Unity Bank shareholders are gearing up for a crucial vote that could change the face of Nigeria’s banking landscape — www.naijnaira.com reports.
A decisive meeting is scheduled for September 26, 2025, in Abeokuta, where shareholders will decide whether to merge Unity Bank Plc with Providus Bank Limited.
This merger proposal includes a cash option of ₦3.18 per Unity Bank share or a share-swap deal offering 18 Providus shares for every 17 Unity shares.
Business Post Nigeria confirmed that the Federal High Court in Lagos, led by Justice D.I. Dipeolu, gave the go-ahead for this meeting under Section 711 of CAMA 2020.
If the merger is approved, Providus Bank will emerge as the surviving institution, while Unity Bank will be dissolved without going through liquidation.
The deal covers all assets, liabilities, legal claims, and intellectual property from both banks, unifying them under one stronger financial entity.
Providus Bank’s registration certificate will remain valid, representing the enlarged bank.
For the merger to proceed, at least 75% of voting shareholders must approve, either in person or by proxy.
Shareholders are encouraged to submit questions before September 23 and review the merger documents carefully.
The Central Bank of Nigeria has backed the deal with a ₦700 billion financial lifeline to ensure stability.
Article updated 6 days ago. Content is written and modified by multiple authors.
