I would like to kindly clarify recent reports in some sections of the media suggesting that Unity Bank has yet to meet the Central Bank of Nigeria’s recapitalisation requirement. As you may recall, the Central Bank of Nigeria (CBN) supported the proposed merger between Unity Bank and Providus Bank as part of the institutions’ strategy to meet the recapitalisation threshold. This approval included a pivotal financial accommodation designed to support the transaction. The financial accommodation has been converted to Tier-1 capital, bringing the combined capital base of Unity Bank and Providus Bank well above the ₦200 billion minimum required to retain a national banking licence under the CBN’s recapitalisation framework. As previously communicated, the merger process is currently in its final stages, following approvals from the CBN and shareholders of both banks. The transaction has also progressed with additional regulatory clearances from the Securities and Exchange Commission (SEC) and other relevant authorities. Integration activities between the two institutions are already underway, while the final court sanction is expected to conclude the process in the coming days, ahead of the March 31 deadline set by the CBN for the recapitalisation exercise. Given the sensitivity of the transaction at this stage, we would greatly appreciate the continued reliance on verified information. Our team remains available to provide any clarifications or additional details that may be required. Please note that this message is intended solely to provide background information and clarification rather than for publication.
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