Existing Unity Bank shareholder acquired AMCON’s 34% stake

Unity Bank Plc has confirmed that an existing shareholder of the Bank acquired the 34% equity stake previously held by the Asset Management Corporation of Nigeria (AMCON). The transaction, which crossed 4.004 billion units of Unity Bank shares on the floor of the Nigerian Exchange Limited (NGX) on September 25, 2025, follows the lifting of the suspension placed on trading of the Bank’s shares.

The Bank clarified that the shares were acquired by an existing investor and not by Providus Bank Limited, which is currently pursuing a merger with Unity Bank.
Meanwhile, at the Court-Ordered Meeting held on September 26, 2025, in Abeokuta, Ogun State, shareholders overwhelmingly approved the Scheme of Merger with Providus Bank Limited. Out of 295 shareholders who participated, 293 shareholders representing 99.32% of the Bank’s shareholding (₦4.4 billion in value) voted in favour of the merger resolutions.

By the terms of the Scheme, Unity Bank shareholders will receive ₦3.18 per share or be allotted 18 ordinary shares of ₦0.50 each in Providus Bank Limited (credited as fully paid) for every 17 ordinary shares of Unity Bank Plc held. Upon completion, the entire share capital of Unity Bank will be cancelled and the Bank dissolved without winding up, while Providus Bank Limited will retain its certificate of incorporation as the enlarged bank.

Speaking on the development, Chairman of Unity Bank Plc, Hafiz Mohammed Bashir, said: “The acquisition of AMCON’s 34% stake by an existing shareholder further strengthens confidence in Unity Bank’s future. Alongside the merger with Providus Bank, this marks the beginning of a new chapter that will deliver greater value to shareholders, customers, and the Nigerian economy.”

Shareholders further authorised the Bank’s Directors and Solicitors to seek the necessary Court orders and take all actions required to give full effect to the Scheme (BusinessDay)