₦airaland Forum

I think today is for International Studies/Affairs on this thread. On Monday, we’ll continue with Finance. University of NSEMPA

https://businessday.ng/companies/article/unity-providus-merger-hits-full-throttle-as-integration-progresses/

Which one person go believe?

KarlTom:
Negotiations over the proposed merger of Providus Bank and Unity Bank have been stalled over the huge amount of insider credits owed by the directors of Unity Bank. The exact amount of the loan is not clear, but a well-informed management staff of Unity Bank said ‘’it is not less than N4.8 billion’’...

https://www.thecable.ng/providus-unity-bank-merger-stalled-over-insider-credits/

Share the update with your people now

mikeapollo:
Hi @Mega, hope you are doing great.
Thanks for the heads up on Providus

UNITY BNK as an entity is not returning to the stock market. The merged entity will be listed under the new name- PROVIDUS UNITY BANK. The merger has already been finalized. The announcement is just been delayed by a few minor reasons that I cannot mention here.

ppogba:
People talking about Unity are just warming up. IT IS PRESENTLY UNDER TECHNICAL SUSPENSION with no assurance of when it will be lifted.

ARADEL leads value as All-Share Index records 1 billion shares

The Nigerian All-Share Index closed the trading session on September 17 in positive territory, gaining 489.5 points to settle at 142,036.2.

This represents a 0.35% increase from the previous day’s close of 141,546.8, as the Nigerian stock market reclaimed levels above 142,000.

Trading activity surged, with the number of shares exchanged reaching 1 billion, up from 414 million the previous day.

Read More
https://nairametrics.com/2025/09/17/aradel-leads-value-as-all-share-index-records-1-billion-shares-what-drove-volume/

Bye!

awesomeJ:
I was only saying there's a reason it was the cheapest banking stock.

I have no interest in how the acquisition whatsoever.

By the way, you guys should reduce the rate at which you quote AI, you guys seem to quote it without realizing it makes up junk atimes and present as fact, cos it's basically got no clue what it's talking about, it's all just statistics of the most probable words that'll form coherent sentences.

From ChatGpt

📌 What Happens to Unity Bank’s Negative Shareholders’ Funds

1. Central Bank of Nigeria (CBN) Bailout
• CBN has provided a ₦700 billion support package to clean up Unity Bank’s balance sheet.
• ₦303.7 billion → to clear Unity’s obligations (bad debts, liabilities).
• ₦392.3 billion → invested in a 20-year FGN bond, counted as Tier-2 capital for the new ProvidusBank.

👉 This effectively neutralizes the negative shareholders’ funds, because the bailout fills the hole in Unity’s books.

⸻

2. ProvidusBank as Surviving Entity
• After the merger, Unity Bank ceases to exist, so its negative equity doesn’t carry forward on paper.
• Instead, all assets, liabilities, and obligations are absorbed by ProvidusBank, but with the CBN funds cushioning the impact.

⸻

3. Scheme of Arrangement
• By law, a scheme of arrangement ensures shareholders aren’t left carrying a bankrupt balance sheet.
• The cash/share offer (₦3.18 or 18-for-17 swap) reflects the restructuring:
• If you take cash, you’re paid out directly from funds provided for the transaction.
• If you take shares, you join ProvidusBank, which now has fresh capital support to stay compliant.

⸻

4. Effectively “Wiped Off”
• The negative shareholders’ funds are absorbed, written off, or restructured through the merger, so shareholders don’t directly bear them after the merger.
• But: this also explains why Unity Bank shareholders are not getting a higher payout — the bank had no positive book value; it’s CBN’s intervention making the deal possible at all.

⸻

✅ In simple terms: Unity’s negative shareholders’ funds are being cleaned up by CBN and won’t follow you into Providus. The ₦3.18/share offer is a “rescue exit” price, not a reflection of true positive equity.

awesomeJ:
Is it also the only bank with negative shareholders funds?

The Billionaire, please do you have an idea of a timeline of their return to the market?

megawealth01:
In the days ahead I will have to focus more energies on UNITY BANK sha

I want to do what I did in FIDELITY BANK with UNITY BANK or whatever name they rebrand to...

Generational wealth is the TARGET

I’m not panicking. I’m only commenting

kintus:
Be calm.....the market has a direction for now......don't forget that we have some big bags whose duty is to manipulate the market and get unsuspecting traders trapped. Some of dun turn investors for now........Insurance....Japaul.....we are averaging down but, it appears the bottom is not in sight for now.

