Amanze Chinonye
Shareholders of Unity Bank Plc have overwhelmingly approved a proposed merger with Providus Bank Limited, a development set to create a stronger, more competitive institution in Nigeria’s banking sector.
The approval was secured during a court-ordered meeting held on September 26 at the OOPL Hotel in Abeokuta, Ogun State, with 295 shareholders in attendance. Of these, 293 shareholders, representing 99.32% of total shareholding valued at ₦4.4 billion, voted in favour of the merger, while 2 shareholders, representing 0.68%, voted against.
Under the terms of the Scheme of Merger, 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 Unity Bank shares held. Upon completion, 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 as the enlarged entity.
Join our WhatsApp ChannelHafiz Mohammed Bashir, Chairman of Unity Bank Plc, described the shareholders’ approval as a “strong vote of confidence” in the merger. “By joining forces with Providus Bank, we are creating a stronger, more resilient institution that will deliver long-term value to our customers, shareholders, and the Nigerian economy,” he said.
The newly merged entity will operate under the name Providus-Unity Bank (PUB), reflecting its commitment to maintaining loyalty in its extensive northern market.
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Chairman Bashir also clarified that the Nigerian Exchange (NGX) lifted the suspension of Unity Bank shares on September 25, 2025, following the crossing of 4.004 billion units of AMCON shares representing 34% of issued shares to an existing shareholder, and not to Providus Bank.
Shareholders further authorised the bank’s directors and transaction advisers to pursue all necessary court orders and regulatory approvals to implement the merger fully.
Analysts have welcomed the endorsement, describing it as a step toward establishing a financial powerhouse capable of competing strongly in both traditional and digital banking sectors.
Beyond corporate restructuring, this merger positions Providus-Unity Bank (PUB) to set new standards in Nigeria’s banking industry. It promises enhanced financial services, improved digital banking solutions, and greater shareholder value.
Customers stand to benefit from expanded branch networks and service offerings, while the broader banking sector may see heightened competition and innovation. The merger also underscores a growing trend of consolidation in Nigeria’s banking landscape, aimed at building resilient institutions capable of meeting the demands of a dynamic and technologically savvy market.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
