Abuja – The Central Bank of Nigeria has approved the merger between Unity Bank Plc and Providus Bank Limited, clearing the way for the two banks to begin integration. The approval follows a Court-Ordered Meeting and a joint statement released by the banks on Wednesday, February 18, 2026.
Shareholders have already backed the merger, and all remaining steps are mainly procedural. Once the court gives its final approval, the combined bank will join other institutions that have met the CBN’s new N200 billion capital requirement for national banking operations. The merger ensures the enlarged bank will maintain the necessary capital levels under the apex bank’s recapitalisation framework.
The move comes as part of the CBN’s wider recapitalisation programme, which sets higher capital thresholds for banks depending on their licence type. National banks are required to have a minimum of N200 billion, while international banks must maintain N500 billion. The programme is designed to strengthen the banking sector, improve financial stability, and ensure institutions can withstand challenges such as inflation, exchange rate swings, and tighter liquidity conditions.
Analysts say the combined bank will have a stronger balance sheet and greater resilience in Nigeria’s unpredictable economy. Providus Bank contributes digital banking and corporate services expertise, while Unity Bank brings an established retail and SME banking network. Together, the merger is expected to increase market reach, deepen customer engagement, and improve service across both retail and SME segments.
