Economy
Milost Terminates $1b Deal with Unity Bank, Plans $500m Lawsuit
**Explains How Deal Started
By Modupe Gbadeyanka
American equity firm, Milost Global Inc, has terminated its deal with Unity Bank Plc after a media report in Nigeria claimed the transaction was fraudulent.
The New York-based private equity firm lamented that its effort to help grow the Nigerian economy through genuine investment were rubbished by those who were bent on tarnishing its image in the Africa’s largest economy.
However, the firm, in a statement issued on Monday afternoon, said despite this, it would continue to do business in Nigeria.
Kim Freeman, Managing Partner & CEO of Milost, stated that, “Milost will continue to do business in Nigeria despite any negative publicity and this will ultimately benefit Nigeria and Africa.”
Also, Senior Partner & CIO of Milost, Solly Asibey, stated that, “We will not be deterred by media attacks that are baseless and unfounded. Our funding objectives for the Nigerian market remains solid and unwavering.”
Explaining how its transactions with Unity Bank started, the firm said in the statement that, “On August 7, 2017 Milost Global Inc received a request for a call with the CEO and CFO of Unity Bank PLC.
“On the call, Unity Bank expressed its interest in working with Milost Global Inc as its funding partner for its growth plans in Nigeria.
“Following the call, a desk top due diligence was conducted by Milost to its satisfaction. On September 4, 2017 a $1 billion financing term sheet was fully executed by both Milost and Unity Bank.
“The facility, a combo of equity and debt, was provided on the exciting understanding that Unity Bank would delist on the Nigerian Stock Exchange and move its listing to the USA. The signed term sheet was approved by the board of Unity Bank.
“On Monday, October 23, 2017 at 11:05 EST, Milost Global Inc was visited by Mrs Oluwatomi Somefun, the CEO of Unity Bank PLC, at its New York Offices. The meeting was scheduled for 11:00am EST and it went ahead as planned. The meeting was attended by Milost Global Inc analysts and the Chairman, Mr Egerton Forster.
“At the meeting, she explained the need for capital funding at the bank and also their expansion plans. It was then agreed that Milost Global Inc would start further due diligence on Unity Bank PLC.
“Further due diligence process started on the same week on the instruction of the Chairman of Milost Global Inc, Egerton Forster. Further due diligence was satisfactory and Milost issued a binding commitment agreement to Unity Bank which was approved by the board of Unity Bank and executed by both parties on November 14, 2017.
“It is normal practice for all the publicly quoted companies which we fund to notify the market regulator on signature of the commitment letter since it has material effect to the stock; however, Unity Bank did not. Milost assumed that this did not happen because Unity had agreed to move its listing to the USA.
“To the surprise of Milost, a story broke on Bloomberg about the transaction and all the contents contained therein were true in their entirety. Bloomberg tried to reach us by email but we didn’t respond as we don’t usually entertain journalists.
“The Bloomberg article was very factual except for that Milost was to acquire 30% of the bank, whereas in reality Milost was to take a controlling 60% of the bank at closing, in a transaction that would retain the same board members and the same management for continuity of operations.
“Soon after the story broke, Milost started receiving threatening emails from a gentleman who says he is politically connected to the powers that could shut Milost out of Nigeria if Milost didn’t terminate the Unity Bank transaction.
“The said individual was very well informed about our dealings with Unity Bank such that he knew the audit group Milost had hired to carry out the final due diligence.
“He told Milost to tell the board of Unity Bank that the audit firm had instructed Milost that Unity Bank was a bad investment, failing which he would unleash the media on Milost using among other things accusations that would cause the government to send Milost packing.
“These threatening emails were shared with the CEO of Unity Bank and the then CFO Ebenezer Kawole.
“Following these emails, negative articles by Business Day Nigeria started appearing accusing Milost of operating a pump and dump operation. At that point, Milost realized that the original threats had begun to materialize, because after that first Business Day article on its alleged pump and dump, another email was received confirming that it’s the work of the blackmailer.
“Last week, Unity Bank issued a false statement which denied signing a binding commitment agreement, disputing a factual and founded Bloomberg article that initially reported on the transaction.
“Today, we woke up to yet another article that claims Milost Global Inc was involved in a case with Securities and Exchange Commission because of a failed transaction and a filed law suit against Milost Advisors which sold a company to Alex MacGregor.
“Milost Global Inc wishes to clarify this due to the repeated unprofessional conduct of Business Day Nigeria and its incompetent journalists who are failing to verify facts and communicate with all sides before print and this has led Milost to take legal action against Business Day Nigeria and their journalists Iheanyi Nwachukwu and Lolade Akinmurele. Milost Global Inc will be filing a $500 million lawsuit against the three before the end of the week.
