AMCON Sells 34% Stake in Unity Bank to Providus
The Asset Management Corporation of Nigeria (AMCON) has divested 34% of its equity interest in Unity Bank Plc, selling it to Providus Bank. This move significantly strengthens the ongoing merger negotiations between the two financial institutions.
The 34% stake was transferred via a cross deal on the Nigerian Exchange Limited (NGX), involving four billion Unity Bank shares at N1.66 per share, totaling over N6.5 billion. The transaction was executed 24 hours ahead of the scheduled Court-Ordered Meeting, where shareholders will vote on the merger scheme.
On September 25, 2025, three separate deals involving Unity Bank shares were completed, signaling a major step forward in the integration process. The merger aims to position Providus Bank as a stronger, more competitive player in Nigeria’s banking sector, helping it meet the Central Bank of Nigeria’s (CBN) March 31, 2026, recapitalization deadline.
Founded in June 2017, Providus Bank has rapidly grown into a digital-savvy financial institution offering a range of personal, corporate, and digital banking solutions. Its focus on innovative financial services includes business advisory, portfolio management, and self-service options designed to cater to SMEs, high-net-worth individuals, and institutional clients.
The bank’s strategic goal is to expand beyond its current niche, leveraging Unity Bank’s extensive network of over 211 branches across all 36 states and the FCT. This merger will enable Providus to deepen its retail and SME markets, particularly in sectors such as agriculture, mining, e-commerce, hospitality, and entertainment.
Providus plans to integrate its advanced technology platform with Unity Bank’s branch network to improve service delivery and operational efficiency. The combined entity aims to unlock new value across retail, SME, and digital banking channels, transforming from a primarily digital platform into a full-scale national bank.
At the upcoming Court-Ordered Meeting, Unity Bank shareholders will decide between accepting a cash consideration of N3.18 per share or opting for a share swap, where every 17 Unity Bank shares will convert into 18 shares in the enlarged Providus Bank. Upon approval, Unity Bank’s assets, liabilities, and ongoing legal matters will transfer to Providus, leading to the dissolution of Unity Bank and the continuation of Providus as the surviving entity.
Regulatory approvals from the CBN and SEC, already secured in August 2024, are expected to pave the way for the completion of the merger.