Unity Bank has addressed recent media reports suggesting that it has not met the Central Bank of Nigeria (CBN) recapitalisation requirement, clarifying that the bank is fully compliant.
In a statement, Unity Bank noted that the CBN had supported the proposed merger with Providus Bank as part of a strategic plan to meet the recapitalisation threshold. The merger included a financial accommodation from the CBN, which has since been converted into Tier-1 capital, boosting the combined capital base of the two banks well above the ₦200 billion minimum required to maintain a national banking licence.
The merger is in its final stages, having received approvals from the CBN, the banks’ shareholders, the Securities and Exchange Commission (SEC), and other relevant authorities. Integration activities are already underway, with the final court sanction expected in the coming days, ahead of the March 31, 2026 deadline set by the CBN for recapitalisation.
Unity Bank urged the public and media to rely on verified information given the sensitivity of the transaction and emphasized that the clarification is intended to provide background rather than for direct publication