My 50kobo

I swear. It’s almost on full bid sef

yMcy56:
Na those whey dey run out still dey rush in ...
That's this market for us....
Kpakus in the green zone...😁

What’s going on with ELLAH LAKES? Is it making a rebound abi eye dey pain me?

I’ve been waiting for you since morning. I hope the process doesn’t take another 1 year to be actualised sha. The news really made my day

megawealth01:
I can't wait for them to list in their new name so I can increase my HOLDINGS. Their new name will be amongst my largest holdings in this NGX

This news has made my day. I can't wait oooooo

Yes

zendi:
So the new entity will emerge as 'Providus Bank', since it is Unity shares that will be converted to Providus ?

Sorry, I haven't read the long documents you posted.

Any latest?

KarlTom:
UNITY BANK 🏦

Prophecy time

ProphetUtuocha:
Vision Concerning Ellah

I was lifted in the night, and I beheld Ellah as a tall cedar planted by the waters. Her branches spread wide, and the birds of the air found shade in her leaves. Men looked and said, ‘Behold Ellah, strong and unshakable!’

But suddenly a great wind arose from the east, and the roots of the cedar were revealed. They were shallow, feeding not on rock but on dust. And the tree trembled, and its branches snapped, and the birds fled in terror.

Then I saw merchants in the marketplace. They carried scales in their hands, yet the weights were false. They shouted loudly of profit, but their baskets were empty. A voice cried out: ‘Woe to those who trust in Ellah! For her height is pride and her fruit is vanity.’

And it came to pass that fire struck the cedar, and it fell with a crash heard in the farthest cities. Those who traded in her shade tore their garments and cast dust upon their heads, saying, ‘Alas, who shall restore Ellah?’

But to the humble I heard a whisper: ‘Fear not. Though the cedar has fallen, I will be your shelter. Though the market shakes, my rock shall not be moved.’

Note: that which has been revealed has been unveiled. Those who have ears, let them hear!

First it was Oando, now it’s Ellah Lakes. It’s about to be a very long weekend of analysis

From ChatGpt

I’ve gone through the Ellah Lakes Plc Unaudited Financial Statements for the year ended 31 July 2025. Here are the key highlights:

📊 Financial Performance
• Revenue: ₦139.8 million (2024: nil) YEAR_END-_FINANCIAL_STATEMENT_FOR_2025_FINANCIAL_STATEMENTS_AUGUST_2025.pdf
• Cost of Sales: ₦1.1 million
• Gross Profit: ₦138.7 million
• Operating Loss: ₦549.8 million (improved from ₦1.16 billion loss in 2024) YEAR_END-_FINANCIAL_STATEMENT_FOR_2025_FINANCIAL_STATEMENTS_AUGUST_2025.pdf
• Earnings Per Share (EPS): -₦0.14 (2024: -₦0.58) YEAR_END-_FINANCIAL_STATEMENT_FOR_2025_FINANCIAL_STATEMENTS_AUGUST_2025.pdf

💰 Financial Position
• Total Assets: ₦31.2 billion (2024: ₦24.6 billion) YEAR_END-_FINANCIAL_STATEMENT_FOR_2025_FINANCIAL_STATEMENTS_AUGUST_2025.pdf
• Total Liabilities: ₦8.2 billion (2024: ₦2.7 billion) YEAR_END-_FINANCIAL_STATEMENT_FOR_2025_FINANCIAL_STATEMENTS_AUGUST_2025.pdf
• Equity: ₦22.9 billion (2024: ₦21.8 billion) YEAR_END-_FINANCIAL_STATEMENT_FOR_2025_FINANCIAL_STATEMENTS_AUGUST_2025.pdf
• Cash & Cash Equivalents: ₦5.7 billion (2024: ₦243.3 million) YEAR_END-_FINANCIAL_STATEMENT_FOR_2025_FINANCIAL_STATEMENTS_AUGUST_2025.pdf

⚖️ Debt & Loans
• Director’s Loan: ₦6.86 billion (new in 2025) YEAR_END-_FINANCIAL_STATEMENT_FOR_2025_FINANCIAL_STATEMENTS_AUGUST_2025.pdf
• Borrowings: ₦549.5 million (down from ₦1.37 billion in 2024) YEAR_END-_FINANCIAL_STATEMENT_FOR_2025_FINANCIAL_STATEMENTS_AUGUST_2025.pdf

🔑 Notable Notes
• Biological Assets: Grew to ₦768.9 million from ₦585.1 million in 2024 (palm plantations, livestock, others) YEAR_END-_FINANCIAL_STATEMENT_FOR_2025_FINANCIAL_STATEMENTS_AUGUST_2025.pdf.
• Other Assets: ₦551.3 million (vs. ₦13.7 million in 2024).
• Ondo State Deal: Ondo State Government (20% owner of ELP Sunshine Ltd.) is proposing conversion of its equity into a long-term lease on 5,000 hectares of land YEAR_END-_FINANCIAL_STATEMENT_FOR_2025_FINANCIAL_STATEMENTS_AUGUST_2025.pdf.
• Cashflow: Positive cash inflow from financing activities (₦9.2 billion), mainly from new share issues and director’s loan YEAR_END-_FINANCIAL_STATEMENT_FOR_2025_FINANCIAL_STATEMENTS_AUGUST_2025.pdf.

