LAGOS, September 25, 2025 — A significant block of Unity Bank Plc shares previously held by the Asset Management Corporation of Nigeria (AMCON) was traded on Thursday through a cross deal on the Nigerian Exchange (NGX), fueling speculation about a broader divestment.
According to market data shared by Proshare via its handle @TheAnalystNG, a total of 46,063,653 shares of Unity Bank exchanged hands at N1.66 per share. The transaction drew attention from investors and analysts, given AMCON’s longstanding position as a major shareholder in the tier-two lender.
The deal quickly triggered reports, including one from Nairametrics, suggesting that more than 4 billion Unity Bank shares—representing AMCON’s entire 34 percent equity stake—had been sold to Providus Bank. The report, however, remains unconfirmed, as neither AMCON, Providus Bank, nor Unity Bank has issued an official statement regarding the transaction.
Unity Bank, which has faced capital adequacy and restructuring challenges in recent years, has been under AMCON’s oversight since the corporation acquired its non-performing assets during the banking reforms. A possible transfer of AMCON’s holdings to a private sector investor such as Providus could signal a turning point for the bank’s governance and recapitalization prospects.
Market observers noted that while the 46 million shares traded on Thursday represent only a fraction of AMCON’s stake, the transaction may be part of a larger phased divestment strategy. The NGX is expected to release more details as regulatory filings are updated in the coming days.
Unity Bank closed Thursday’s trading session at N1.66 per share, unchanged from the cross-deal price.
