Providus Bank Limited and Unity Bank Plc have completed their merger, unveiling a new combined identity as ProvidusUnity Bank Limited in early July 2026. The move brings to a close a transaction that has been advancing through the courts and Nigerian regulators over recent months and creates an enlarged commercial banking franchise operating under a single brand across the country's main urban and regional markets.
The merger became effective following sanction by the Nigerian Supreme Court on 30 May 2026 under Section 22 of the Supreme Court Act, with the order published on 1 June. The court directed the transfer of Unity Bank's assets, liabilities and undertakings to Providus Bank within ten days, clearing the operational path to a combined balance sheet and setting a compressed timetable for the two institutions to move to a single operating platform.
COURT SANCTION AND DEAL TERMS
Under the approved Scheme of Merger, Unity Bank shareholders may elect to receive either N3.18 per Unity Bank share in cash or 18 Providus shares of 50 kobo each for every 17 Unity Bank shares held. The dual-track consideration was designed to give shareholders flexibility between an immediate cash exit and continued participation in the enlarged group through equity in the combined institution.
The proceedings named a range of respondents reflecting the regulatory reach of the transaction, including the Corporate Affairs Commission, the Federal Competition and Consumer Protection Commission (FCCPC), the Securities and Exchange Commission and the Central Bank of Nigeria. Their inclusion underlines that the combination has been examined by the country's principal corporate, competition, securities and banking authorities before reaching completion, providing a broad base of regulatory endorsement for the merged entity.
The Supreme Court's sanction, coupled with the ten-day transfer window, effectively vested Unity Bank's business in Providus by mid-June, allowing the combined entity to prepare for a unified market launch under the new ProvidusUnity Bank name. The scheme's structure follows the established pattern for Nigerian bank mergers, where court sanction is a critical procedural step in effecting a statutory transfer of assets and liabilities.
NEW IDENTITY AND MARKET POSITION
The two banks marked the operational start of the combined institution by unveiling the ProvidusUnity Bank name and visual identity in early July. Local reports covering the launch highlighted the transition from the two legacy brands to a single franchise that intends to serve retail, corporate and public-sector clients across Nigeria under a unified corporate identity.
For Providus, historically a mid-tier commercial bank with a focus on private and corporate banking, the deal expands its retail footprint through Unity Bank's branch network, which has historically served customers in agriculture-heavy regions in the north and middle-belt states. For Unity Bank shareholders, the scheme provides a defined route to either monetise their holdings at N3.18 per share or roll into equity in the enlarged group at the agreed ratio.
The parties have said in the merger documentation that the combination is intended to strengthen capital, broaden distribution and support lending to the Nigerian real economy. The new group now operates under supervision of the Central Bank of Nigeria as ProvidusUnity Bank Limited, and will be expected to file combined regulatory returns and to align its risk, compliance and reporting frameworks under the merged structure.