A block of Unity Bank shares beforehand held by the Asset Administration Company of Nigeria (AMCON) exchanged arms on Thursday, September 25, 2025, by means of a cross deal on the Nigerian Alternate (NGX).
In response to a tweet from Proshare (through @TheAnalystNG), 46,063,653 Unity Bank shares have been traded at N1.66 per share.
This prompted earlier stories, together with from Nairametrics, that over 4 billion shares, representing AMCON’s complete 34% stake, had been bought to Providus Bank.
Nevertheless, senior sources at Providus Bank have since confirmed to Nairametrics that they weren’t the acquirer of the traded shares.
Actually, a assessment of NGX buying and selling information reveals that solely 8,978 shares have been formally recorded as traded on September 25, elevating additional questions in regards to the nature of the cross deal and the identification of the particular purchaser.
Vote to happen on September 26
The share sale comes on the eve of Unity Bank’s court docket‑ordered shareholder assembly on September 26, the place buyers will vote on whether or not to simply accept N3.18 per share in money or an change ratio (17 Unity shares for 18 in Providus) underneath the proposed merger.
Court docket orders from Justice D.I. Dipeolu authorize Unity’s board to implement changes required by the SEC, CBN, or court docket, and to hunt remaining judicial approval post-vote.
If handed, the plan transfers all Unity’s property, liabilities, licenses, and authorized engagements to Providus, successfully dissolving Unity Bank as a standalone entity.
Possession panorama earlier than the deal
Earlier than the current commerce, AMCON was Unity Bank’s largest shareholder, holding 4,000,612,763 shares (34.22%).
- Different main shareholders included PanAfrican Capital Nominee Ltd (12.67%), Lighthouse Capital Ltd (9.01%), Ibad Ltd (6.14%), and El‑Amin (Nig.) Ltd (5.27%).
- The rest, 32.69%, was dispersed amongst different buyers.
With AMCON’s exit or partial exit, the bank’s possession profile is poised for change, simply as its future is about to be decided on the assembly.
Financials briefly
Unity Bank, suspended from buying and selling since Could 2024, reported unaudited property of N414 billion and deposits of N402 billion in 2024. Its final traded share value was N1.51, making the N3.18 provide a beneficiant premium.
Providus Bank, in distinction, has grown to N2.56 trillion in property and N1.5 trillion in deposits.
Income after tax in 2024 have been N33 billion, down from N43.5 billion in 2023.
The merger has been supported by a N700 billion bailout package deal from the CBN, which accredited the plan in August 2024.
What this implies now
Whereas the share sale is actual, its final purchaser isn’t Providus, contradicting our earlier report.
- The true acquirer stays undisclosed; nevertheless, sources counsel the client was an entity with a primary proper of refusal.
- The timing on the eve of the shareholder assembly suggests deliberate positioning forward of the vote.
- If the merger is accredited, Providus will nonetheless soak up Unity Bank’s property and operations, and Unity will stop to exist.
Observe: A earlier model of this text incorrectly said that Providus Bank acquired AMCON’s 34% stake in Unity Bank. This has been up to date to mirror new data confirming that Providus Bank was not the client.
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