Wahala dey come for mid-tier banks as Providus Bank don ready to swallow Unity Bank name join body. According to TheStreetNewspaper, court don order make Unity Bank shareholders gather September 26, 2025, to decide whether dem go gree merger wey fit scatter Unity Bank identity forever.
If shareholders nod head, Unity Bank entire share capital go cancel, meaning the bank go disappear as standalone. From that day, Providus Bank certificate of incorporation go turn to the new identity of the enlarged financial house.
💰 Shareholder Options:
Collect ₦3.18 cash per share wey you hold.
Or swap am for 18 Providus Bank shares (₦0.50 each) for every 17 Unity Bank shares.
📌 Other Big Points for the Merger:
All Unity Bank court cases go continue but under Providus Bank name.
Directors of Unity Bank go fit agree on any adjustment wey CBN and SEC want.
Solicitors go pursue full court order to seal the deal proper.
Federal High Court don appoint Unity Bank Chairman, Hafiz Mohammed Bashir, or Managing Director Ebenezer A. Kolawole, to chair the meeting for OOPL Hotel, Abeokuta. Vote go require three-quarter majority of shareholders either wey show or send proxy.
🔍 Wetin E Mean for Nigeria Banks
If this merger pass, na bye-bye to Unity Bank name. Providus go waka enter bigger league, combine asset and liability, and turn heavyweight for Nigeria banking game. Experts dey talk say e go shake mid-tier competition and give Providus more muscle to attract investors.
TheStreetNewspaper go still dey track this merger matter as September 26 draw near.
