Unity Bank denies Milost’s $1bn investment

FELIX OLOYEDE

Unity Bank has refuted claim that Milost Global Inc plans to invest $1 billion in Unity Bank Plc, saying it has not reached any agreement with Milost to warrant such speculation.

A statement from the Bank signed by the Head, Corporate Communications, Mr. Matthew Obiazikwor said: “we categorically dismiss media claims of any such deal and advice the public to disregard any information to the contrary”.

Bloomberg had on Monday reported that Milost Global Inc was at the verge of injecting $1 billion in the lender to help strengthen its capital.

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.