Unity Bank Plc has confirmed that a current shareholder of the bank acquired the 34% equity stake previously held by the Asset Management Corporation of Nigeria (AMCON).
In a statement on Saturday, the bank clarified that the stake, representing over 4.004 billion shares, was purchased by an existing investor, not by Providus Bank Limited, which is currently in the process of merging with Unity Bank.
“The shares were acquired by an existing investor and not by Providus Bank Limited, which is currently pursuing a merger with Unity Bank,” the statement read.
The transaction was executed on September 25, 2025, on the Nigerian Exchange Limited (NGX), shortly after the lifting of the suspension previously placed on the trading of Unity Bank’s shares.
Shareholders Approve Merger with Providus Bank
At a Court-Ordered Meeting held on September 26, 2025, in Abeokuta, Unity Bank shareholders overwhelmingly endorsed the proposed merger with Providus Bank Limited.
According to the bank, 293 out of 295 shareholders, representing 99.32% of the total shareholding (valued at N4.4 billion), voted in favour of the merger resolutions.
Under the approved terms of the Scheme of Merger, Unity Bank shareholders will have the option to either:
- Receive N3.18 per share, or
- Be allotted 18 ordinary shares of N0.50 each in Providus Bank Limited (credited as fully paid) for every 17 ordinary shares of Unity Bank Plc held.
Upon completion of the merger, the entire share capital of Unity Bank will be cancelled, and the institution will be dissolved without winding up, while Providus Bank Limited will retain its certificate of incorporation as the enlarged financial entity.
A New Chapter for Unity Bank
Commenting on the development, Hafiz Mohammed Bashir, Chairman of Unity Bank Plc, described the acquisition of AMCON’s stake and the forthcoming merger as a major step toward long-term growth and stability.
“The acquisition of AMCON’s 34% stake by an existing shareholder further strengthens confidence in Unity Bank’s future,” Bashir stated.
“Alongside the merger with Providus Bank, this marks the beginning of a new chapter that will deliver greater value to shareholders, customers, and the Nigerian economy.”
The bank noted that shareholders have also authorised its Directors and Solicitors to pursue all necessary court approvals and regulatory processes to ensure the successful implementation of the merger.
What You Should Know
- When completed, the merged institution will debut with an extensive network of about 230 branches nationwide, immediately ranking it among the most expansive banks in Nigeria.
- Providus Bank brings its track record in innovation, digital banking, and customer-centric services, while Unity Bank contributes wide geographic reach and decades of brand equity.
- Combined, the lenders say they will be better positioned to support households, SMEs, corporates, and government institutions.
The merged entity will also launch with a strong capital adequacy ratio, a crucial metric for competitiveness under Nigeria’s evolving banking reforms.
At what price were the shares sold by AMCON? Hope Nigerians are not being short changed