“For the record, Milost did not violate any of the SEC regulations in the US, instead, Milost was sued by Alex MacGregor as he claimed he had paid, a Milost Global Inc former sister company, Milost Advisors LLC which was dissolved in 2016.
“Mr MacGregor filed a claim stating that he paid to acquire a shell company from Milost Advisors LLC but he did not receive the shares. Whereas the truth is that Mr MacGregor did receive the stock certificate and the transaction was filed with the SEC on May 11, 2017: see the link http://pdf.secdatabase.com/436/0001617819-17-000007.pdf and this proves that Business Day and its journalists are being used by the Unity Bank shareholder that has been threatening to tarnish Milost’s image if the Unity Bank transaction went through.
“Alex MacGregor filed his lawsuit on September 1, 2017, five months after the stock had been issued to him as the stock was issued to him on May 11, 2017.
“Milost Global Inc has analysed all its facts on the table and decided to terminate the Unity Bank transaction and the termination letter was sent to the bank this morning.
“Milost Global Inc wishes to reaffirm its interest in the Nigerian market and to also state that it will soon be releasing the first and second drawdowns to Japaul Oil & Maritime Services PLC to the total of $21 million in a combo of equity and debt.
“Another first and second draw down proceeds of $10 will be released to Resort Savings & Loans PLC; the funds will be released to both company within the month of April.
“Milost Global Inc also states on the record that it has hired one of Nigeria’s finest law firms to represent it in the lawsuit against Business day and its two journalists.
“Business Day has failed to report facts and instead focused on fake news. All the articles written by Business Day about Milost Global Inc have been negative and vindictive which shows that Milost is under attack in Nigeria.
“Milost wishes to state that it will fight tooth and nail to ensure that this kind of behaviour doesn’t affect other investors that wish to help grow the Nigerian and West African economies at large. This nonsensical behaviour by Business Day, being used by forces that seek to suck the life blood out of progress in Nigeria, ends here. Milost Global Inc will be the last investor to be treated like this in Nigeria.”
Economy
Trump Earned over $1 billion Through Cryptocurrency; How Can an Ordinary Investor Earn $17,700?
Trump publicly criticized Bitcoin in 2021 but rapidly shifted his stance during the campaign, proposing to make the United States the “global cryptocurrency capital.”
After returning to the White House, he signed an executive order supporting the development of the digital asset industry. Meanwhile, reports indicate that Trump and his associated businesses have generated over $1 billion in gains through cryptocurrency.
As we enter 2026, cloud mining is emerging as a new area of interest amidst the continued development of computing infrastructure and digital asset markets. For the average investor, the question arises: how can one generate $17,700 in passive income—or even more—despite constant market volatility?
Cloud mining： represented by platforms like SHRMiner, is rapidly gaining market attention. By providing rentable computing power services and earning mining rewards, it allows users to access the complete cloud mining process and earn passive BTC income without purchasing expensive equipment or specialized skills.
Recently, SHRMiner, a UK-based cloud mining platform, officially launched a new “free cloud mining service.” This service is designed for holders of mainstream cryptocurrencies such as BTC, XRP, DOGE, LTC, and EHT, providing users with a new opportunity to participate in cryptocurrency mining without any entry barriers.
How to earn passive income from BTC through SHEMiner cloud mining
Start earning returns in just three simple steps:
- Register an account
By visiting the official SHRMiner website, users can register for a free account in less than two minutes and receive a $15 sign-up bonus; this bonus allows them to quickly experience the platform’s services and earn a daily return of $0.60 from a complimentary trial contract.
- Select a cloud mining plan
Choose a cloud mining plan that suits your needs and budget. The platform offers flexible plans ranging from $100 to $200,000 to meet the investment goals of different users.
- Start earning returns
After purchasing a contract, earnings are automatically settled within 24 hours without requiring additional management or action; users can withdraw their earnings to their cryptocurrency wallet addresses at any time or reinvest the profits to benefit from the compounding effect.
The primary advantage of this model is that it significantly lowers the barrier to entry. Users do not need to research specific mining hardware models or hashrate configurations, nor do they need to set up their own system environments; simply by registering an account, depositing assets, and selecting a mining plan, they can start earning returns.
