Unity Bank Shares Hit Low as Investors Gain N279 Billion - AMCON Acquires Stake for Merger

Investors gained N279 billion as Unity Bank shares hit a 52-week low on the Nigerian Exchange. The market closed positively, with gains in industrial, oil, gas, and banking stocks.

The NGX Index rose, and the market capitalization improved. Asset Management Corporation (AMCON) acquired a 34% equity stake in Unity Bank, leading to the lender's dissolution and Providus Bank taking over.

This merger was part of the banking recapitalization deadline set by the Central Bank of Nigeria. The final approval for the merger was granted by the CBN, resulting in the formation of a stronger financial institution.