Has the 2006 consolidation of banks in Nigeria led to a significant change in the profitability [Earning Per Share (EPS) ] of the banks? This paper examined the EPS of 13 out of the 25 post consolidation 'mega' banks. The banks examined are those that fairly retained their identities before and after the consolidation exercise. The three-year (2003The three-year ( -2005 pre consolidation EPS mean of the banks was compared with the three-year (2006)(2007)(2008) post consolidation period. Using

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... scriptive statistical method, the combined EPS of the banks changed but not significantly at 5% significant level when a paired sample t-test statistical method was used. Three of the banks however stood out. The change (an increase) in the EPS of two of them is significant while the change (a decrease) in the third one is also significant not only at 5% but at 1%. The findings here confirm the existing controversy on whether or not mergers or acquisitions lead to improved profitability. What is however clear is that barring any effect of the present global economic meltdown; it may take some time for the EPS of most of the banks to change significantly.