Nigeria’s financial landscape is undergoing significant transformation as the Central Bank of Nigeria (CBN) implements stricter recapitalization rules.
Although the deadline of March 31, 2026, is still months away, 12 banks have already met or exceeded the required thresholds, demonstrating strong investor interest and strategic planning.
One of the major bank mergers is progressing, as the Asset Management Corporation of Nigeria (AMCON) has decided to sell its shares.
The development follows a final approval from AMCON the major shareholder in Unity Bank and the sale signals that Unity Bank will soon be Providus Bank
There is a believer that the merger strengthens Providus Bank’s national presence while Unity Bank will close
This moves has now clear the way for a long-awaited merger between the two financial institutions
According to trade details on the Nigerian Exchange (NGX), the transaction was completed on Thursday, September 25 through a crossed deal involving 4 billion Unity Bank shares at N1.66 per share, amounting to over N6.5 billion.
The acquired shares are expected to be transferred to Providus Bank ahead of a court-ordered shareholder meeting scheduled for Friday, September 26, where Unity Bank shareholders will vote on the merger proposal.
The acquisition marks a critical milestone in Providus Bank’s strategy to expand its footprint and digital banking reach.
If approved, Unity Bank’s assets, liabilities, intellectual property, and ongoing legal matters will be transferred to Providus Bank, and Unity Bank will be dissolved, leaving Providus as the surviving entity.
Shareholders of Unity Bank are being offered N3.18 per share in cash, representing a 110% premium over the stock’s suspension price of N1.51, or an alternative option to participate in a share swap, under which every 17 Unity Bank shares would convert into 18 shares in the enlarged Providus Bank.
