September 02, (THEWILL) — Providus Bank is set to assume the corporate identity of Unity Bank under a merger scheme that will see Unity shareholders either paid in cash or allotted shares in Providus.
According to the scheme, Providus Bank Limited’s certificate of incorporation will become that of the enlarged entity, while Unity Bank’s entire share capital will be cancelled, effectively dissolving the lender.
In line with a Federal High Court order issued on July 17, 2025, Unity Bank has scheduled a court-ordered meeting for Friday, September 26, 2025, at the OOPL Hotel, Abeokuta, to seek shareholder approval for the merger.
The scheme proposes the transfer of all assets, liabilities, undertakings, real properties, and intellectual property rights of Unity Bank to Providus.
If sanctioned, Providus will emerge as the surviving institution.
Under the consideration terms, Unity Bank shareholders may choose between receiving a cash payment of ₦3.18 per share or exchanging 17 ordinary shares of ₦0.50 each in Unity Bank for 18 ordinary shares of the same value in Providus.
Approval requires at least three-quarters in value of the ordinary shares of members present and voting, either in person or by proxy.
The court has appointed Unity Bank chairman, Hafiz Mohammed Bashir, to preside over the meeting, or in his absence, Managing Director Ebenezer A. Kolawole.
Shareholders may submit questions on the scheme by September 23, while eligibility to attend and vote will be determined by the register of members as of September 19.
Proxy forms must be lodged at least 24 hours before the meeting.
The order also empowers Unity Bank’s directors to accept modifications from regulators, including the Securities and Exchange Commission and the Central Bank of Nigeria.
If shareholders approve, Unity Bank’s solicitors, Adelepetun Caxton-Martins-Agbor & Segun (ACAS-Law), will seek final court sanction to give full effect to the merger and ensure continuity of all pending or contemplated legal proceedings under Providus Bank.
Investors are advised to study the scheme document carefully and weigh the cash and share-swap options before the vote.
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