Unity Bank clarifies purported investment by Milost Global

The management of Unity Bank Plc had clarified to its shareholders through the Nigerian Stock Exchange the purported investment of $1 billion in the Bank by Milost Global Inc.

The management said, pursuant to various regulators’ advice to the Bank in recent times on the need to shore up its capital base, the Bank with the mandate of its shareholders had engaged in series of discussions and engagement with prospective “valueplus investors”.

They said, all through these engagements, the Bank has been properly guided by the extant regulations concerning capital raising and equally made the process open to all prospective investors.

Milost Global Inc. it noted is one of the prospective investors introduced to the Bank by a local entity called Mayo BV.

The management noted that it is not unusual that this introduction and expression of interests would involve some level of preliminary discussions and exchange of nonbinding documentary communications between the intending parties towards establishing mutual foundation on which the transaction contemplated will be initiated.

They said: “The ‘Term Sheet’ dated September 4,2017 said to have been executed was a ‘proposal’ submitted by Milost Global Inc. “’or discussion purposes only and NOT a commitment’ by the parties. No definitive documentation governing the proposed financing was executed.”