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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”.

Talks are still ongoing

The bank, however, confirmed that talks with investors were 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.

Bloomberg yesterday reported 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%.

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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