Unity Bank Plc has moved to clear the air over the sale of AMCON’s 34% stake, confirming that an existing shareholder—not Providus Bank Limited—acquired the shares.
Shareholders Approve Merger
During a court-ordered shareholders’ meeting in Abeokuta on Friday, the bank reinforced confidence in its upcoming merger with Providus Bank.
Consequently, the combined bank will offer a broader branch network and stronger capital base, positioning itself to reshape Nigeria’s banking landscape.
Chairman Hafiz Mohammed Bashir addressed shareholders directly, explaining that reports claiming Providus purchased the stake in a ₦6.5 billion deal were incorrect.
In fact, the bank executed the transaction on September 25, 2025 on the Nigerian Exchange Limited, and a current investor—not the merging partner—purchased the shares.
At the meeting, shareholders overwhelmingly approved the merger, casting 99.32% of the votes in favour.
Read Also: Unity Bank Merger Propels Providus Into Top 10 Banks
Under the scheme, Unity Bank shareholders can either accept ₦3.18 per share in cash or swap 17 Unity Bank shares for 18 shares in Providus Bank.
Once shareholders complete their selections, Unity Bank will dissolve, leaving Providus Bank as the surviving entity.
A Stronger Combined Bank
Moreover, the merged bank will operate around 230 branches nationwide, combining Unity Bank’s physical reach with Providus Bank’s innovation and digital services.
Bashir emphasised that these developments mark the start of a new chapter that will deliver greater value to shareholders, customers, and the Nigerian economy.
