Supreme Court sanctions Unity Bank, Providus Bank merger

The Nigerian Supreme Court has sanctioned the merger of Unity Bank and Providus Bank, paving the way for the conclusion of one of the largest consolidations in the Nigerian banking industry.

This judicial decision effectively ends the legal battle that had stalled the process, which is aimed at building a formidable new financial institution through the combination of the two lenders.

Shareholders of both companies had previously approved the business combination following a court-ordered Extraordinary General Meeting (EGM) held in September last year.

Prior to the shareholder vote, the Central Bank of Nigeria (CBN) had also given its regulatory approval to the merger.