Unity Bank Shareholders Greenlight Merger with Providus BankIn a significant development, Unity Bank Plc shareholders have overwhelmingly approved the proposed merger with Providus Bank Limited.
The approval was granted at a Court-Ordered Meeting held on September 26, 2025, at the Olusegun Obasanjo Presidential Library (OOPL) Hotel in Abeokuta, Ogun State.
A total of 295 shareholders participated in the meeting, with 293 shareholders representing 99.32% of total shareholding (₦4.4 billion in value) voting in favor of the merger.
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 for every 17 ordinary shares of Unity Bank Plc held.
Upon completion of the merger, Unity Bank’s entire share capital will be cancelled, and the bank will be dissolved without winding up. Providus Bank Limited will retain its certificate of incorporation as the enlarged bank, and the new entity will be named Providus-Unity Bank (PUB).
Unity Bank Chairman, Hafiz Mohammed Bashir, described the approval as a strong vote of confidence in the merger, stating that the combined entity will be “stronger, more competitive, and more resilient” and deliver long-term value to customers, shareholders, and the Nigerian economy.
Analysts have commended the shareholders for endorsing the merger, paving the way for the emergence of a financial powerhouse with strong market positioning and the capacity to compete effectively in both traditional and modern digital banking.
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