America’s Milost Global arrives to acquire a Nigerian bank

America’s Milost Global arrives to acquire a Nigerian bank

The next few weeks might unravel a well-orchestrated banking acquisition in the Nigerian market as Milost Global, an American equity firm said it is in the country to do just that.

Milost Global Inc said in a statement that it has arrived Nigeria to conclude some deals.

The Milost team, which touched down the country yesterday, would be in Nigeria for a week, where they will meet with officials of the Central Bank of Nigeria, the Nigerian Stock Exchange (NSE) amongst others.

According to a statement issued by the firm on Monday, “The purpose of the Milost African tour among other things in Nigeria is to meet up with the management of our portfolio companies such as, Primewaterview Holding Nigeria Limited, Femab Properties Limited, Japaul Oil & Maritime Services Plc and the conclusion of other current transactions among those includes the closing of a large Nigerian bank acquisition which was previously announced.

“Milost is very committed to the further advancement of the Nigerian economy with over one third of funds being committed to Nigerian investments.”

Business Post reliably gathered that the Milost has interest in the “large Nigerian bank”, which has over 250 branch operations, with a purpose of acquiring full control.

The delegation in the country to seal the acquisition is headed by Managing Partner & CEO, Mr Kim Freeman; and Senior Partner & Chief Investment Officer, Mr Solly Asibey.

The team is also accompanied by Isilo Capital Partners’ team led by CEO Tiny Diswai.

Both teams will be in Nigeria for the whole week and after leaving Nigeria on Friday 23, they will be headed for East Africa where they will spend another four weeks before heading to Southern Africa for two weeks, whereas Milost leaders will be back in New York on May 1.

The teams are hosted by the Ooni of Ife’s elder brother, Prince Adetunji Ogunwusi of Ile-Ife Kingdom, Harold Nzekwe the CEO of Primewaterview Holdings Nigeria Limited, Israel Ovirih, CEO of Banklink Nigeria Limited, and Femi Bello, CEO of Mayo BV Limited.

There are speculations by analysts as to which bank is likely to be acquired. Some analysts in the financial services sector predicted that the large bank might likely be Skye Bank.

 It would be recalled that Skye Bank was taken over by the Asset Management Company of Nigeria, AMCON after the bank’s non-performing loans were almost overshooting regulatory limits.