Unity Bank Shareholders to Vote on Providus Merger September 26
Unity Bank Plc will hold a Court-Ordered Meeting on September 26, 2025, to decide on a proposed merger with ProvidusBank Limited. The Federal High Court in Lagos approved the meeting under Section 711 of the Companies and Allied Matters Act, 2020.
The merger scheme gives Unity Bank investors two options. They can either take a cash payment of ₦3.18 for every share they hold or opt for 18 fully paid ProvidusBank shares for every 17 Unity Bank shares. This structure allows shareholders to choose between exiting with cash or retaining equity in the enlarged bank.
If approved, all assets, liabilities, and undertakings of Unity Bank will transfer to ProvidusBank. This includes real property, intellectual property rights, and ongoing litigation, which will continue in ProvidusBank’s name. Unity Bank’s share capital will be cancelled, and the bank dissolved without winding up. ProvidusBank will remain as the surviving entity with its certificate of incorporation serving as that of the merged institution.
The meeting will be held at OOPL Hotel in Abeokuta, Ogun State. For the merger to move forward, at least three-quarters of shareholders present and voting must approve the resolutions. Shareholders may vote in person or by proxy, and written questions on the merger must be submitted to Unity Bank’s Company Secretary by September 23, 2025.
The merger is expected to combine Unity Bank’s wide retail network with ProvidusBank’s strength in corporate and digital banking. This consolidation, if sanctioned, will reshape both banks into a larger and more competitive player in Nigeria’s financial sector.
