Union Bank of Nigeria has issued a statement reaffirming its steadfast position in the course of ongoing regulatory engagements in response to recent media queries at the Central Bank of Nigeria’s (CBN) 304th Monetary Policy Committee (MPC) press briefing.

The bank’s affirmation comes in the wake of Governor Olayemi Cardoso’s clarification on the regulatory framework governing institutions under intervention while speaking on the complexities and structural considerations influencing the recapitalisation timeline.

According to the CBN Governor, institutions currently under regulatory oversight are subject to unique circumstances that necessitate a differentiated approach, distinct from those institutions that have had an extended period to prepare for recapitalisation. This clarification was made in direct response to queries raised by journalists seeking insight into the operational status of banks under intervention.

Union Bank’s Chief Brand and Marketing Officer, Mrs. Olufunmilola Aluko, explained that the CBN Governor’s remarks align with Union Bank’s consistent messaging to stakeholders. She reiterated that Union Bank remains a going concern with stable operations, resilient franchise and uninterrupted service delivery.

“The Governor’s remarks reinforce what has consistently been our position in all engagements with stakeholders. Union Bank remains under strong regulatory oversight and active supervisory engagement. The Bank is a going concern with a resilient franchise, stable operations and uninterrupted service delivery across all channels.

We have maintained, and continue to maintain, that all customer deposits are safe and secure. That position has not changed. The Bank continues to operate within the established regulatory framework, working transparently and constructively with the Central Bank of Nigeria towards full compliance in line with the applicable structure.”

The bank is working constructively with the Central Bank towards full compliance, as part of a system-wide recapitalisation programme aimed at strengthening Nigeria’s banking sector.

Union Bank will provide updates as regulatory engagements progress while maintaining its commitment to customer protection, financial stability and service continuity.

The Governor, Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, says the banking sector recapitalisation programme is progressing in accordance with the approved regulatory timetable, with activity accelerating as the March 31, 2026, deadline nears.

Speaking at the close of the 304th Monetary Policy Committee (MPC) on Tuesday, February 24, 2026, Cardoso disclosed that 20 banks have fully met the new minimum capital requirements, while a further 13 banks are at advanced stages of their capital-raising processes and are expected to conclude within the stipulated timeframe.

He explained that institutions still finalising their plans were assessing a variety of strategic options, including consolidation where suitable, as part of efforts to meet compliance within the remaining timeframe. He also revealed that, as of February 19, 2026, the total verified and approved capital raised under the programme was ₦4.05 trillion.

He provided a breakdown showing that ₦2.90 trillion (71.67%) was mobilised domestically, while US$706.84 million, estimated at ₦1.15 trillion (28.33%), reflected foreign participation. According to the Governor, this balanced mix signals broad investor engagement and growing confidence in the sector.

Governor Cardoso also discussed the status of institutions currently under regulatory intervention, noting that specific legal and structural factors influence the order of recapitalisation measures for these banks.

He said the CBN remains actively engaged with relevant stakeholders to ensure orderly and credible outcomes while maintaining financial stability. In this context, he reassured stakeholders that depositor funds in those institutions remain secure and that operations continue under strict regulatory oversight.

Based on the current pace of compliance and ongoing capital-raising activity, Gov. Cardoso expressed optimism that the market would see substantial alignment with the new capital requirements by the cut-off date.

Under the CBN framework, minimum capital thresholds include: ₦500 billion for commercial banks with international authorisation, ₦200 billion for national authorisation, ₦50 billion for regional commercial banks, ₦50 billion for merchant banks, and ₦20 billion/₦10 billion for national/regional non-interest banks.

The Governor, Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has lauded the recent decision of the 39th Ordinary Session of the Assembly of the African Union (AU) during the February 2026 Summit to officially approve Nigeria’s permanent membership of the Board of the African Monetary Institute (AMI).

This approval followed the earlier adoption by the Executive Council of the African Union (AU), at its 48^th Ordinary Session. The AMI, established under the African Union’s financial institutions agenda, acts as a precursor to the African Central Bank (ACB), which will be headquartered in Abuja, Nigeria.

Cardoso noted that hosting the AMI and, subsequently, the African Central Bank hold immense value for Nigeria and the continent. He stressed that it would position Nigeria as the epicentre of Africa’s emerging monetary union and enhance her voice and influence in the shaping of Africa’s single currency architecture.

Hailing the decision that also makes Nigeria a permanent member of the Convergence Council, he said: “This historic decision marks a significant milestone in Africa’s financial integration journey and further emphasises Nigeria’s strategic role in shaping the continent’s evolving financial architecture.”

