By Adedapo Adesanya

Unity Bank Plc will hold a Court-Ordered Meeting on September 26, 2025, in Abeokuta, Ogun State, to vote on the proposed merger with Providus Bank Limited.

Shareholders will consider an offer of N3.18 per share or an allotment of 18 Providus Bank shares for every 17 Unity Bank shares held.

The meeting was ordered by a Federal High Court sitting in Lagos on July 17, 2025, by Justice D. I. Dipeolu under Section 711 of the Companies and Allied Matters Act (CAMA) 2020, in Suit No. FHC/L/MISC/734/2025.

The scheme proposes the combination of all assets, liabilities, undertakings, real properties and intellectual property rights of Unity Bank with those of Providus Bank.

If sanctioned, Providus Bank Limited will become the surviving entity, and Unity Bank’s entire share capital will be cancelled with the bank dissolved without winding up.

The certificate of incorporation of Providus Bank will stand as that of the enlarged institution.

Approval of the scheme at the meeting requires the statutory majority: not less than three-quarters in value of the ordinary shares of members present and voting by poll, in person or by proxy.

The court also appointed Mr Hafiz Mohammed Bashir, Chairman of the Board, to preside; failing him, Mr Ebenezer A. Kolawole, Managing Director, or any other director chosen by shareholders present will chair the proceedings.

Shareholders may submit questions on the Scheme to the Company Secretary on or before 5:00 p.m., Tuesday, September 23, 2025.

Eligibility to attend and vote will be determined by the register of members as of Friday, September 19, 2025, after which the register will be closed for purposes of the meeting.

Proxy Forms have been circulated; duly executed and stamped forms (with any required Power of Attorney or notarized authority) should be lodged with the Registrar not less than 24 hours before the meeting.

In the event a member attends and votes in person, the proxy for that member will not be entitled to vote.

The court’s order also authorizes Unity Bank’s directors to consent to any modifications that the Securities and Exchange Commission (SEC), the Central Bank of Nigeria (CBN) and/or the Court may require.

Upon shareholder approval, Unity Bank’s solicitors, Adelepetun Caxton-Martins-Agbor & Segun (ACAS-Law), will seek final court sanction and any consequential orders necessary to give full effect to the Scheme, including the continuation of all pending or contemplated legal proceedings by or against Providus Bank post-sanction.

Shareholders who have not received the scheme document within 14 days of the notice may obtain copies from Unity Bank Registrars Limited, 25 Ogunlana Drive, Surulere, Lagos.

The Applicants to the proceedings are Providus Bank Limited (RC 198892) and Unity Bank Plc (RC 94524).

Investors were advised to review the scheme document in detail and decide between the cash payout and the share-swap option, bearing in mind the approval thresholds, regulatory conditions, and the proposed corporate structure of the enlarged bank.

Recall that the CBN approved a financial package worth N700 billion to support the proposed merger between Unity Bank Plc and Providus Bank Limited in August 2024.

According to the apex bank, the bailout is aimed at strengthening the stability of Nigeria’s financial system.

By Adedapo Adesanya

Customers have been assured of a smooth transition as one of Nigeria’s oldest banks, Union Bank of Nigeria, completed its merger with Titan Trust Bank Limited, following final approval from the Central Bank of Nigeria (CBN).

It emphasised that there will be no disruption to existing services. Account details remain unchanged, and customers will continue to access a full suite of products and services seamlessly, with an accelerated push towards enhanced digital solutions.

According to a statement from Union Bank’s Head of Brand and Marketing, Mrs Olufunmilola Aluko, the merger concludes a process that began with the signing of a Share Sale Agreement in 2021 and positions Union Bank as an even stronger force within Nigeria’s financial services sector.

Under the terms of the merger, Union Bank has fully absorbed Titan Trust Bank’s operations and assets. The combined institution will continue to operate under the Union Bank brand, while Titan Trust Bank ceases to exist as a separate entity.

With an expanded footprint of over 293 service centres and 937 ATMs nationwide, supported by strengthened digital channels, Union Bank is poised to deliver enhanced value across retail, SME, and corporate segments.

The merger combines Union Bank’s trusted heritage with Titan Trust’s agility and innovation, creating a platform for sustainable growth and broader financial inclusion.

The chief executive of Union Bank, Mrs Yetunde Oni, described the development as “a pivotal moment in our 108-year journey, and a launchpad for delivering greater value to our customers,” stating, “By blending stability with innovation, we are better positioned to meet the evolving needs of Nigerians and to be their most trusted financial partner.”

Also speaking on the transaction, the chairman of Union Bank, Mr Bayo Adeleke, said: “This is a new era of growth, collaboration, and shared prosperity. By bringing together the strengths of both institutions, we are committed to creating lasting value for our customers, shareholders, and communities while advancing Nigeria’s financial inclusion agenda.”

By Aduragbemi Omiyale

More than N60 million in cash rewards will be won by loyal customers of Ecobank Nigeria in the new edition of the Super Rewards campaign running from September 2025 to January 2026.

The promo was put together by the Nigerian subsidiary of the leading pan-African banking institution, Ecobank Group, to celebrate its 40th anniversary.

A statement from Ecobank said during the five-month period, a total of 914 customers would be rewarded with various cash prizes, amounting to N61.2 million, in addition to enjoying a range of benefits that comes with banking with Ecobank.

It was explained that 420 customers operating individual accounts would cash in N16.8 million from the monthly draws and 8 customers from the same category would receive N8 million as grand prizes in January.

Also, 420 customers with business accounts will get N16.8 million from the monthly draws, with 4 getting the grand prize of N16 million to support their businesses, while 50 customers operating student accounts will be rewarded during the monthly draws, each receiving N40,000 (totalling ₦2 million), with 4 youth customers taking the grand reward, receiving education grant of N400,000 each (totalling N1.6 million).

“This year’s campaign is a special celebration of Ecobank Group’s 40 years of operations across Africa and show appreciation to our customers by rewarding their loyalty even as we deliver first-class banking services to them.

“The campaign is open to new and existing individuals, businesses (including SMEs and schools), and youth (students) customers nationwide, including those who reactivate dormant accounts and meet specified deposit and transaction requirements. Monthly draws will be held, ending with a grand finale draw in January, 2026,” the Head of Products and Analytics, Consumer and Commercial Banking at Ecobank Nigeria, Mr Victor Yalokwu, announced in Lagos.

He emphasised the simplicity of the qualification process to encourage broad participation, noting that new individual customers must open an account with a minimum of N10,000 and maintain it for 30 days to qualify for monthly draws. For the grand prize, customers must maintain a minimum deposit of N40,000 for 3 consecutive months.

Business customers need to open accounts with at least N40,000 and maintain the balance similarly, with grand prize qualifications requiring deposit growth of at least N400,000.

All participants must transact through Ecobank’s digital channels—including the Ecobank Mobile app, USSD (*326#), Ecobank Business app, OMNIPLUS, internet banking, or debit card. Monthly draw eligibility requires a minimum of four transactions, while grand prize qualification requires twelve transactions. Each deposit increment of N10,000 (individual) or N40,000 (business) increases chances to earn rewards.

Prospective customers can open accounts via the Ecobank Mobile app, while customers with dormant accounts can reactivate by visiting www.ecobank.com/ng/personal-banking.

“We encourage everyone to join and experience the benefits of banking with Ecobank, while getting rewarded for their loyalty,” Mr Yalokwu concluded.