In a major development signaling further consolidation in Nigeria’s banking sector, the Asset Management Corporation of Nigeria (AMCON) has sold its 34.22 per cent equity stake in Unity Bank Plc to Providus Bank Limited.

The transaction, one of the largest block trades in the financial sector in recent years, was executed off-market yesterday through three negotiated deals.

A total of 4,001,368,233 ordinary shares of Unity Bank were transferred at ₦3.18 per share, valuing the deal at approximately ₦12.72 billion.

Cordros Securities Limited acted as broker for AMCON, while PAC Securities Limited executed the trade on behalf of Providus Bank or a Special Purpose Vehicle (SPV) set up by the bank.

This divestment represents AMCON’s full exit from Unity Bank and is widely seen as a key step toward the planned merger between Unity Bank and Providus Bank.

Under the scheme of arrangement guiding the merger, Unity Bank shareholders can either exit at the cash price of ₦3.18 per share or opt for a share swap offering 17 Providus Bank shares for every 18 Unity Bank shares held.

Analysts say the acquisition gives Providus Bank a stronger foothold and the leverage needed to accelerate integration, positioning the post-merger entity for growth.

AMCON’s exit aligns with its mandate to gradually divest from commercial banks after stabilizing the financial system during Nigeria’s banking crisis over a decade ago.

The deal is viewed as a major milestone in Unity Bank’s restructuring journey, with investors now weighing their options between immediate liquidity and potential long-term gains from a better-capitalized institution.