Business

Unity Bank debunks $1bn investment from Milost Global

Published

8 years ago

March 20, 2018

Tier two lender, Unity Bank has denied media reports private equity from Milost Global will invest $1 billion in the bank.

This was disclosed in a statement issued by its Head, Corporate Communications, Mr. Matthew Obiazikwor.

“We categorically dismiss media claims of any such deal and advice the public to disregard any information to the contrary”.

He, however confirmed that talks with investors are still ongoing

Unity Bank is in talks with a number of potential investors and has not concluded to pave way for a commitment of an investment.

it was reported on Monday that Milos Global had concluded plans to invest $1 billion in the bank. $250 million was to have been invested immediately in the bank in exchange for a 30% equity stake. $750 million will then be invested over the next four years. The investment was also reported to be a mix of equity and convertible bonds.

Milost has of recent being active in the Nigerian capital market with investments in Resort Savings and Loans as well as Japaul Oil and Maritime services.

The private equity firm had also hinted it was in discussions with the Central Bank of Nigeria (CBN) over investing in a large sized bank.

Unity Bank is currently trading at ₦1.30 in today’s trading session on the Nigerian Stock Exchange, up 0.08%. Year to date, the stock is up 167.92%.