SHRMiner Platform Advantages:
- Supports daily automatic settlement
- No additional electricity or maintenance costs required
- Utilizes advanced ASIC mining hardware, powered by renewable energy sources including hydropower, wind power, and solar power
- Supports mining for multiple currencies: earn mainstream cryptocurrencies such as BTC, XRP, ETH, DOGE, USDC, USDT, SOL, LTC, and BCH.
- Equipped with SSL encryption and DDoS protection, a real-time earnings dashboard for easy monitoring of mining performance
- 100% remote access, fully accessible via the SHRMiner application or browser without hardware requirements, and 24/7 online technical support.
⦁Affiliate Program: The Affiliate Program allows you to earn up to 4.5% commission by referring friends, with the opportunity to earn an additional bonus of up to 30,000.
Examples of common contracts:
| Contract Name | Price | Profit | Days | Principal + Total Return |
| New User Experience Agreement | $100 | $4 | 2 | $100+$8 |
| Bitdeer Sealminer A2 Pro | $500 | $6.25 | 5 | $500.00 + $31.25 |
| Litecoin Miner L9 | $1000.00 | $13.00 | 10 | $1000.00 + $130 |
| Bitcoin Miner S21 XP Imm | $5000.00 | $70.00 | 25 | $5000.00 + $1750 |
| Bitcoin Miner S21e XP Hyd | $10000.00 | $150.00 | 35 | $10000.00 + $5250 |
| ANTSPACE HW5 | $50000.00 | $900.00 | 45 | $50000.00 + $40500 |
After purchasing a contract, earnings will be automatically credited to your account within 24 hours. Upon contract expiration, your principal will be returned in full. You may withdraw the principal or reinvest it to benefit from compound returns; please click here for more details regarding the mining contract.
Unimaginable money-making opportunities
What sets SHRMiner apart is its extraordinary daily passive income; users have the opportunity to earn $10,700 or even more each day, turning the dream of online wealth into reality. Imagine generating substantial income without the need for ongoing investment or complex setups—that is exactly what SHRMiner offers.
Safety and Sustainability
In the mining sector, trust and security are paramount; SHRMiner fully recognizes this and prioritizes user safety above all else. Committed to transparency and legitimacy, SHRMiner ensures your investment is protected, allowing you to focus on profitability. All mining facilities utilize clean energy, making this a carbon-conscious cloud mining operation. Renewable energy protects the environment from pollution while providing a powerful energy source.
In short
If you are looking for ways to generate passive income, cloud mining is an excellent choice. When approached correctly, these opportunities allow you to effortlessly build cryptocurrency wealth on “autopilot” with minimal time investment. At the very least, they are far less time-consuming than any form of active trading. Passive income is the ultimate goal for every investor and trader, and with SHRMiner, maximizing your passive income potential is easier than ever.
To learn more about SHRMiner, please visit the official website: https://shrminer.com
Complete List Of The Top Crypto Platforms in Nigeria: Where to Trade Safely
As a Nigerian just getting started in crypto trading, or someone trying to rebuild their confidence after a bad trading experience, the fear of losing your hard-earned money is valid. This is why choosing a reliable crypto platform to carry out your trading is very important.
The good news here is that there are several trusted crypto platforms built to serve Nigerian traders, offering secure trading, fast withdrawals, and competitive fees.
In this guide, you will discover the top crypto platforms in Nigeria, what makes each one stand out, and how to choose the best option based on your trading goals.
Top 4 crypto platforms in Nigeria
NOSH
Nosh is one of the top platforms in Nigeria and Ghana with the best crypto trading services, offering the best rates for crypto trading, allowing you to get good value for your digital assets. With its user-friendly interface and 24/7 customer support, it is a very good option whether you are a new or experienced crypto trader.
With Nosh, you get:
- Instant payouts on every transaction, no unnecessary waiting.
- Advanced fraud protection with two-factor authentication to keep your account and transactions secure.
- Easy and direct conversion of crypto to Naira or Cedis within a few minutes; no need for third-party apps whenever you are ready to cash out.
- High exchange rates.
- Transparent rates with a rate calculator to know how much you will be getting.
Nosh supports a variety of cryptocurrencies such as Bitcoin, Dogecoin, USDC, USDT, Ethereum, Tron, Litecoin, and Binance Coin.
KUCOIN
KuCoin is another popular crypto platform known for its P2P (peer-to-peer) marketplace. With KuCoin, you can trade your crypto directly with a buyer or sell your crypto directly with a seller. KuCoin holds the crypto in escrow until the seller accepts that they have received the payment; this is done to avoid fraud from the buyer or seller of the crypto.
With KuCoin, you get:
- To carry out P2P trading with escrow protection.
