Unity Bank Refutes Milost $1b Deal, Confirms Talks with Investors

By Modupe Gbadeyanka

The management of Unity Bank Plc has denied media reports that it has reached an agreement with a US-based equity firm, Milost Global Inc on the injection of $1 billion into the bank in order to recapitalise it.

The story was first published by Bloomberg and other media outlets, including Business Post republished it.

But Unity Bank, in a statement signed by its Head of Corporate Communications, Mr Matthew Obiazikwor, said on Tuesday that no agreement has been reached with the firm yet.

According to him, it is true that the lender was in discussions with a number of potential investors, but conclusions have not been made at the moment.

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

“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 $1 billion from Milost.

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

“The bank has set realistic milestones on the recapitalization program and will update the public on the progress from time to time,” Mr Obiazikwor said in the statement.