Its implementation marks a vital step towards enhancing macroeconomic convergence, fostering monetary cooperation, and progressing Africa’s long-term vision of financial sovereignty and economic integration.

The AU Heads of State and Government at the Summit reaffirmed the pathway by endorsing Nigeria’s standing representation on the AMI Board, a position that will remain in place throughout the transitional phase until the formal establishment of the ACB.

The CBN, along with the Ministries of Foreign Affairs, Justice, and Finance, played a central, strategic, and historic role in achieving this milestone.

Over the past years, the Bank has led the technical effort that contributed to the Draft AMI Statute, approved at the 5^th Extraordinary Meeting of the Specialised Technical Committee on Finance in Abuja, and provided the AU with the initial hosting facilities and essential logistics for the immediate launch of AMI.

The CBN also participated in the Inter-ministerial collaboration with the Federal Ministry of Finance, the Ministry of Foreign Affairs, the Ministry of Justice, and the Presidency to sustain Nigeria’s advocacy at the highest political levels.

According to Mr. Cardoso, the latest success reflects the collective efforts rooted in sustained determination, structural reforms, strategic diplomacy, technical consistency, and a renewed macroeconomic direction.

“These efforts have led to improved monetary stability, external reserves management, banking supervision, and payment system modernisation. Overall, the achievements of these efforts are reaching new heights, evidenced by Nigeria’s enhanced credibility and influence across the continent,” he noted.

“We will continue collaborating with the African Union Commission, the Association of African Central Banks, Member States, and development partners to establish a solid foundation for the African Central Bank and the future African Single Currency,” he added.

The permanent seat granted to Nigeria is time-bound to the transitional period of AMI and includes a sunset clause upon establishment of the ACB. This design fully respects AU principles of rotation, equity, and regional balance, while ensuring that the host country remains embedded in governance during AMI’s formative years.

While thanking President Bola Ahmed Tinubu, and his vice, Senator Kashim Shettima for their strategic guidance, Mr. Cardoso described the development not only as a victory for Nigeria but also a triumph for Africa’s integration and monetary sovereignty.

Following the recently held Court-Ordered Meeting and subsequent overwhelming endorsement, the merger and business combination between Unity Bank Plc and Providus Bank Limited remains firmly on course.

Analysts appraising the ongoing recapitalisation programme believe that the regulatory backing and shareholders’ support for the merger represent the most important milestones for meeting the recapitalisation requirements within the stipulated timeline.

Recall that the Central Bank of Nigeria (CBN) backed the merger between the two lenders, with a pivotal financial accommodation to support the transaction.

The merger also received a further boost with a “no objection” nod from the Securities and Exchange Commission (SEC). The regulatory approvals form part of broader efforts to strengthen the resilience of Nigeria’s banking system, reinforce capital adequacy across the sector, and mitigate potential systemic risks.

The development positions the combined entity among the 21 banks that have satisfied the apex bank’s new capital threshold for national banking operations.

Through the proposed merger, the combined capital base of Unity Bank and Providus Bank exceeds N200 billion, which is the minimum requirement to retain a national banking licence under the CBN’s recapitalisation framework. The transaction marks a significant milestone in strengthening the financial stability and long-term competitiveness of the enlarged institution.

Following the CBN’s approval, shareholders of both banks overwhelmingly endorsed the merger at their respective Extraordinary General Meetings held in September 2025, where the scheme of merger was formally adopted.

The transaction has since progressed with additional regulatory clearances from the Securities and Exchange Commission (SEC) and other relevant authorities. Integration activities between the two institutions are currently underway, with the final court sanction expected to conclude the process.

Managing Director and Chief Executive Officer of Unity Bank, Ebenezer Kolawole, described the development as a defining moment for the institution, adding that the complementary strengths and unique advantages of the Unity Bank and Providus Bank merger place the new entity on a strong footing to create and leverage opportunities in the market.

“This milestone underscores our commitment to building a stronger, more resilient bank that can deliver greater value to our customers and stakeholders. The merger with Providus Bank significantly enhances our capital base, operational capacity, and strategic positioning. We are confident that the combined institution will be better equipped to support economic growth and deliver innovative financial solutions across Nigeria.”

The Bank further clarified that, contrary to reports in certain sections of the media suggesting that the merger process had stalled, the transaction remains firmly on track. The necessary regulatory steps have been completed, with a few other steps only a matter of formality.

When completed, the Unity-Providus merger is expected to deliver a stronger, more competitive, and customer-centric financial institution — one with the scale, innovation, and reach to redefine the retail and SME banking landscape in Nigeria.