Unity Bank Plc has clarified that the recent sale of the Asset Management Corporation of Nigeria’s (AMCON) 34 percent equity stake in the bank was acquired by an existing shareholder, not by Providus Bank Limited.
The clarification, issued in a statement on Monday, followed reports suggesting that Providus Bank bought the stake in a ₦6.5 billion transaction involving more than four billion Unity Bank shares. The bank confirmed that the deal, executed on September 25, 2025, on the Nigerian Exchange (NGX) shortly after the lifting of the suspension on its shares, involved an existing investor.
“The shares were acquired by an existing shareholder of the bank, not by Providus Bank Limited, which is currently pursuing a merger with Unity Bank,” the statement read.
At a court-ordered shareholders’ meeting held in Abeokuta at the weekend, Unity Bank shareholders overwhelmingly approved the proposed merger with Providus Bank. Out of 295 shareholders who participated, 293—representing 99.32 percent of the total shareholding valued at ₦4.4 billion—voted in favour of the merger resolutions.
Under the scheme of merger, Unity Bank shareholders will have two options: a cash consideration of ₦3.18 per share, or share allotment, where every 17 Unity Bank shares will be exchanged for 18 ordinary shares of ₦0.50 each in Providus Bank, credited as fully paid.
Upon completion, Unity Bank’s entire share capital will be cancelled, and the bank will be dissolved without winding up. Providus Bank will retain its certificate of incorporation as the surviving entity.
The combined institution will operate with about 230 branches nationwide and a stronger capital adequacy ratio. It will merge Unity Bank’s broad national network with Providus Bank’s strengths in digital banking and innovation.
Unity Bank Chairman, Hafiz Mohammed Bashir, said the acquisition of AMCON’s stake by an existing shareholder and the merger approval marked a new chapter for the bank. “This development strengthens confidence in Unity Bank’s future. Alongside the merger with Providus Bank, it will deliver greater value to shareholders, customers, and the Nigerian economy,” he said.
The bank added that shareholders have authorised its directors and solicitors to secure all necessary court and regulatory approvals for smooth implementation of the merger.
