Providus Bank to Absorb Unity Bank in Merger Advancement

Providus Bank is set to absorb Unity Bank as part of a merger plan that is progressing towards completion. The merger scheme will involve Unity Bank shareholders receiving either cash payments or allotted shares in Providus Bank.

According to the plan, Providus Bank Limited will become an enlarged entity after Unity Bank's entire share capital is canceled, following a Federal High Court order issued in July 2025. Unity Bank shareholders are scheduled to meet on September 26, 2025, at OOPL Hotel in Abeokuta to seek approval for the merger scheme.

The merger will result in Providus Bank emerging as the surviving institution, with Unity Bank's assets, liabilities, and intellectual property rights transferred to Providus.