Unity Bank Shareholders to be Paid ₦3.18 Per Share in Providus Bank Merger

Unity Bank shareholders are to be paid ₦3.18 Per Share in the Providus Bank Merger. Unity Bank last traded at N1.51 a share.

The Federal High Court sitting in Lagos under the hand of Hon. Justice D. I. Dipeolu has directed that a meeting of the holders of the fully paid up ordinary shares of Unity Bank Plc be convened and held for the purpose of considering and if thought fit, approving (with or without modification) a Scheme of Merger between the Bank and Providus Bank Limited (the Scheme).

“That in consideration of (2) above, all shareholders of the Bank shall, after the Scheme is sanctioned by the Court, be paid ₦3.18 for every share held in the Bank in accordance with the terms stipulated in the Scheme, or be allotted 18 ordinary shares of N0.50 each in Providus Bank Limited (credited as fully paid) in exchange for every 17 ordinary shares of the Bank of N0.50 each (the “Scheme Consideration”)”; Unity Bank said.

“That the certificate of incorporation of Providus Bank Limited shall be the certificate of incorporation of the Enlarged Bank.”

The meeting will be held at OOPL Hotel, Abeokuta, Ogun state on the 26th day of September, 2025 at 9:00am, or so soon thereafter, at which place and time all the aforesaid shareholders are requested to attend.

A copy of the Scheme Document is being sent to shareholders.

At the meeting, sub-joined resolutions will be proposed and, if thought fit, passed as special resolutions of the Bank.

The Central Bank of Nigeria last year increased the minimum capital requirement for lenders 10-fold to strengthen the industry against risks from high inflation, a weak economy and a steep naira devaluation.

The country’s top banks including Access Holdings Plc, Guaranty Trust Holding Company and Zenith Bank plc previously announced that they had met the deadline.

Smaller ones such as Providus Bank Ltd and Unity Bank plc have announced plans to merge to meet the requirements.