Unity Bank Plc has clarified that the 34 percent equity stake previously held by the Asset Management Corporation of Nigeria (AMCON) was acquired by an existing shareholder, not by Providus Bank Limited, as some reports had suggested.
The clarification came after speculation that Providus Bank had taken over the shares in a ₦6.5 billion deal involving more than four billion Unity Bank shares.
In a statement released on September 25, 2025, shortly after trading in its stock resumed on the Nigerian Exchange Limited, Unity Bank confirmed that the buyer was 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 meeting in Abeokuta on Friday, Unity Bank shareholders overwhelmingly approved the proposed merger with Providus Bank.
Out of 295 shareholders in attendance, 293, representing 99.32 percent of the total shareholding valued at ₦4.4 billion, voted in favour of the resolutions.
Under the approved Scheme of Merger, Unity Bank shareholders will either receive ₦3.18 per share in cash or exchange every 17 Unity Bank shares for 18 ordinary shares of ₦0.50 each in Providus Bank. Once the process is completed,
Unity Bank’s entire share capital will be cancelled, the bank dissolved without winding up, and Providus Bank will remain as the surviving entity.
The combined bank will begin operations with about 230 branches nationwide, leveraging Unity Bank’s extensive physical network and Providus Bank’s digital and customer-focused strengths.
It is also expected to operate with a stronger capital adequacy ratio, enhancing competitiveness in line with Nigeria’s ongoing banking reforms.
Unity Bank Chairman, Hafiz Mohammed Bashir, described the acquisition of AMCON’s stake by an existing shareholder as a further sign of confidence in the bank’s future.
He added that the merger with Providus Bank would open a new chapter aimed at delivering greater value to shareholders, customers, and the Nigerian economy.
The bank also confirmed that its directors and solicitors have been authorized to pursue all necessary regulatory and court approvals to conclude the merger process.
