Court-Ordered Meeting Holds Sept 26
Consequent on the ongoing recapitalisation in the Nigerian banking industry, the board ofo Unity Bank Plc has slated a meeting of shareholders on the order Justice Dehinde Dipeolu of the Federal High Court, Lagos Division in Suit No. FHC/L/MISC/734/2025 to approve its merger and subsequent integration with Providus Bank Limited on September 26, 2025.
At the meeting, the directors will propose as special resolutions a scheme of merger for approval a “merger of all the assets, liabilities and undertakings, including real properties, and intellectual property rights of the Bank with that of ProvidusBank Limited, upon the terms and subject to the conditions set out in the Scheme Document.”
According to the notice filed on the Nigerian Exchange platform, dated August 29, 2025, by Adepetun Caxton-Martins-Agbor & Segun, solicitors to Unity Bank Plc, shareholders of Unity Bank are also required to approve the payment of ₦3.18 per share held, or be allotted 18 ordinary shares in Providus Bank Limited (credited as fully paid) in exchange for every 17 ordinary share held. . The cash consideration represents ₦1.67 or 110.59% premium on the last traded price of ₦1.51 each on the Nigerian Exchange.
The entire share capital of Unity Bank will thereafter be cancelled and the Bank dissolved without winding up, while the certificate of incorporation of Providus Bank Limited becomes the certificate of incorporation of the emergent bank.
