8-Year-Old Bank Becomes 9th Largest in Nigeria With More Customers

• The list of the largest banks in Nigeria by assets is set to change as Providus moves to merge with Unity Bank
• The merger will push Providus to become the 9th-largest lender in Nigeria with assets worth over N5 trillion
• The merger between the banks has been approved by shareholders as they race against time to meet CBN's capital target

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Providus Bank Limited will jump into the top tier of Nigerian lenders after completing a merger with Unity Bank.

The merger will place the 8-year-old bank as Nigeria's ninth-largest commercial bank by assets and the 11th by customer deposits.

Providus was established in 2016 and will take over all the assets of Unity Bank.

With 229 branches and 3.6 million customers nationwide, the new entity, Providus-Unity Bank Limited, will blend Providus’ reputation for innovation with Unity’s wider legacy of service.

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Unity clears way for merger

The deal, which received overwhelming shareholder approval at a court-ordered extraordinary general meeting, combines the two mid-sized institutions into a stronger player with N5.3 trillion ($3.7 billion) in total assets and N3.2 trillion in customer deposits as of June 30, 2025.

Shareholders also approved an increase in share capital, a settlement plan for Unity’s shareholders in cash or stock, and amendments to the bank’s memorandum and articles of association.

Both banks praised the Central Bank of Nigeria (CBN) for facilitating the transaction, describing it as a “bold step” toward financial stability and investor confidence.

The banks said in a joint statement,

“This merger is not just about numbers, it’s about confidence in Nigeria’s banking sector.”

The statement added that the enlarged lender will have the “scale, reach, and capacity” to support households, businesses, and government across the federation, BusinessDay reports.

AMCON clarifies share sale

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Meanwhile, Unity Bank Plc has made further clarifications regarding the sale of the Asset Management Corporation of Nigeria’s (AMCON) 34% equity stake in the bank, confirming that the shares were acquired by an existing shareholder and not by Providus Bank Limited, DailyTrust reports.

The move reflects stakeholders’ confidence in the Unity–Providus merger, with the new bank set to operate a wider branch network and enjoy stronger capital strength.

The Chairman of Unity Bank Plc, Hafiz Mohammed Bashir, made this disclosure at a court-ordered shareholders’ meeting held on Friday in Abeokuta.

The clarification followed reports that Providus Bank had purchased the stake in a n6.5 billion transaction involving over four billion Unity Bank shares.

Access Bank buys another bank

Earlier, Legit.ng reported that Access Bank Plc has acquired a 76% majority stake in Mauritius-based AfrAsia Bank Limited.

The Access Bank UK Limited completed this acquisition through its wholly owned subsidiary, Access Holdings (Mauritius) Ltd.

In a statement released by AfrAsia Bank, the transaction has received all regulatory approvals from the Bank of Mauritius and the Financial Services Commission.

Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng