Unity Bank Plc has notified the Nigerian Exchange and the investing public about the progress of its merger with Providus Bank Limited.
The Court has directed that a meeting of the holders of the fully paid-up ordinary shares of Unity Bank Plc be convened and held for the purpose of considering and approving a Scheme of Merger between the Bank and Providus Bank Limited.
The meeting will be held on the 26th of September, 2025 and the following sub-joined resolutions will be proposed and passed as special resolutions of the Bank:
1. “That the Scheme of merger as contained in the Scheme Document dated the 25th day of June, 2025 a printed copy of which has been presented at the Court-0rdered Meeting and, for purposes of identification, endorsed by the Chairman, be and is hereby approved; and that the Directors be and are hereby authorised to consent to any modification of the Scheme Document that the Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN) and/or the Court shall deem fit to impose and approve.”
2. “That the merger of all the assets, liabilities and undertakings, including real properties, and intellectual property rights of the Bank with that of Providus Bank Limited, upon the terms and subject to the conditions set out in the Scheme Document, be and is hereby approved without any further act or deed.”
3. “That all legal proceedings, claims and litigation matters pending or contemplated by or against the Bank be continued by or against Providus Bank Limited after the Scheme is sanctioned by the Court.”
4. “That in consideration of (2) above, all shareholders of the Bank shall, after the Scheme is sanctioned by the Court, be paid ₦3.18 for every share held in the Bank in accordance with the terms stipulated in the Scheme, or be allotted 18 ordinary shares of N0.50 each in Providus Bank Limited (credited as fully paid) in exchange for every 17 ordinary shares of the Bank of N0.50 each (the “Scheme Consideration”)”
5. “That the entire share capital of the Bank be cancelled and the Bank be dissolved without winding up.”
6. “That the certificate of incorporation of Providus Bank Limited shall be the certificate of incorporation of the Enlarged Bank.”
7. “That the Solicitors of the Bank be and are hereby directed to seek orders of the Court sanctioning the Scheme and the foregoing resolutions, as well as such other incidental, consequential or supplemental orders as are necessary or required to give full effect to the Scheme.”
8. “That the Directors of the Bank be and are hereby authorised to take such other actions and steps as may be necessary or required to give full effect to the Scheme.”