Unity Bank Shareholders Approve Merger with Providus Bank

Shareholders of Unity Bank Plc have formally approved the proposed merger with Providus Bank Limited, marking a decisive step toward the creation of a stronger banking institution.

At the Court-Ordered Meeting held on September 26, 2025, in Abeokuta, Ogun State, 295 shareholders voted on the merger scheme. A resounding 99.32% of shareholders (₦4.4 billion in value) supported the deal, while only 0.68% voted against it.

Under the terms of the Scheme Consideration, Unity Bank shareholders will receive ₦3.18 per share or be allotted 18 Providus Bank shares (₦0.50 each) for every 17 Unity Bank shares held. Once completed, Unity Bank’s entire share capital will be cancelled, and the institution dissolved without winding up, leaving Providus Bank as the surviving entity.

The enlarged entity will operate under the new name Providus-Unity Bank (PUB), a brand identity crafted to reflect Unity’s strong northern market base.

Commenting on the approval, Hafiz Mohammed Bashir, Chairman of Unity Bank Plc, described it as a “strong vote of confidence,” noting that the merger would deliver greater competitiveness, resilience, and long-term value to customers, shareholders, and the wider economy.

The meeting also noted that the Nigerian Exchange (NGX) had lifted the suspension on Unity Bank shares on September 25, 2025, with a significant crossing of 4.004 billion AMCON shares (34% of Unity Bank) to an existing shareholder, not Providus Bank.

With shareholder backing secured, Unity Bank’s Board and advisers are now tasked with obtaining final Court approval and completing regulatory processes. Analysts have praised the deal, projecting that the combined bank will emerge as a financial powerhouse, leveraging both traditional banking strength and digital innovation to expand market share.

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