Unity Bank Shareholders Approve Unity Bank and Providus Bank merger
The long-anticipated Unity Bank and Providus Bank merger has taken a significant step forward following the approval of shareholders at a Court-Ordered Meeting held on September 26, 2025, at the OOPL Hotel in Abeokuta, Ogun State. The decision marks a milestone in Nigeria’s banking sector and signals the beginning of a stronger, consolidated financial institution.
Out of the 295 shareholders who participated in the meeting, an overwhelming 293 — representing 99.32% of the total shareholding valued at ₦4.4 billion — voted in favour of the merger. Only two shareholders, accounting for 0.68%, voted against. This decisive endorsement underscores confidence in the new direction of Unity Bank and the growth potential the merger brings.
Scheme of Merger and Shareholder Benefits
Under the approved scheme, Unity Bank shareholders will receive ₦3.18 per share or be allotted 18 ordinary shares of ₦0.50 each in Providus Bank Limited for every 17 shares they currently hold in Unity Bank Plc. Once the process is finalized, Unity Bank’s entire share capital will be cancelled, and the Bank will be dissolved without winding up.
Providus Bank Limited will retain its certificate of incorporation and emerge as the enlarged financial entity under the new name Providus-Unity Bank (PUB). The brand identity reflects both banks’ combined strengths while preserving Unity Bank’s northern market loyalty.
Chairman of Unity Bank Plc, Hafiz Mohammed Bashir, described the approval as a “strong vote of confidence,” highlighting that the merger is designed to create a more competitive, resilient bank that can deliver long-term value to customers, shareholders, and the Nigerian economy.
Market Reactions and Next Steps
At the meeting, the Chairman clarified that the Nigerian Exchange (NGX) had lifted the suspension of Unity Bank’s shares on September 25, 2025. On the same day, a significant 4.004 billion units of Asset Management Corporation of Nigeria (AMCON) shares — representing 34% of Unity Bank’s issued shares — were crossed to an existing shareholder, not Providus Bank.
Shareholders also empowered the Bank’s directors, solicitors, and transaction advisers to obtain the necessary court orders and complete all formalities required to bring the merger into effect.
Industry analysts have commended the move, emphasizing that the merger will create a formidable financial powerhouse with strong market positioning. The combined institution will be better equipped to compete in Nigeria’s dynamic financial landscape, blending traditional banking strength with advanced digital banking capabilities.
