Banking
Shareholders to Vote on Unity Bank, Providus Bank Merger September 26
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 Aduragbemi Omiyale
The digital banking arm of Wema Bank Plc, ALAT, is scheduled for an upgrade this month, a statement from the lender has revealed.
Tagged ALAT: The Evolution, Wema Bank said it is adding more features to the platform to once again redefine the future of banking and set the standard on the next chapter in the industry.
With ALAT: The Evolution, the company is pushing the envelope even further, saying it represents a thoughtful evolution of everything users already love about ALAT; redesigned to feel more intuitive, more responsive, and more personal.
From faster interactions, to a smarter understanding of user behavior, to the introduction of SAW (Smart ALAT by Wema, an AI assistant on the ALAT App), the upgraded ALAT will show how far digital banking has come, and how much further it can go when innovation is intentional.
When ALAT by Wema first launched in 2017, it made history as Africa’s first fully digital bank, changing how millions of people viewed and experienced banking.
With the upgraded version of ALAT, Wema Bank is again reaffirming its position as the most innovative bank in the banking industry.
By Adedapo Adesanya
Access Bank Congo has appointed Mr Adeboye Ayewamide as its new chief executive, following regulatory approval from the Central Bank of the Congo.
Mr Ayewamide succeeds Mr Arinze Osuachala, who led the bank for eight years.
In a press release, Access Bank said Mr Osuachala’s tenure marked a shift for the institution, transforming it from a small franchise into a profitable and well-capitalised bank. During this period, the bank recorded steady balance sheet growth, strengthened its revenue base, and maintained capital levels above regulatory requirements.
Mr Ayewamide brings over 18 years of banking experience across commercial banking, operations, risk management, customer experience, and technology transformation. He has held several leadership roles within the Access Bank Group, with a track record focused on execution and institutional growth.
He is an alumnus of Harvard Business School, Wharton, IMD, and Lagos Business School, and holds a Chartered MBA from Bangor University as well as an MBA in Finance from Obafemi Awolowo University (OAU), Ile-Ife, Osun State.
Under the outgoing leadership, Access Bank Congo expanded its network from 2 to 22 locations nationwide and upgraded its core systems to improve operations and service delivery.
The Chairman of the Board, Mr Aubin N’semy Mabanza, stated, “We are pleased to welcome Mr Adeboye Ayewamide as the new Managing Director of Access Bank DRC SA. His leadership experience, strategic depth and human-centric approach ideally position him to lead the Bank into its next phase of growth.
The Board also expresses its sincere appreciation to Mr Osuachala for his exemplary leadership and the remarkable progress made during his tenure, which has significantly strengthened the Bank’s financial strength and strategic relevance.
Mr Ayewamide expresses enthusiasm, stating, “It is an honour to lead Access Bank RDC SA at this crucial time. I look forward to working closely with our stakeholders to build on the strong foundation already in place, accelerate innovation, deepen financial inclusion, and deliver sustainable value to our customers and communities.”
“Leading Access Bank DRC SA has been a privilege. I am proud of the transformation we have accomplished together and grateful for the commitment of our teams, the support of our regulators and the trust of our customers. I am confident that the Bank will continue to prosper under Mr Ayewamide’s leadership,” Mr Osuachala reflected.
Access Bank RDC SA is entering a new stage of strategic execution and expansion with this leadership change as it aims to become the most reputable African bank in the world.
By Adedapo Adesanya
Sterling Bank has partnered with global cross-border payments infrastructure company, Thunes, to enable easier international money transfers for Nigerians living abroad.
In a statement, Thunes said this alliance ultimately ushers in a new standard for cross-border payments, empowering Nigerians abroad with a quicker and simpler method of sending funds home.
Remittances have become a regular with an estimated 17 million Nigerians living and working abroad allowing billions trickling from diaspora into Nigeria with available data showing that the Nigerian diaspora remitted over $20 billion in 2024, an increase of 9 per cent on 2023.
Thunes and Sterling Bank believe that demand for fast, transparent and dependable financial connections to home has never been greater.
“This collaboration reflects the shared commitment of Thunes and Sterling Bank to financial inclusion, and community empowerment, helping people improve financial oversight while spending more effectively. It also supports Thunes’ mission to onboard the next billion end users in emerging markets into the global economy,” they said in a statement.
By leveraging Thunes’ Direct Global Network, Sterling Bank is rolling out this enhanced capability across multiple European markets, giving customers abroad a more consistent way to support their families and manage finances. Via the partnership, new and existing Sterling Bank account holders can now enjoy seamless, instant payments across borders.
“Together, we’re enabling a new level of convenience, speed, and confidence for customers managing finances across borders,” said Mr Daniel Parreira, Senior Vice President of Sales – Africa at Thunes, adding that, “ This alliance demonstrates our ongoing dedication to making global money movement instant, transparent, and accessible for all.”
On his part, Mr Ayodeji Saba, Head, Switch & Remittances at Sterling Bank, said “With Thunes’ trusted technology, we’re giving our customers a faster, more reliable, and more affordable way to fund their Sterling Bank accounts from their foreign bank accounts. It’s a major step forward in improving the experience for our diaspora community.”
The move is coming three years after Thune’s deal with Access Bank in 2023 to facilitate cross-border payments across its African subsidiaries.
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