By SCM STAFF I Friday, Sept 26, 2025
ABEOKUTA, Nigeria – Shareholders of Unity Bank Plc have overwhelmingly approved the proposed merger with Providus Bank Limited, clearing the final shareholder hurdle for the creation of an enlarged entity to be named Providus-Unity Bank (PUB).
The definitive vote, held at a Court-Ordered Meeting in Abeokuta on September 26, 2025, saw a significant majority endorse the business combination.
Of the 295 shareholders who participated, 293—representing an emphatic 99.32 % of the total shareholding by value—voted in favour of the resolutions.
This affirmative vote corresponds to an estimated N4.4 billion in share value, based on the meeting’s attendance data.
Only 2 shareholders, representing 0.68 % of the value, voted against the scheme.
Key Financial Terms
Under the approved Scheme of Merger, Unity Bank’s shareholders will have two options for the Scheme Consideration:
A cash payout of N3.18 per share; or, the allotment of 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.
The approval dictates that upon completion of the transaction, Unity Bank’s entire share capital will be cancelled and the bank will be dissolved without winding up.
Providus Bank Limited will retain its corporate identity as the continuing, enlarged entity, which will operate as Providus-Unity Bank (PUB).
The vote follows a notable movement in Unity Bank’s shares.
The bank’s Chairman, Hafiz Mohammed Bashir, clarified to shareholders that the Nigerian Exchange (NGX) had lifted the suspension on trading of Unity Bank shares on September 25, 2025.
This was immediately followed by a crossing of 4.004 billion units of AMCON shares—representing a substantial 34\% of Unity Bank Plc’s issued share capital—to an existing Unity Bank shareholder, and not to Providus Bank.
Mr. Bashir stated the name Providus-Unity Bank was chosen to reflect the “core loyalty present in the vast northern market.” He added that the shareholder approval was a “strong vote of confidence in the merger… creating a stronger, more competitive, and more resilient institution.”
Analysts have commended the shareholders for endorsing the merger, which is expected to pave the way for the emergence of a “financial powerhouse anchored on strong market positioning” and capable of competing on the strength of both traditional and digital banking platforms.
The Bank’s directors are now authorised to seek the necessary court orders to give full effect to the Scheme.
