Unity Bank Clarifies AMCON Stake Sale for Future Merger with Providus Bank

Unity Bank clarifies the sale of its stake to AMCON, paving the way for a future merger with Providus Bank. The Chairman of Unity Bank, Hafiz Mohammed Bashir, confirmed the transaction involving the purchase of four billion Unity Bank shares by Providus Bank.

The merger aims to create a stronger entity with an expanded branch network and improved capital adequacy ratio. Shareholders at a meeting in Abeokuta approved the merger, with 293 out of 295 participants voting in favor.

The transaction was executed on September 25, 2025, with existing investors' shares being acquired. This move signifies confidence in the future merger and the growth prospects of the newly enlarged Providus Bank.