Unity Bank Plc will hold a Court-Ordered Meeting on September 26, 2025, in Abeokuta, Ogun State, to vote on the proposed merger with Providus Bank Limited.
Shareholders will consider an offer of N3.18 per share or an allotment of 18 Providus Bank shares for every 17 Unity Bank shares held.
The meeting was ordered by a Federal High Court sitting in Lagos on July 17, 2025, by Justice D. I. Dipeolu under Section 711 of the Companies and Allied Matters Act (CAMA) 2020, in Suit No. FHC/L/MISC/734/2025.
The scheme proposes the combination of all assets, liabilities, undertakings, real properties and intellectual property rights of Unity Bank with those of Providus Bank.
If sanctioned, Providus Bank Limited will become the surviving entity, and Unity Bank’s entire share capital will be cancelled with the bank dissolved without winding up.
The certificate of incorporation of Providus Bank will stand as that of the enlarged institution.
Approval of the scheme at the meeting requires the statutory majority: not less than three-quarters in value of the ordinary shares of members present and voting by poll, in person or by proxy.
The court also appointed Mr Hafiz Mohammed Bashir, Chairman of the Board, to preside; failing him, Mr Ebenezer A. Kolawole, Managing Director, or any other director chosen by shareholders present will chair the proceedings.
Shareholders may submit questions on the Scheme to the Company Secretary on or before 5:00 p.m., Tuesday, September 23, 2025.
Eligibility to attend and vote will be determined by the register of members as of Friday, September 19, 2025, after which the register will be closed for purposes of the meeting.
Proxy Forms have been circulated; duly executed and stamped forms (with any required Power of Attorney or notarized authority) should be lodged with the Registrar not less than 24 hours before the meeting.
In the event a member attends and votes in person, the proxy for that member will not be entitled to vote.
The court’s order also authorizes Unity Bank’s directors to consent to any modifications that the Securities and Exchange Commission (SEC), the Central Bank of Nigeria (CBN) and/or the Court may require.
Upon shareholder approval, Unity Bank’s solicitors, Adelepetun Caxton-Martins-Agbor & Segun (ACAS-Law), will seek final court sanction and any consequential orders necessary to give full effect to the Scheme, including the continuation of all pending or contemplated legal proceedings by or against Providus Bank post-sanction.
Shareholders who have not received the scheme document within 14 days of the notice may obtain copies from Unity Bank Registrars Limited, 25 Ogunlana Drive, Surulere, Lagos.
The Applicants to the proceedings are Providus Bank Limited (RC 198892) and Unity Bank Plc (RC 94524).
Investors were advised to review the scheme document in detail and decide between the cash payout and the share-swap option, bearing in mind the approval thresholds, regulatory conditions, and the proposed corporate structure of the enlarged bank.
Recall that the CBN approved a financial package worth N700 billion to support the proposed merger between Unity Bank Plc and Providus Bank Limited in August 2024.
According to the apex bank, the bailout is aimed at strengthening the stability of Nigeria’s financial system.