By Seun Ibiyemi
Unity Bank Plc has clarified that the 34 percent equity stake previously held by the Asset Management Corporation of Nigeria (AMCON) was acquired by an existing shareholder of the bank, not by Providus Bank Limited.
In a statement over the weekend, the Bank explained that the stake, representing over 4.004 billion shares, was purchased by a current investor.
It stressed that Providus Bank, which is presently working on a merger with Unity Bank, had no involvement in the transaction.
“The shares were acquired by an existing investor and not by Providus Bank Limited, which is currently pursuing a merger with Unity Bank,” the statement read.
Meanwhile, shareholders and Boards of Directors of both institutions have approved the planned merger.
The approval was granted at a court-ordered Extraordinary General Meeting (EGM) held on Friday.In a joint statement, Providus Bank and Unity Bank commended the Central Bank of Nigeria (CBN) for its foresight and commitment to building a stronger and more resilient financial system.
They noted that the merger would reinforce confidence in the banking industry and support Nigeria’s transition into a trillion-dollar economy.
The combined entity is expected to operate about 230 branches nationwide, placing it among banks with the widest reach in the country.
While Unity Bank brings decades of legacy service, Providus Bank is set to contribute innovation, digital platforms, and customer-focused service delivery.
The banks further assured stakeholders that the merger would protect existing jobs, create new opportunities, and strengthen staff welfare as part of efforts to position the new institution as a future-ready bank.
“This historic transaction is not simply about numbers; it is about confidence in the Nigerian financial system. By combining Providus Bank and Unity Bank, we are creating an institution of scale and substance that will give confidence to customers, strength to the financial system, and opportunity for our people,” they said.
With stronger capital and modern technology platforms, the enlarged bank is expected to serve as both a stabilising force and a catalyst for growth in Nigeria’s financial landscape.
Commenting on the development, Hafiz Mohammed Bashir, Chairman of Unity Bank Plc, described the acquisition of AMCON’s stake and the forthcoming merger as a major step toward long-term growth and stability.
“The acquisition of AMCON’s 34% stake by an existing shareholder further strengthens confidence in Unity Bank’s future,” Bashir stated.
“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.”
The bank noted that shareholders have also authorised its Directors and Solicitors to pursue all necessary court approvals and regulatory processes to ensure the successful implementation of the merger.