The Nigerian Exchange Limited (NGX) has lifted the suspension placed on the trading of Unity Bank Plc shares, clearing the path for renewed activity in the lender’s securities.
The lifting of the suspension on September 25, 2025, was followed by the crossing of 4.004 billion units of shares previously held by the Asset Management Corporation of Nigeria (AMCON). The transaction represents 34 percent of Unity Bank’s issued share capital.
Market disclosures confirm that the block of shares was acquired by an existing shareholder of Unity Bank and not by Providus Bank Limited, which is currently in the process of completing a merger with the tier-two lender.
The Chairman of Unity Bank Plc, Hafiz Mohammed Bashir, while addressing shareholders during the Court-Ordered Meeting held in Abeokuta on September 26, 2025, clarified that the AMCON transaction is separate from the merger deal. He stressed that Providus Bank was not the acquirer of the 34 percent stake.
The clarification comes amid speculation that Providus Bank may have initiated the acquisition ahead of the planned merger. However, records show that the transaction is strictly between AMCON and an existing shareholder.
Unity Bank’s shareholders had earlier approved the proposed business combination with Providus Bank at the Court-Ordered Meeting, voting overwhelmingly in favour of the merger.
The enlarged entity, to be known as Providus-Unity Bank (PUB), is expected to create a stronger financial institution positioned for long-term value delivery to stakeholders.
Analysts note that the transfer of the AMCON stake to an investor signals improved market confidence in Unity Bank’s strategic direction.
They added that the removal of the trading suspension provides liquidity for existing shareholders and creates room for potential appreciation of the bank’s stock as the merger process advances.
The NGX’s decision is also viewed as a step toward restoring investor confidence in the bank’s shares, which had been suspended pending regulatory and transactional clarifications.
With the merger process underway and the AMCON block crossing concluded, attention now shifts to the regulatory approvals and court orders required to complete the integration with Providus Bank.