Jackson, Etti & Edu is pleased to announce that we successfully advised Providus Bank in respect of the merger between Providus Bank Limited ("Providus Bank") and Unity Bank Plc ("Unity Bank").
Jackson, Etti & Edu is pleased to announce that we successfully advised Providus Bank in respect of the merger between Providus Bank Limited("Providus Bank") and Unity Bank Plc("Unity Bank"). The consideration for the merger was a combination of cash consideration or share consideration by way of election by shareholders of Unity Bank in the enlarged entity. We advised in relation to the requirements for obtaining the approvals of the Central Bank of Nigeria and Securities and Exchange Commission. The merger represents the singular merger that was undertaken during the CBN recapitalization programme. We secured a landmark judgment from the Supreme Court on June 1, 2026, in our capacity as Transaction Counsel to the merger.
The transaction is particularly unique because it represents a significant milestone in the development of the Nigerian Mergers & Acquisitions jurisprudence. The transaction also represents a number of "firsts" in Nigerian Mergers & Acquisitions. The transaction marks the first time the Supreme Court has invoked its powers under Section 22 of the Supreme Court Act in connection with a merger. It is also the first known instance in which the Supreme Court has sanctioned a merger transaction in Nigeria, thereby establishing an important judicial precedent for future corporate reorganizations, business combinations and financial sector consolidation transactions.
The merger enhances the financial stability within the Nigerian economy. The surviving entity will improve operational efficiencies, deepen financial inclusion and create a stronger institution better positioned to serve customers and support economic growth in Nigeria.
The Firm's transaction team was led by our Senior Partner, Koye Edu, our Managing Partner, Folasade Olusanya, and our Partners, Obafemi Agaba, Adekunle Soyibo, and Toyosi Odunmbaku, and supported by our Managing Associate, Comfort Agboola-Adekunle, our Senior Associate,Taiwo Ogbara, our Associates Linda Okwe and Cecilia Otse.
At Jackson, Etti & Edu, we are proud to have been entrusted with this matter. The outcome underscores our continued commitment to advancing the Nigerian jurisprudence and to supporting our esteemed clients in navigating the commercial landscape in Nigeria.