs due to high non-performing ratios. Resolutions included transferring service years and post-merger protections, with new employment letters slated for November 2025.
By January 2026, relations soured. Unit resolutions indicted Ambrose Anavhe (Head, HCMD) for conflict of interest, unlawful interference in cooperative affairs, intimidation, and unfair labor practices violating the Trade Union Act and ILO standards. They demanded investigations into unauthorized cooperative withdrawals and declared the sackings “null and void” for lacking consultation.
The unit withdrew confidence in ASSBIFI’s national body for “failure to defend members” and “breach of fiduciary duty,” threatening to reconsider dues remittances. They mandated legal action via B. Iluobe & Co., petitioning the Ministry of Labour, National Industrial Court, and regulators. Any further intimidation of officers like Ogieva David (Unit President) would escalate to security agencies.
Alleged Misconduct: A Pattern of Abuse?
Central to the resolutions is Anavhe’s indictment: accused of a relationship with Mercy Luwa influencing a criminal matter, restricting cooperative accounts, threatening executives like Ilesanmi Sunday and Chinedu Mark, and victimizing union-aligned staff. This allegedly created a “climate of fear,” deterring cooperative and union participation.
The unauthorized withdrawal from the cooperative account prompted demands for punishment of culprits. These claims echo broader governance concerns, with X users questioning the merger’s “expediency over technical logic.”
Bank Responses and Regulatory Oversight
Unity Bank has not publicly addressed the dismissals or allegations. In merger documents, it promised fair employee treatment based on merit, with compensation for non-retained staff: 12-16 weeks’ emoluments per service year. Providus emphasized synergies like expanded reach and efficiency, but complaints of service decline suggest integration challenges.
The CBN, which granted approval-in-principle, oversees compliance. Union petitions to the Ministry of Labour and Industrial Court could delay final sanctions, but court proceedings are advancing.
Implications: A Rocky Road Ahead?
This merger, amid CBN’s “musical chairs” recapitalization, risks eroding trust. Labor unrest could disrupt operations, deter investors, and spotlight Nigeria’s banking vulnerabilities. For staff, it’s a fight for rights; for shareholders, a test of value creation. As Providus-Unity finalizes, the human fallout underscores: mergers aren’t just financial—they’re profoundly personal.
At press time, neither bank responded to requests for comment. SecretsReporters will monitor developments.