Unity Bank denies report of planned $1b investment by Milost Global Inc

Against a report credited to Bloomberg, Nigeria’s Unity Bank Plc on Tuesday denied  that Milost Global Inc planned to invest USD1 billion in the bank.



A statement by the bank signed by the Head, Corporate Communications, Mr. Matthew Obiazikwor said it had not reached any agreement with Milost to warrant such speculation.

However, the bank admitted that it was in talks with a number of potential investors, but had not concluded to pave way for commitment of an investment.

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

“The Bank hereby makes further clarifications regarding its on-going recapitalization programs to the effect that Unity Bank has not received commitment for investment of USD1bn from Milost.

“The Bank has set realistic milestones on the recapitalization program and will update the public on the progress from time to time.”