Merger: AMCON Shares Bought By Existing Shareholder, Unity Bank Clarifies

Unity Bank Plc has clarified further regarding the merchantability of the Asset Management Corporation of Nigeria’s (AMCON) 34 per cent equity involvement successful the bank, confirming that the shares were acquired by an existing shareholder and not by Providus Bank Limited.

This improvement is said to signpost stakeholders’ assurance successful the aboriginal of Unity Bank’s merger with Providus Bank, arsenic the recently enlarged Providus Bank volition boast an expansive subdivision web crossed Nigeria and a stronger superior adequacy ratio.

The president of Unity Bank, Hafiz Bashir, made this disclosure astatine a court-ordered shareholders’ gathering held astatine the play successful Abeokuta. The clarification followed media reports suggesting that Providus Bank had purchased the involvement successful a N6.5 cardinal transaction involving implicit 4 cardinal Unity Bank shares.

Unity Bank stated that an existing capitalist was progressive successful the transaction executed connected September 25, 2025, connected the Nigerian Exchange Limited (NGX) soon aft the suspension connected its shares was lifted.

“The shares were acquired by an existing shareholder of the bank, not by Providus Bank Limited, which is presently pursuing a merger with Unity Bank,” the connection read.

Unity Bank shareholders overwhelmingly approved the projected merger with Providus Bank Limited astatine the Court-Ordered Meeting successful Abeokuta. Of the 295 shareholders who participated, 293, representing 99.32 per cent of the full shareholding valued astatine N4.4 billion, voted successful favour of the merger resolutions.

Under the presumption of the Scheme of Merger, Unity Bank shareholders volition beryllium fixed 2 options. They whitethorn take to person a currency information of N3.18 per share, oregon opt for stock allotment, wherever each 17 Unity Bank shares held volition beryllium exchanged for 18 mean shares of 50 kobo each successful Providus Bank Limited, credited arsenic afloat paid.

Once completed, Unity Bank’s full stock superior volition beryllium cancelled, and the slope volition beryllium dissolved without winding up. Providus Bank Limited volition clasp its certificate of incorporation arsenic the surviving and enlarged entity.

Unity Bank stated that “the merger marks a important turning constituent successful Nigeria’s banking landscape.

The enlarged instauration volition harvester Unity Bank’s extended nationalist subdivision web with Providus Bank’s strengths successful innovation, integer banking, and customer-centric services. Together, the banks volition beryllium positioned to service households, tiny and mean enterprises, corporates, and authorities institutions much effectively.”

The caller entity volition commence operations with astir 230 branches nationwide, giving it 1 of the industry’s astir expansive carnal networks. It volition besides motorboat with a beardown superior adequacy ratio, ensuring competitiveness nether Nigeria’s evolving banking reforms.

Speaking of these developments, Bashir noted, “the acquisition of AMCON’s 34 per cent involvement by an existing shareholder further strengthens assurance successful Unity Bank’s future. Alongside the merger with Providus Bank, this marks the opening of a caller section that volition present greater worth to shareholders, customers, and the Nigerian economy.”

Unity Bank stated that shareholders person besides authorised its directors and solicitors to prosecute each indispensable tribunal and regulatory approvals to guarantee creaseless merger implementation.