Unity Bank Shareholders Approve Merger with Providus Bank

Shareholders of Unity Bank Plc have permitted the proposed merger with Providus Bank Restricted, marking a significant milestone within the enterprise mixture of the 2 monetary establishments.

On the Court docket-Ordered Assembly held on September 26, 2025, on the OOPL Lodge in Abeokuta, Ogun State, 295 shareholders participated and deliberated on all gadgets within the Scheme of Merger. Of those, 293 shareholders representing 99.32% of whole shareholding (₦4.4 billion in worth) voted in favour of the resolutions, whereas 2 shareholders representing 0.68% voted in opposition to.

As a part of the Scheme Consideration, Unity Bank shareholders will obtain ₦3.18 per share or be allotted 18 abnormal shares of ₦0.50 every in Providus Bank Restricted (credited as absolutely paid) for each 17 abnormal shares of Unity Bank Plc held. Upon completion, Unity Bank’s complete share capital will likely be cancelled, and the Financial institution dissolved with out winding up, whereas Providus Bank Restricted will retain its certificates of incorporation because the enlarged financial institution.

Talking on the event, Chairman of Unity Bank Plc, Hafiz Mohammed Bashir, stated: “This approval by our shareholders is a robust vote of confidence within the merger and what it represents for the long run. By becoming a member of forces with Providus Bank, we’re making a stronger, extra aggressive, and extra resilient establishment that can ship long-term worth to our clients, shareholders, and the Nigerian financial system.”

He said that the brand new identify of the enlarged entity shall be Providus-Unity Bank (PUB) to replicate the core loyalty current within the huge northern market.

The Chairman clarified to the shareholders in the course of the Court docket-ordered assembly that the NGX lifted the suspension of buying and selling of Unity Bank shares on the ground of The Alternate on twenty fifth September 2025, with a exceptional crossing of 4.004Billion items of AMCON shares (representing 34% of issued shares of Unity Bank Plc) to an present shareholder of Unity Bank and to not Providus Bank.

Shareholders additionally authorised the Financial institution’s Administrators and Solicitors/Transaction Advisers to hunt the required Court docket orders and take all required actions to offer full impact to the Scheme.

Analysts commend the shareholders for endorsing the merger to pave the way in which for the emergence of a monetary powerhouse anchored on sturdy market positioning with the capability to tackle the competitors on the power of each conventional and trendy digital Banking.