Supreme Court Clears Providus-Unity Bank Merger, Orders Completion Within 10 Days
Supreme Court dismissed final appeal against Providus-Unity Bank merger, ordering completion within 10 days. The five-member panel ordered appellants to pay N10 million costs and invoked Section 22 of Supreme Court Act to directly sanction the transaction. All Unity Bank assets, liabilities, and properties transfer to Providus Bank at N3.18 per share ratio (18 Providus shares of 50 kobo each for every 17 Unity shares held). Unity Bank's board dissolves but company continues as ProvidusUnity Bank Limited.
The merger began August 2024 when CBN approved consolidation to strengthen financial system and reduce risk. Final CBN consent came August 2025 amid banking reforms pushing lenders to merge ahead of 2026 compliance deadline. Shareholders approved transfer of assets including real estate and intellectual property at September 2025 EGM after Federal High Court order.
As Nigeria's banking sector consolidates, this merger protects depositors' funds and builds stronger institutions. The court ruling reinforces CBN's recapitalisation drive crucial to national economic stability. Customers and shareholders should watch for transition notices and ensure accounts transfer smoothly to the new ProvidusUnity Bank Limited.