Providus-Unity Bank (PUB) Set to Launch as Unity Bank Approves Merger

Shareholders of Unity Bank Plc have overwhelmingly approved the much-anticipated merger with Providus Bank Limited, setting the stage for the birth of a formidable financial powerhouse in Nigeria’s banking industry.

The decisive vote took place at the Court-Ordered Meeting held on Friday at the OOPL Hotel in Abeokuta, Ogun State, where 295 shareholders participated in the deliberations. Out of this number, an overwhelming 293 shareholders (99.32% of total shareholding valued at ₦4.4 billion) voted in favour, while just two shareholders (0.68%) voted against, sealing what analysts are describing as a transformational deal.

Scheme of Merger: What Shareholders Get

According to the terms of the merger:

• Unity Bank shareholders will receive ₦3.18 per share, or
• Be allotted 18 fully paid ordinary shares of ₦0.50 each in Providus Bank Limited for every 17 ordinary shares of Unity Bank Plc held.

Upon completion, Unity Bank’s entire share capital will be cancelled and the institution dissolved without winding up, while Providus Bank Limited will continue with its existing incorporation as the enlarged entity.

New Identity: Providus-Unity Bank (PUB)

Unity Bank’s Chairman, Hafiz Mohammed Bashir, revealed that the combined entity will be called Providus-Unity Bank (PUB). The new name, he explained, underscores the merger’s focus on retaining customer loyalty across Nigeria’s diverse market base, particularly in the northern region where Unity Bank has built strong brand recognition.

“This approval by our shareholders is a strong vote of confidence in the merger and what it represents for the future,” Bashir said. “By joining forces with Providus Bank, we are creating a stronger, more competitive, and more resilient institution that will deliver long-term value to our customers, shareholders, and the Nigerian economy.”

Clarification on NGX Share Trading

The Chairman also clarified developments on the Nigerian Exchange (NGX). He noted that Unity Bank shares, which had earlier been suspended, were re-admitted for trading on September 25, 2025. On that day, 4.004 billion units of AMCON shares — representing 34% of Unity Bank’s issued shares — were crossed to an existing shareholder of Unity Bank, not to Providus Bank.

Next Steps

Shareholders further empowered the Bank’s Directors, Solicitors, and Transaction Advisers to secure all necessary Court Orders and complete outstanding regulatory approvals required to implement the merger in full.

Analysts’ Perspective

Financial analysts have hailed the merger as a strategic masterstroke that will reshape Nigeria’s banking landscape. By combining Unity Bank’s wide retail network and strong northern presence with Providus Bank’s agility, digital banking strength, and innovation-driven model, the enlarged Providus-Unity Bank (PUB) is positioned to become a tier-one competitor with the scale to challenge established players.

“This is not just a merger; it’s the birth of a stronger bank with the scale, resilience, and capacity to thrive in Nigeria’s dynamic financial sector,” said one Lagos-based banking analyst. Another noted that the synergy will allow the new entity to balance traditional banking strength with modern digital solutions, creating value for shareholders and customers alike.

With this approval, Unity Bank and Providus Bank are on course to complete one of the most significant bank consolidations in Nigeria’s recent history — one expected to deliver broader financial inclusion, stronger capitalisation, and enhanced competitiveness across the sector.

Unity Bank shareholders overwhelmingly approve merger with Providus Bank, birthing Providus-Unity Bank (PUB). The landmark deal promises a stronger, digitally-driven institution set to reshape Nigeria’s banking sector.