The Nigerian Supreme Court has approved the merger between Unity Bank and Providus Bank, removing the final legal hurdle to one of the most significant consolidations in the country’s banking industry.

The decision effectively brings an end to a prolonged legal dispute that had stalled the plan to combine both institutions into a stronger and more competitive financial entity.

Prior to the court ruling, shareholders of both banks had already given their consent to the merger during a court-ordered Extraordinary General Meeting held in September last year.

The process had also received the approval of the Central Bank of Nigeria, setting the stage for the eventual completion of the long-anticipated consolidation.

Details later…