“…It seems to support Modogliani and Miller (1958) postulation that capital structure of entities is irrelevance. However, the result did not support Lukman (2020),Abanum & Ebiaghan (2022) Abdelrahman and Elgiziry (2019), Akpan et al, (2018), andDaniya et al, (2016) that found positive and significant change in capital structure due to merger and acquisition. The result probably suggests that the consolidation has pulled funds from merged banks, and less reliability on debt (Tarila & Ogege, 2019;Taiwo & Musa, 2014).…”