Unity Bank denies acquisition deal with Milost Group

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Nigeria’s Unity Bank has denied that it is not in any talks with Milost Group on a share sale or acquisition.

Unity Bank is a smaller local lender in Nigeria with high non-performing loans that warrants its moves to raise fresh capital.

Milost Group is an American private equity company that has closed several deals in Nigeria in the last few weeks.

Unity Bank said in an official statement that:

This is to formally notify shareholders of Unity Bank Plc and other stakeholders of the Bank that Contrary to media reports claiming that Milost Global Inc plans to invest USD1 billion in Unity Bank Plc, the Bank hereby unequivocally states that it has not reached any agreement with Milost to warrant such speculation.

The Bank hereby makes further clarifications regarding its on-going recapitalization programs to the effect that Unity Bank has not received any commitment for Investment of USD1 billion from Milost Global Inc.

Unity Bank Plc is in talks with a number of potential Investors and has not concluded an Investment transaction at the moment. The Bank has set realistic milestones on the recapitalization program and will update its shareholders and other stakeholders in due course.

Milost Group could not be reached for an immediate statement on the matter.