📉 Expenses
• Administrative Expenses: ₦324.7 million (2024: ₦310.6 million).
• Personnel Expenses: ₦352.4 million (down from ₦673.8 million in 2024).
• Finance Costs: ₦9.7 million (down from ₦170.4 million in 2024). YEAR_END-_FINANCIAL_STATEMENT_FOR_2025_FINANCIAL_STATEMENTS_AUGUST_2025.pdf

⸻

👉 In summary:
Ellah Lakes Plc reported revenue for the first time, but still ended with a loss of ₦549.8m. Assets and equity increased significantly, largely due to new financing (including a large director’s loan of ₦6.86bn) and improved cash reserves. However, expenses remain high relative to revenue, keeping the company in loss-making territory.

nosa2:
Ellah Lakes result is out

https://ngxforum.com/thread/47/ellah-lakes-plc-ellahlakes
No comment

It seems so cos the buttons have been disabled. Maybe do a mail to info@morgancapitalgroup.com to find out how to proceed

Mfunkynation:
I have seen it there...
So does it means it can't be traded?

One thing I like about the market is that we can analyze as much as we want to but the market will do what it likes

It’s been removed from EQTY, it’s now under NON-INTEREST

Mfunkynation:
Good morning Uncles and Auntie, please why can I buy or sell Jaiz bank shares via Morgan Capital?

Yes you’re correct but unity bank as an entity will no longer be listed on the exchange. They’re still suspended because they’re waiting for SEC’s approval to list both entities.

SonofElElyonRet:
If suspension is lifted before merger with providus, price upon relisting stays the same. I stand to be corrected

I watched the AGM. The chairman assured shareholders that before June an EGM will be called to announce the merger with Providus bank as necessary approvals have been gotten. So any moment from now. Also according to them 2024 result is far better than 2023. So we wait!

faoogoke:
Nothing appetizing about the disclosures.

We continue to wait for the merger details and lifting of suspension of the shares.

AGM is on the 19th. Let’s see what they have to offer

faoogoke:
Still waiting for UNITY PROVIDENCE Bank

Abeg what’s going on with TRANSCORP? Is it BUY/HOLD/SELL at this point. One minute it’s going up and the next minute it’s dropping. Abeg make una advice me

It’s about to go down!

Ddll:
Expect breaking news from Unity Bank and Providus Bank soon

We await their return

KarlTom:
UNITY!!!

https://doclib.ngxgroup.com/Financial_NewsDocs/43170_UNITY_BANK_PLC-_QUARTER_5_-_FINANCIAL_STATEMENT_FOR_2023_FINANCIAL_STATEMENTS_FEBRUARY_2025.pdf

Wait for the surprise. I wish I can say all I know. Long story short don’t undermine or underestimate the influence of the North.

Raider76:
How will this Providus/Unity arrangement be worked out on NGX? Unity has the listing, Providus has the money. Meanwhile no efforts being made to release Unity outstanding reports.

This is so unnecessary
How do you come to a platform where people are supposed to make money and bring tribalism into it?
Can you imagine Otedola, Dangote and the rest doing something like this?
Very childlish
Let’s wrap it up pls

Emir01:
Hausa hates Igbo, Yoruba hates Igbo, Fulani hates Igbo, Ikwere hates Igbo, Ijaw hates Igbo and Igbo doesn't hate anyone 😂 Akuri omo Ipob. You're the most least accommodating tribe in the country, very barbaric victimhood crier. Inconsequential political chest beaters, you want to play tribal politics in 2027 with how many numbers and with who? Who did you give your 2023 votes, Hausa, Fulani, Ijaw, Ikwerre or Yoruba?
E be like say u dey craze.

Yes o. Northerners no gree o.
[OP quote author=megawealth01 post=134116351]

WOW. It's going to probably be huge

I hear they’re filling with CAC. Some details were divulged to some H/O staff. I don’t want to say much before I cast.

megawealth01:
This is what's holding unity bank deal