Unity Bank has officially cleared the air regarding its regulatory standing, dismissing recent media reports that suggested the lender had failed to meet the Central Bank of Nigeria’s stringent new recapitalisation requirements.

In a detailed clarification, the bank affirmed that it remains fully compliant and is on a clear trajectory to exceed the minimum capital thresholds.

“Unity Bank is fully compliant with the directive,” the bank stated, addressing concerns ahead of the fast-approaching 31 March 2026 deadline. The bank noted that its capital position has been fundamentally strengthened through a strategic business combination.

“The CBN has supported our proposed merger with Providus Bank as part of a structured plan to meet and surpass the recapitalisation threshold,” the statement continued.

A key driver of this stability is the conversion of a financial accommodation previously granted by the apex bank into high-quality capital. “This support has since been converted into Tier-1 capital, boosting the combined capital base of the two banks well above the N200bn minimum required to maintain a national banking licence,” the bank explained, highlighting a significant buffer against potential economic shocks.

The merger process, which is expected to redefine the mid-tier banking landscape in Nigeria, has already cleared the most significant regulatory hurdles. “The transaction is in its final stages, having received the necessary approvals from the CBN, the banks’ shareholders, and the Securities and Exchange Commission,” the bank noted.

Integration activities between Unity and Providus are reportedly well underway to ensure a seamless transition for depositors and stakeholders.

As the industry moves into the final week of the recapitalisation window, Unity Bank emphasised that the legal formalities are nearing completion.

“The final court sanction is expected in the coming days, well ahead of the 31 March deadline set by the regulator,” the bank added, seeking to provide a definitive timeline to the investing public.

Unity Bank concluded its clarification by urging stakeholders and the press to exercise diligence in their reporting.

“We urge the public and media to rely on verified information given the sensitivity of the transaction,” the bank said, reinforcing that the focus remains on building a robust, consolidated entity capable of supporting Nigeria’s evolving financial ecosystem.