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
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
