Unity Bank + Providus: 5 Things Shareholders Must Know Before the Big Vote

Nigeria’s banking scene is about to get a shake-up. On Friday, September 26, 2025, Unity Bank shareholders will gather at OOPL Hotel, Abeokuta, to decide whether to merge with ProvidusBank—a deal that could reshape the future of both institutions.

But before you tick “yes” or “no,” here are the 5 things you need to know

1️⃣ This Isn’t Just a Partnership—It’s a Full Merger

If approved, Unity Bank won’t exist as a standalone brand anymore. ProvidusBank becomes the surviving entity, carrying the new certificate of incorporation. In plain English: Providus swallows Unity whole.

2️⃣ Shareholders Get 2 Options on the Table

The deal offers Unity Bank investors a choice:

Cash Out: ₦3.18 per share

Swap Shares: Trade 17 Unity Bank shares for 18 Providus shares

This is where investors must decide: short-term liquidity or long-term equity play?

3️⃣ The Vote Threshold Is Tough

This isn’t a simple majority game. Approval requires at least three-quarters in value of shares voted. So, unless a big chunk of shareholders are aligned, this merger won’t fly.

4️⃣ Regulators Have the Final Say

Even if shareholders vote “yes,” the deal still needs a green light from the CBN, SEC, and the Court. Any tweaks they demand? Unity’s board is empowered to accept them.

5️⃣ What It Means for Investors

Unity shareholders face a classic decision:

Take the cash and walk away.

Or ride with Providus in hopes the merged bank creates bigger value down the line.

Think of it as: “exit now” vs “bet on the future.”

The Bottom Line

The Unity–Providus merger could mark one of the boldest banking moves since consolidation. Shareholders have less than a month to review the Scheme Document and make the call.

Whether you cash out or swap in, one thing’s certain: September 26 will be a make-or-break day for Unity Bank’s story.

Anonymous

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Unity Bank + Providus: 5 Things Shareholders Must Know Before the Big Vote

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