Maroc - BUSINESSJOURNALNG.COM - A La Une - 27/Sep 21:58

Unity Bank Shareholders Approve Merger with Providus Bank

  EGM: From left: Mr. Usman Abdulkadir, Executive Director, Risk Management and Compliance; Mr. Sam Okagbue, Non-Executive Director; Hajiya Yabawa Lawan Wabi, Non-Executive Director; Alhaji Hafiz Mohammed Bashir, Acting Chairman; Mr. Ebenezer Kolawole, Managing Director/CEO (Ag.); Prof. Iyabo Obasanjo, Non-Executive Director; Hajiya Halima Babangida, Non-Executive Director; and Mr. Alaba Williams, Company Secretary during the court-ordered meeting of Unity Bank Plc on the proposed merger with Providus Bank.  Shareholders of Unity Bank Plc have approved the proposed merger with Providus Bank Limited, marking a major milestone in the business combination of the two financial institutions. At the Court-Ordered Meeting held on September 26, 2025 in Abeokuta, Ogun State, 295 shareholders participated and deliberated on all items in the Scheme of Merger. Of these, 293 shareholders representing 99.32% of total shareholding (₦4.4 billion in value) voted in favour of the resolutions, while 2 shareholders representing 0.68% voted against. As part of 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 (credited as fully paid) for every 17 ordinary shares of Unity Bank Plc held. Upon completion, Unity Bank’s entire share capital will be cancelled, and the Bank dissolved without winding up, while Providus Bank Limited will retain its certificate of incorporation as the enlarged bank. Speaking on the development, Chairman of Unity Bank Plc, Hafiz Mohammed Bashir, said: “This approval by our shareholders is a strong vote of confidence in the merger and what it represents for the future. By joining forces with Providus Bank, we are creating a stronger, more competitive, and more resilient institution that will deliver long-term value to our customers, shareholders, and the Nigerian economy.” He stated that the new name of the enlarged entity shall be Providus-Unity Bank (PUB) to reflect the core loyalty present in the vast northern market. The Chairman clarified to the shareholders during the Court-ordered meeting that the NGX lifted the suspension of trading of Unity Bank shares on the floor of The Exchange on 25th September 2025, with a remarkable crossing of 4.004Billion units of AMCON shares (representing 34% of issued shares of Unity Bank Plc) to an existing shareholder of Unity Bank and not to Providus Bank. Shareholders also authorised the Bank’s Directors and Solicitors/Transaction Advisers to seek the necessary Court orders and take all required actions to give full effect to the Scheme. Analysts commend the shareholders for endorsing the merger to pave the way for the emergence of a financial powerhouse anchored on strong market positioning with the capacity to take on the competition on the strength of both traditional and modern digital Banking.     Source