No deal with foreign investor – Unity Bank

Unity Bank on Tuesday said it had neither reached a deal with a foreign investor, Milost Global Incorporated, nor received $1 billion for the recapitalisation of the financial institution.

The bank’s  Head, Corporate Communications, Mr. Matthew Obiazikwor, said in a statement: “We categorically dismiss media claims of any such deal and advise that the public disregard any information to the contrary.”

He added: ““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 recapitalisation program and will update the public on the progress from time to time.”

There have been reports that the bank is in a dire financial situation and had been surviving on borrowed funds.

 

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