Analysts say the merger between Unity Bank and Providus Bank has crossed major milestones in meeting the Central Bank’s recapitalisation requirements.

The combined capital of both banks now exceeds ₦200 billion, which is the minimum amount needed to retain a national banking licence under the new banking rules.

The merger has received strong regulatory support, including approval from the Central Bank of Nigeria and a “no objection” clearance from the Securities and Exchange Commission.

With these approvals, the merged bank is now among the 21 banks that have met the new capital threshold set by the CBN.

Shareholders of both banks also approved the merger at their Extraordinary General Meetings in September 2025.

Integration work between the two banks is already ongoing, with only final legal approvals remaining to complete the process.

Managing Director of Unity Bank, Ebenezer Kolawole, described the merger as a major step forward for the institution.

“This is a defining moment for us. The merger strengthens our capital, operations and market position, and puts us in a better place to serve customers and support economic growth across Nigeria,” he said.

The bank also dismissed reports that the merger process had stalled, saying the transaction is moving forward as planned.

When completed, the Unity-Providus merger is expected to create a stronger bank with better capacity to serve customers, small businesses and the wider Nigerian economy.