- To use multiple payment method options like bank transfer, USSD, and mobile-money-linked options.
- Offers competitive and relatively low trading fees, especially if you’re holding KCS (KuCoin’s native token).
- Gives you access to spot trading, futures/derivatives, staking, and other earn products
KuCoin supports stablecoins such as USDT, USDC, and TUSD.
COINCOLA
Coincola is also a top platform ranked as one of the best P2P trading platforms for Nigerians. With Coincola, you get to buy and sell your Bitcoin and USDT with real-time price tracking. Coincola is your go-to platform if you need one that offers flexible funding options like cash deposit and bank transfers. However, there have been reports of withdrawal delays.
With Coincola, you get;
- A P2P marketplace to buy/sell Bitcoin and other coins directly from vendors, with their completed-trade counts shown upfront so u can trade with caution.
- Instant BTC conversion with real-time price tracking
- To use multiple local funding options like bank transfer, cash deposit, and gift cards
- An escrow system that holds your money until a trade is confirmed.
Coincola supports cryptocurrencies like USDT and TRON.
YELLOWCARD
Yellowcard is another popular crypto platform that offers not only P2P trading but also allows you to buy and sell assets like USDT, USDC, PYUSD, BTC, and ETH with regional payment options like mobile money, bank transfers, and cash deposit. However, in 2025 they announced they no longer offer crypto-to-cash retail services.
With Yellowcard, you get:
- Direct access to buy and sell crypto rather than waiting to match with individual P2P counterparties.
- To use multiple funding methods like bank transfer, mobile money, and cash deposits.
- Free local and cross-border transfers via “Yellow Pay” to 20 different countries in Africa.
Factors to consider when choosing a crypto platform
- Don’t just look at the advertised trading fee. Some platforms hide the extra cost, so your actual rate ends up higher than expected. Do a small test trade first and see what you actually receive.
- The best platform in the world is useless to you if it doesn’t support how you actually move money, whether it’s bank transfer or mobile money. Check that before you even sign up, not after.
- Some platforms convert instantly; others, especially P2P ones, need you to wait for a counterparty to show up. If you need your money fast, that difference matters a lot.
- If you specifically need USDC or another less-common stablecoin, don’t assume it’s there on the platform. Double-check the coin list before you commit to one.
- Support should not be silent when something goes wrong. Look for evidence people actually got helped, not just a “24/7 support” badge.
- If a platform can’t tell you clearly how they protect your money, that’s a red flag on its own. Always go for one that prioritizes security.
FAQs
- Which crypto platform is best in Nigeria?
The best crypto platform in Nigeria is Nosh. Nosh offers the best rates for selling crypto with direct crypto-to-naira conversion to easily change your crypto to cash when needed.
- Can I teach myself crypto trading?
Yes, you can. There are many platforms and tutors with tutorial videos and lessons on how to start crypto trading on your own.
- What is the most popular crypto in Nigeria?
The most traded cryptocurrency in Nigeria is Bitcoin, making it the most popular.
Conclusion
When you trust the right platform, your journey in crypto trading is safe and secure. Always look out for crypto trading platforms that meet your needs alongside keeping things like payment options, a good list of coins they support, and other factors mentioned in this article before committing to one.
Always start with a small test trade first to see what you are getting; it will help you get a better idea of how the platform works so you don’t fall victim to hidden charges not included in price tags by some platforms.
By Adedapo Adesanya
Okitipupa Plc was the sole price gainer at the NASD Over-the-Counter (OTC) Securities Exchange on Friday, August 7, lifting the trading platform by 0.44 per cent at the close of transactions.
The share price of the palm oil producer appreciated during the trading session by N25.00 or 9.0 per cent to N277.00 per unit compared with the previous day’s N252.00 per unit.
As a result, the market capitalisation gained N12.29 billion to close at N2,807 trillion, in contrast to the previous session’s N2.795 trillion, while the NASD Security Index (NSI) added 93.63 points to finish at 4,678.08 points compared with Thursday’s 4,657.59 points.
The bourse recorded a price loser yesterday, and this was Mass Telecoms Innovation Plc, which crashed by 3 Kobo or 9.4 per cent to settle at 32 Kobo per share versus the previous day’s 35 Kobo per share.
The volume of securities traded by investors plunged by 81.5 per cent to 535,7560 units from 2.9 million units, the value of securities slumped by 93.9 per cent to N6.0 million from N99.2 million, and the number of deals decreased by 41.9 per cent to 36 deals from 62 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units transacted for N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 77.0 million units exchanged for N5.5 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, trailed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
