Manny Ita
Providus Bank is in the final stages of a landmark merger with Unity Bank Plc, a consolidation expected to create Nigeria’s ninth-largest lender by total assets and significantly reshape the country’s banking landscape. The transaction, which has received shareholder approval from both institutions, involves the transfer of Unity Bank’s assets and liabilities to Providus Bank, with Unity Bank ceasing to exist as a standalone entity upon completion.
Under the merger scheme, Unity Bank shareholders were offered either a cash consideration or an equity swap, reflecting efforts to balance investor interests while strengthening the capital base of the enlarged institution. Industry analysts say the combination will expand Providus Bank’s branch network, customer base, and operational scale, positioning it more competitively amid ongoing sector-wide recapitalisation and consolidation pressures driven by regulatory requirements.
The merger is widely seen as one of the most significant banking consolidations in Nigeria in recent years, following similar large-scale deals that have redefined the industry. Regulators, including the Central Bank of Nigeria, are overseeing the final approvals and integration process to ensure compliance with prudential guidelines and financial stability objectives.
Against this backdrop of expansion, Providus Bank on January 16, 2026, launched its 2026 Graduate Trainee Programme, signalling a renewed focus on human capital development to support its growth strategy. The bank said the programme is designed to attract young professionals who can drive innovation and support its digital transformation agenda, described internally as “future-forward banking.”
The graduate scheme targets recently qualified candidates who have completed the National Youth Service Corps, with a focus on developing skills in sales, relationship management, and core banking operations. According to the bank, participants will undergo structured training and mentorship aimed at building long-term careers within the institution, as Providus Bank prepares for life as a larger, more complex financial services group following the merger.
The dual developments underscore Providus Bank’s strategy of combining balance-sheet growth with talent investment, as it seeks to play a more prominent role in Nigeria’s financial system and support broader economic activity through an expanded and digitally driven banking platform.
