Post by AOJ LAW LOUNGE (@aojlawlounge)

"The Supreme Court on Monday brought a definitive end to the legal challenge against the merger of Providus Bank Limited and Unity Bank Plc, dismissing an appeal seeking to halt the transaction and awarding costs of N10 million against the appellants in favour of each respondent.

The judgment was delivered by a five-member panel of the apex court led by Justice Tijani Abubakar in Appeal No. SC/CV/132/2026, arising from Appeal No. CA/LAG/CV/137/2025 and Suit No. FHC/L/MISC/734/2025.

The Apex Court in its judgement not only dismissed the appeal as unmeritorious but also invoked its powers under Section 22 of the Supreme Court Act to directly sanction the merger between Providus Bank Limited and Unity Bank Plc, effectively bringing closure to all litigation surrounding the transaction.

The court ordered the transfer of all assets, liabilities and undertakings, including real properties, of Unity Bank Plc to Providus Bank Limited in accordance with the approved Scheme of Merger.

It further directed that the transfer be completed within 10 days of the sanction of the scheme.

As part of the merger arrangements, the apex court approved a consideration of N3.18 per share or 18 Providus Bank shares of 50 kobo each for every 17 Unity Bank shares held by shareholders.

The court also ordered the dissolution of the board of Unity Bank Plc without winding up the institution and approved the adoption of the new name, ProvidusUnity Bank Limited, for the enlarged entity."

Supreme Court Sanctions Providus–Unity Bank Merger https://share.google/Hek6IDk2oODt9ukTR

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