Providus Bank, the commercial bank in the process of acquiring ailing Unity Bank, has confirmed that it has surpassed Nigeria’s revised capital requirements for regional lenders, with a capital base as much as N65 billion. The bank made this clarification in a bid to counter recent media reports and provide factual clarification to the public.
“Under the Central Bank of Nigeria (CBN) recapitalisation framework, regional commercial banks are required to maintain a minimum capital base of N50 billion.
“ProvidusBank confirms that it has met its capital requirement since January 2025 and currently has a capital base of 65 billion, which is in excess of its capital requirement,” the statement forwarded to banking customers read.
In August 2024, the bank, which built a reputation for its banking-as-a-service offering, received preliminary approval from the Central Bank to absorb Unity Bank, the product of a 2006 merger between nine banks, which had struggled since 2007.
Read Also: Providus Bank may list on NGX after Unity Bank merger
Unity Bank had long been weighed down by historical losses and bad loans. To facilitate the acquisition and prevent systemic contagion, the apex bank previously injected a N700 billion lifeline to stabilise the post-merger entity.
Integration efforts between the two financial institutions are now officially underway. The progression follows a September 26, 2025, shareholder meeting in Abeokuta, where investors voted on the merger scheme. Under the terms of the deal, Unity Bank shareholders were offered a cash buyout of N3.18 per share, or a swap ratio of 18 ordinary Providus Bank shares for every 17 shares held in Unity.
The business combination is strongly in Providus Bank’s favour, whose ambitions could expand from regional to national scale when the deal is consummated. Unity Bank is said to have 240 branches, ten times the number of Providus branches.
