AMCON sells 34% stake in Unity Bank to Providus Bank as final takeover looms 

A block of Unity Bank shares previously held by the Asset Management Corporation of Nigeria (AMCON) exchanged hands on Thursday, September 25, 2025, through a cross deal on the Nigerian Exchange (NGX).

According to a tweet from Proshare (via @TheAnalystNG), 46,063,653 Unity Bank shares were traded at N1.66 per share.

This prompted earlier reports, including from Nairametrics, that over 4 billion shares, representing AMCON’s entire 34% stake, had been sold to Providus Bank.

However, senior sources at Providus Bank have since confirmed to Nairametrics that they were not the acquirer of the traded shares.

In fact, a review of NGX trading records shows that only 8,978 shares were officially recorded as traded on September 25, raising further questions about the nature of the cross deal and the identity of the actual buyer.

Vote to take place on September 26

The share sale comes on the eve of Unity Bank’s court‑ordered shareholder meeting on September 26, where investors will vote on whether to accept N3.18 per share in cash or an exchange ratio (17 Unity shares for 18 in Providus) under the proposed merger.

Court orders from Justice D.I. Dipeolu authorize Unity’s board to implement adjustments required by the SEC, CBN, or court, and to seek final judicial approval post-vote.

If passed, the plan transfers all Unity’s assets, liabilities, licenses, and legal engagements to Providus, effectively dissolving Unity Bank as a standalone entity.

Ownership landscape before the deal

Before the recent trade, AMCON was Unity Bank’s largest shareholder, holding 4,000,612,763 shares (34.22%).

• Other major 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 remainder, 32.69%, was dispersed among other investors.

With AMCON’s exit or partial exit, the bank’s ownership profile is poised for change, just as its future is set to be determined at the meeting.

Financials in brief

Unity Bank, suspended from trading since May 2024, reported unaudited assets of N414 billion and deposits of N402 billion in 2024. Its last traded share price was N1.51, making the N3.18 offer a generous premium.

Providus Bank, in contrast, has grown to N2.56 trillion in assets and N1.5 trillion in deposits.

Profits after tax in 2024 were N33 billion, down from N43.5 billion in 2023.

The merger has been supported by a N700 billion bailout package from the CBN, which approved the plan in August 2024.

What this means now

While the share sale is real, its ultimate buyer is not Providus, contradicting our earlier report.

• The true acquirer remains undisclosed; however, sources suggest the buyer was an entity with a first right of refusal.
• The timing on the eve of the shareholder meeting suggests deliberate positioning ahead of the vote.
• If the merger is approved, Providus will still absorb Unity Bank’s assets and operations, and Unity will cease to exist.

Note: A previous version of this article incorrectly stated that Providus Bank acquired AMCON’s 34% stake in Unity Bank. This has been updated to reflect new information confirming that Providus Bank was not the buyer.