The Asset Management Corporation of Nigeria (AMCON) has divested its 34% stake in Unity Bank Plc to Providus Bank, marking a significant step toward their merger.
On September 25, 2025, the NGX recorded a cross-deal of 4 billion Unity Bank shares at ₦1.66 each, totaling over ₦6.5 billion, with the shares set to transfer to Providus Bank.
This acquisition is a key milestone ahead of a September 26, 2025, shareholder vote on the merger, which could see Unity Bank fully integrated into Providus, potentially rebranding as a national retail bank with enhanced digital capabilities.
Unity Bank shareholders are offered ₦3.18 per share, a 110% premium over the ₦1.51 price before the stock’s suspension in May 2024.
Providus Bank, operational since June 2017, has grown rapidly, focusing on tech-savvy customers and SMEs. The merger leverages Unity Bank’s 211-branch network across Nigeria’s 36 states and the FCT to transform Providus into a national player.
The deal enhances Providus’ retail banking presence, integrating its digital infrastructure with Unity Bank’s physical branches to improve service delivery and efficiency. The combined entity will focus on SMEs in sectors like agriculture, mining, e-commerce, hospitality, and entertainment.
Unity Bank’s assets were valued at ₦414 billion in 2024, with ₦402 billion in deposits. Providus Bank’s assets grew to ₦2.56 trillion in 2024, with ₦1.5 trillion in deposits and ₦33 billion in profit after tax.
AMCON, Unity Bank’s largest shareholder with a 34.22% stake, exits after a decade of ownership following a post-crisis intervention. Other major shareholders included PanAfrican Capital Nominee Limited (12.67%), Lighthouse Capital Limited (9.01%), Ibad Limited (6.14%), and El-Amin Nigeria Limited (5.27%).
A court-ordered shareholder meeting on September 26 will decide on a ₦3.18 per share payout or a share swap (17 Unity Bank shares for 18 Providus shares). If approved, Unity Bank’s assets, liabilities, and legal matters will transfer to Providus, with Unity Bank dissolving. The CBN and SEC approved the merger in August 2024, with the CBN providing a ₦700 billion loan to recapitalise the merged entity.
