Business
Milost plans $1bn investment to revive Unity Bank
New York based Milost Global Inc. has continued to increase its investments in Nigeria to resuscitate moribund businesses from the oil and gas to the banking sectors.
Milost Global Inc has shown interest in investing $1 billion to recapitalize the Unity Bank Plc in Nigeria, which has been operating below optimal capacity since the recession of the economy that slowed down investments.
It was gathered that Milost has offered to invest $700 million in equity and $300 million in five-year bonds that can be converted into shares in the Nigerian lender.
The private-equity firm will get an initial stake of about 30 per cent in the Lagos-based bank in exchange for its first equity investment of $250 million.
However, the transaction is still subject to a due diligence as well as regulatory approvals. The first part of the deal, still on the negotiation table, may be completed in the second quarter. The rest of the cash will be drawn down in intervals over a period of four years, provided Unity Bank has sufficient shares to issue to Milost.
-
Latest6 days agoUS Immigration fees rise from October 16 as USCIS announces new charges
-
Latest1 day agoIsrael marks 3 years since October 7 Hamas attack amid Gaza strikes, election debate
-
Business6 days agoNigeria’s $55bn reserves raise fresh questions over naira value
-
Health5 days agoFlorida sues Pfizer over deceptive COVID-19 vaccine marketing
-
Business1 week agoTuoyo Erikowa wins digital marketing personality of the Year at 2026 EDGE awards
-
Crime5 days agoFrom camp to captivity: How kidnappers now target NYSC Corps members on highways
-
Featured6 days ago2027: Can Nigeria’s opposition still unite behind a single presidential candidate?
-
Crime5 days agoFulani Militia leader linked to Christian killings arrested in Plateau