….Unity Bank–Providus Merger Advances as Court Hearing Resumes Today
By NIyi Jacobs
Anxiety in Banking Sector as Six Nigerian Banks Yet to Reveal Recapitalisation Plans
Uncertainty is building within Nigeria’s banking industry as six financial institutions are yet to publicly disclose the instruments they will use to meet the Central Bank of Nigeria’s recapitalisation requirements, just weeks before regulatory stress testing begins.
BusinessNG Newspaper notes that he banks — Unity Bank Plc, Providus Bank, Abbey Mortgage Bank, Union Bank of Nigeria, Polaris Bank, and Keystone Bank — remain the only institutions among 37 tracked lenders that have not clearly outlined their capital-raising structures as of March 12, 2026.
The delay has sparked concern among analysts and investors despite the broader success of the recapitalisation programme led by the Central Bank of Nigeria.
According to industry data compiled by Proshare, about 30 of the 37 banks monitored have already met or exceeded the CBN’s revised minimum capital thresholds. The sector has collectively raised over N4.05 trillion, making the exercise one of the most significant capital restructuring efforts in Nigeria’s banking history.
The data also highlights strong investor confidence in the sector. Domestic investors contributed 71.67 per cent of the total capital raised, while foreign investors accounted for 28.33 per cent, indicating sustained international interest in Nigeria’s banking system despite macroeconomic challenges.
Market observers say the recapitalisation drive has already reshaped the sector. Banks have strengthened their balance sheets, while capital has been raised through a mix of rights issues, private placements, and parent-company injections, reflecting the different financial strategies adopted by institutions.
However, attention is now turning to the remaining banks yet to clarify their plans.
Meanwhile, Unity Bank Plc and Providus Bank are in the final stages of a court-sanctioned business combination, with proceedings adjourned to March 13, 2026.
With the CBN set to begin sector-wide stress testing on April 1, 2026, analysts say the focus is shifting from capital compliance to capital resilience, leaving investors closely watching how the remaining institutions will close the gap
