The proposed merger between Unity Bank Plc and Providus Bank Limited is progressing steadily after securing strong backing from shareholders and key regulatory agencies, the banks said.

The transaction, which aims to combine the operations of both banks, has received full endorsement from the Central Bank of Nigeria and a “no objection” from the Securities and Exchange Commission, according to the report.

Both banks’ shareholders formally approved the scheme of merger at their respective Extraordinary General Meetings held in September 2025.

The merger has regulatory support, with the CBN’s financial accommodation and SEC’s clearance forming part of the approvals.

As a result of the transaction, the combined entity now has a capital base that exceeds ₦200 billion, placing it comfortably above the minimum threshold required for maintaining a national banking licence under the CBN’s recapitalisation framework.

Integration activities between Unity Bank and Providus Bank are currently underway, and the final court sanction is expected to complete the merger process.

Unity Bank’s Managing Director and Chief Executive Officer, Mr. Ebenezer Kolawole, described the development as a defining moment for the institution.

He said the merger will enhance the capital base, operational capacity, and strategic positioning of the combined bank.

Kolawole said the enlarged institution will be better equipped to support economic growth and deliver innovative financial solutions across Nigeria, according to the report.

The bank also addressed recent media reports suggesting delays, clarifying that the transaction is advancing smoothly and that the remaining steps are largely formalities.