Unity Bank and Providus Bank Merger Approved, Shareholders to Receive N37bn Payout

Unity Bank Plc and Providus Bank Limited in Nigeria are set to merge, with approval from shareholders and the Central Bank of Nigeria (CBN). The deal involves shareholders receiving a payout of N37 billion, with former President Obasanjo and four other directors set to receive a significant portion.

Unity Bank has been facing financial challenges, reporting significant losses and liabilities exceeding assets. The merger aims to strengthen the financial position of the banks.

Shareholders are expected to convene a meeting to finalize the merger scheme. The merger marks a significant move in the Nigerian banking sector and is part of efforts to enhance financial stability.