Shareholders of Unity Bank Plc have authorized the bank’s directors and transaction advisers to seek the necessary court orders to complete its merger with Providus Bank Limited.
At the Court-Ordered Meeting held on September 26, 2025, at the OOPL Hotel in Abeokuta, Ogun State, shareholders approved all resolutions contained in the Scheme of Merger.
Out of 295 participants, 293 shareholders representing 99.32 percent of total shareholding valued at ₦4.4 billion voted in favour, while 0.68 percent voted against.
Under the scheme consideration, 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 ordinary shares held in Unity Bank.
Upon completion, Unity Bank’s share capital will be cancelled, and the bank dissolved without winding up. Providus Bank will retain its certificate of incorporation as the surviving entity.
Speaking during the meeting, Chairman of Unity Bank Plc, Hafiz Mohammed Bashir, said the decision of the shareholders demonstrates their confidence in the transaction and its prospects.
He added that the new entity, to be known as Providus-Unity Bank (PUB), will emerge stronger and more competitive with the capacity to deliver long-term value to shareholders, customers and the Nigerian economy.
The meeting also clarified that the recent 4.004 billion units of shares previously held by the Asset Management Corporation of Nigeria (AMCON) were crossed to an existing shareholder of Unity Bank and not to Providus Bank.
The transaction accounted for 34 percent of Unity Bank’s issued share capital.
Analysts have described the shareholders’ endorsement and authorization for court orders as a critical step toward finalizing the merger.
According to market observers, the enlarged entity is expected to leverage the combined strengths of both banks to strengthen market positioning, enhance digital capabilities, and drive competitiveness in Nigeria’s financial services industry.
The directors and legal advisers will now proceed with obtaining the required court sanction to give full effect to the merger scheme.