ASPMDA President, Hon. Ngozi Emechebe and other top officials cutting the tape for the opening of ProvidusBank ASPMDA Branch on 17/9/25 (Photos by Business Hilights)
Strong indications have started to emerge indicating that some shylock shareholders may be grand-styling to panic the very last stage of the almost concluded merger or better put, hostile takeover of Unity Bank by Providus Bank after all.
Insider sources at Providus are of the view that even though shareholders may have officially okayed the deal, there are still very tiny issues of discomfort as far as they are concerned even though solution is insight after all.
Otherwise, shareholders are not delaying the Providus Bank-Unity Bank merger; rather, they overwhelmingly approved it in September 2025. The merger, aimed at meeting CBN recapitalization requirements, is in the final stages as of early 2026, with over 90% completion and final regulatory approvals pending.
Key details regarding the merger include:
Overwhelming Approval: At a court-ordered meeting on September 26, 2025, 99.32% of voting Unity Bank shareholders approved the merger.
Merger Terms: Unity Bank shareholders are receiving a cash payout of ₦3.18 per share or 18 units in the enlarged Providus Bank for every 17 shares held.
Final Stage: As of late January 2026, the process is in the final stages of completion.
Merger Purpose: The merger is designed to strengthen the financial standing of both institutions, with the merged entity expected to form a stronger, more competitive bank.
The merger is expected to conclude soon, creating a new, larger entity considering the deep pocket of Providus and the nationwide visibility of Unity Bank.
The merger is one of the three consolidations expected in early 2026 as tier-2 lenders scramble to meet the recapitalisation deadline set by the Central Bank of Nigeria (CBN).
