Unity Bank Plc has announced that a current shareholder has acquired the 34 per cent equity stake formerly held by the Asset Management Corporation of Nigeria.

In a statement on Saturday, the bank clarified that the stake, comprising over 4.004 billion shares—was bought by an existing investor, not by Providus Bank Limited, which is still in the process of merging with Unity Bank.

“The shares were acquired by an existing investor and not by Providus Bank Limited, which is currently pursuing a merger with Unity Bank,” the statement read.

The transaction was completed on September 25, 2025, on the Nigerian Exchange Limited, shortly after the suspension on Unity Bank’s shares was lifted.

At a court-ordered meeting in Abeokuta on September 26, 2025, Unity Bank shareholders overwhelmingly approved the proposed merger with Providus Bank Limited.

The bank stated that 293 of 295 shareholders, representing 99.32% of the total shareholding valued at N4.4 billion, voted in favor of the merger resolutions.

Under the approved Scheme of Merger, Unity Bank shareholders can choose to either:

Receive N3.18 per share, or

Be allotted 18 ordinary shares of N0.50 each in Providus Bank Limited (fully paid) for every 17 ordinary shares of Unity Bank Plc they hold.

Once the merger is completed, Unity Bank’s entire share capital will be cancelled, and the bank will be dissolved without winding up, while Providus Bank Limited will continue as the enlarged entity, retaining its existing certificate of incorporation.

Commenting on the development, thr Chairman of Unity Bank Plc, Hafiz Mohammed Bashir, described the acquisition of AMCON’s stake and the upcoming merger as a significant move toward the bank’s long-term growth and stability.

“The acquisition of AMCON’s 34% stake by an existing shareholder further strengthens confidence in Unity Bank’s future,” Bashir said.

“Alongside the merger with Providus Bank, this marks the beginning of a new chapter that will deliver greater value to shareholders, customers, and the Nigerian economy.”

The bank stated that shareholders have also empowered its Directors and Solicitors to obtain all required court approvals and complete regulatory processes to facilitate the successful execution of the merger.