A sizeable block of Unity Bank shares formerly controlled by the Asset Management Corporation of Nigeria (AMCON) was transferred on Thursday, September 25, 2025, via a cross deal on the Nigerian Exchange (NGX).
Market intelligence platform Proshare, citing @TheAnalystNG, disclosed that 46,063,653 shares were exchanged at N1.66 each.
Earlier claims suggested the trade involved AMCON’s entire 34% stake—over 4 billion shares—and that Providus Bank was the buyer. However, senior sources at Providus have denied any involvement.
Trading data from the NGX further deepens the uncertainty, showing only 8,978 shares officially recorded as traded that day. This discrepancy raises fresh questions about the true nature of the cross deal and the identity of the real acquirer.
The development comes just a day before Unity Bank’s court-sanctioned shareholders’ meeting on September 26, where investors will decide between a cash offer of N3.18 per share or an exchange ratio of 17 Unity shares for 18 Providus shares under the proposed merger.
Justice D.I. Dipeolu has authorized the board to make necessary adjustments based on guidance from the SEC, CBN, or court, and to pursue final judicial approval after the vote. If shareholders approve, Providus will assume Unity’s assets, liabilities, and licenses, effectively bringing Unity Bank’s independent existence to an end.
Before this transfer, AMCON was the single largest shareholder with 4,000,612,763 shares, representing 34.22%. Other notable holdings included PanAfrican Capital Nominee Ltd (12.67%), Lighthouse Capital Ltd (9.01%), Ibad Ltd (6.14%), and El-Amin (Nig.) Ltd (5.27%), while 32.69% was dispersed among others. AMCON’s divestment—partial or complete—marks a significant reshaping of the ownership structure.
Unity Bank, suspended from trading since May 2024, last reported assets of N414 billion and deposits of N402 billion. Its shares were priced at N1.51 before suspension, making the N3.18 merger offer more than double the market price.
Providus Bank, by contrast, controls N2.56 trillion in assets and N1.5 trillion in deposits, though profit after tax slipped to N33 billion in 2024 from N43.5 billion the year before. The Central Bank of Nigeria has already endorsed the merger, backing it with a N700 billion bailout approved in August 2024.
Although the AMCON stake sale is confirmed, the buyer remains undisclosed. The timing—on the eve of the shareholder vote—suggests strategic positioning. If the merger is approved, Unity Bank will be fully absorbed into Providus, closing a major chapter in Nigeria’s banking sector.