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ProvidusUnity Bank Limited

ProvidusUnity Bank Limited
TypePrivate company
IndustryFinance
GenreBanking
Founded1 June 2026; 2 months ago (2026-06-01)
HeadquartersLagos,
724 Adetokunbo Ademola Street, Victoria Island
,
Nigeria
Area served
Nigeria
Key people
Alhaji Hussaini Dikko
Chairman
Walter Akpani
Managing Director and Chief Executive Officer[1][2]
ProductsCommercial banking, Corporate banking, Private banking, SME banking
Number of employees
4,000+
Websiteprovidusunitybank.com

ProvidusUnity Bank Limited, is a Nigerian financial services provider, licensed as a commercial bank, by the Central Bank of Nigeria, the central bank and national banking regulator.[3][4] The Bank is the offspring of a merger and business combination between Providus Bank Limited and Unity Bank Plc following a regulatory clearance from the Central Bank of Nigeria and other regulatory authorities, and a final sanction by the supreme court of Nigeria in June 2026.[5]

The transaction is one Nigeria's most notable banking consolidations since the 2005 banking reforms, following a recapitalisation exercise by the Central Bank of Nigeria, which ended in March 2026.[6][7] The business combination brought together the core strengths of Providus Bank in digital banking and Unity Bank's wide branch network, producing a commercial banking franchise with approximately 230 branches across Nigeria and an asset base of over 5.3 trillion Naira, making ProvidusUnity Bank Nigeria's nineth largest bank by asset size and seventh largest by branch network.[8][9]

With the national franchise licence, ProvidusUnity Bank now has a combined institutional presence across retail, commercial, corporate, private and digital banking across Nigeria, with an increased capacity to serve all customer segments.[10]

History

ProvidusUnity Bank Limited originated from the merger of Providus Bank Limited and Unity Bank Plc in June 2026.[11]

Providus Bank Limited was incorporated in June 15, 2016 and granted a regional banking license by the Central Bank of Nigeria,[3] while Unity Bank Plc was established on January 1, 2006 through the consolidation of nine banks on the back of the banking sector consolidation of 2005, operating under a national banking licence with an extensive branch network across the country.[12]

The merger first received approval from the Central Bank of Nigeria in 2024[13], with a stipulation that the newly formed entity will receive a N700 billion loan from the CBN to support its operations.[14] The loan will be used to pay off Unity Bank’s N303.7 billion obligations, while the remaining N392.3 billion would be invested in a 20-year FGN bond and would qualify as tier-2 capital for the entity. Unity Bank's CRR shortfall amounting to 117.90 billion Naira was also waived, allowing Providus Bank CRR balance to serve as the opening balance for the new bank.[15]

Under the scheme of the merger, all assets and liabilities of the two banks were combined, while the shareholders of Unity Bank Plc, were given the options to either receive a cash consideration of N3.18 for every share held or a share of 18 ordinary shares valued at N0.50 each in the enlarged bank for every 17 Unity Bank shares held. Unity Bank shares were subsequently delisted from the Nigerian Exchange Group upon conclusion of the process.[16]

Leadership

Alhaji Hussaini Dikko is the Chairman, while Sir. Walter Akpani is the Managing Director/Chief Executive Officer of ProvidusUnity Bank Limited. The Deputy Managing Director is Kingsley Agbokhaevbo, while Deoye Ojuroye is the Executive Director/Chief Financial Officer. Other members of the Board of Directors include Chuka Eseka, Maurice Onokwai, Bernadine Okeke, Funmi Agusto, Dr. Bellinda Bobby Diei, and Mahmud B Tukur, who serve as non-executive dirctors. [17]

See also

References

  1. ^ Providus Bank (5 November 2018). "Providus Bank: About Us: Our Team: Board of Directors". Lagos: Providus Bank Limited. Retrieved 5 November 2018.
  2. ^ Okanlawon, Ajani (20 April 2017). "6 things to know about Walter Akpani, MD of Providus Bank". Lagos: Qed.ng. Retrieved 5 November 2018.
  3. ^ a b Obinna, Chima (15 June 2016). "CBN Grants Providus Bank Commercial Banking Licence". This Day. Lagos. Retrieved 5 November 2018.
  4. ^ Central Bank of Nigeria (5 November 2018). "Central Bank of Nigeria: List of Supervised Commercial Banks". Abuja: Central Bank of Nigeria. Retrieved 5 November 2018.
  5. ^ Idowu, Omotoyosi (26 June 2026). "Providus, Unity Bank to begin joint operations after merger". Premium Times. ISSN 2360-7688. Retrieved 5 August 2026.
  6. ^ Ogunwusi, Bamidele (13 April 2026). "$1trn Ambition: How Nigeria's Bank Recapitalisation Is Reshaping The Financial System". Independent Newspaper Nigeria. Retrieved 5 August 2026.
  7. ^ Thomas, David (8 April 2026). "Nigeria concludes ₦4.65 trillion bank recapitalisation programme". African Business. Retrieved 5 August 2026.
  8. ^ "Providus and Unity Bank officially merge". 24 June 2026. Retrieved 5 August 2026.
  9. ^ Asenuga, Tolulope Popoola- (27 September 2025). "Providus becomes 9th largest bank after merger with Unity bank". Businessday NG. Retrieved 5 August 2026.
  10. ^ Chima, Mathew (29 June 2026). "ProvidusUnity Bank begins operations after merger, assures customers of improved service delivery". TheCable. Retrieved 5 August 2026.
  11. ^ Ochojila, Ameh (1 June 2026). "Supreme Court Sanctions Providus–Unity Bank Merger". The Guardian. Lagos, Nigeria. Retrieved 5 August 2026.
  12. ^ "Unity Bank plc", Wikipedia, 22 June 2026, retrieved 5 August 2026
  13. ^ Aina, Damilola (6 August 2024). "BREAKING: CBN approves Unity, Providus banks merger". Punch Newspapers. Retrieved 5 August 2026.
  14. ^ Aderounmu, Zainab (13 August 2024). "10 things to know about the Providus-Unity Bank merger". BusinessDay. Lagos, Nigeria. Retrieved 20 September 2024.
  15. ^ "Why CBN injected N700bn bailout in Unity Bank-Providus Bank..." Daily Trust. Retrieved 5 August 2026.
  16. ^ Bank, ProvidusUnity. "Unity Bank Plc (UNITYB.ng) 2025 Circular". AfricanFinancials. Retrieved 5 August 2026.
  17. ^ "Teams". www.providusbank.com. Retrieved 5 August 2026.

06°25′53″N 03°25′50″E / 6.43139°N 3.43056°E / 6.43139; 3.43056

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