The Asset Management Corporation of Nigeria (AMCON) has sold its 34% equity stake in Unity Bank Plc to Providus Bank, marking a major milestone in a long-awaited merger between the two financial institutions.
According to trade details on the Nigerian Exchange (NGX), the transaction was completed on Thursday, September 25, 2025, via a crossed deal involving 46,063,653 Unity Bank shares at N1.66 per share, amounting to over N76.5 million in value.
Naijaonpoint can confirm that the acquired shares are intended to be transferred to Providus Bank, further solidifying its takeover of Unity Bank as part of a broader merger scheme that is set to culminate in Unity Bank’s full integration into Providus.
The share acquisition by Providus Bank, especially the AMCON stake, is a critical milestone ahead of the September 26 shareholder vote.
Providus Bank’s bold leap into national retail banking
The acquisition marks a milestone for Providus Bank, which began operations in June 2017.
The move aligns with Providus’ broader strategy to deepen its retail presence and diversify its customer base.
Unity Bank was last valued at N19.4 billion before its shares were suspended in May 2024.
Providus Bank, by comparison, had grown its asset base from N373 billion in 2020 to N2.56 trillion in 2024.
Its customer deposits reached N1.5 trillion, while profit after tax stood at N33 billion, slightly down from N43.5 billion in 2023.
AMCON’s sale of its Unity Bank stake concludes years of ownership following the bank’s earlier rescue.
Per the court order by Hon. Justice D.I. Dipeolu, Unity Bank shareholders will decide whether to approve a cash consideration of N3.18 per share or opt for a share swap under which every 17 Unity Bank shares convert into 18 shares in the enlarged Providus Bank.
The CBN had also backed the deal with a N700 billion lifeline loan to recapitalize the combined entity.