In a landmark decision that will reshape Nigeria’s banking landscape, shareholders of Unity Bank Plc have given their approval for the proposed merger with Providus Bank Limited.
The approval came at the Court-Ordered Meeting held at OOPL Hotel, Abeokuta, where 295 shareholders deliberated on the Scheme of Merger. An overwhelming 99.32% (₦4.4 billion in value) voted in favour, while just two shareholders, representing 0.68%, voted against.
Under the scheme, Unity Bank shareholders will receive ₦3.18 per share or be allotted 18 ordinary shares of ₦0.50 each in Providus Bank (credited as fully paid) for every 17 ordinary shares of Unity Bank they currently hold. Upon completion, Unity Bank’s share capital will be cancelled, with the institution dissolved without winding up, while Providus Bank retains its incorporation as the enlarged bank.
The merged entity will operate under the new name Providus-Unity Bank (PUB) — a brand identity crafted to reflect Unity Bank’s strong northern market loyalty while signalling a broader, more competitive presence across Nigeria.
Speaking at the meeting, Chairman of Unity Bank Plc, Hafiz Mohammed Bashir, described the decision as a milestone: “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.”
Bashir also clarified that the Nigerian Exchange (NGX) lifted the suspension of Unity Bank shares on September 25, 2025, enabling the remarkable crossing of 4.004 billion units of AMCON shares (34% of Unity Bank’s issued shares) to an existing shareholder, not Providus Bank.
With shareholders also authorising the Directors, Solicitors, and Transaction Advisers to perfect court processes and regulatory approvals, analysts have hailed the move as the birth of a financial powerhouse, combining traditional strength with modern digital banking capacity.
The merger positions PUB to compete head-to-head with Nigeria’s Tier-1 banks, leveraging Providus Bank’s digital-driven model and Unity Bank’s deep grassroots footprint.