The Nigerian Supreme Court has sanctioned the merger of Unity Bank and Providus Bank, paving the way for the conclusion of one of the biggest consolidations in the Nigerian banking industry.
This put an end to the legal battle that has stalled the process aimed at building a new formidable bank through the combination of the two lenders.
Shareholders of the two companies had earlier approved the merger after a court-ordered Extraordinary General Meeting (EGM) held in September last year. Before that, the Central Bank of Nigeria (CBN) had also given its approval.
Details shortly…
