symbolofhope:
Bank of the North

postbox:
This is to notify shareholders of Unity Bank Plc and other stakeholders of the Bank that Unity Bank Plc has reviewed the various publications in some media touching the purported investment of $1,000,000,000.00 in Unity Bank Plc by Milost Global Inc. and wish to elaborate as follows.

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 “value-plus investors”. 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.

1.  Milost Global Inc. is one of the prospective investors introduced to the Bank by a local entity called Mayo BV. It is not unusual that this introduction and expression of interests would involve some level of preliminary discussions and exchange of non- binding documentary communications between the intending parties towards establishing a mutual foundation on which the transaction contemplated will be initiated. said to have been executed was a “proposal” submitted by Milost Global Inc. “for discussion purposes only and NOT a commitment” by the parties. No definitive documentation governing the proposed financing was executed.

2. It is in relation to the preliminary discussions that courtesy visits were exchanged between representatives of Milost and the Bank in 2017 and early 2018. The Bank’s Managing Director/ CEO was in New York in October 2017 for other engagements and decided to visit Milost and verify the firm’s address as well as put a face to the officers of Milost that have been engaging the Bank via telephone and emails. A brief meeting was held and discussions were around the dynamics of Milost proposal to Unity Bank Plc, and socialization of the policies and regulations around equity investment in Nigeria. The Bank did not at any time suggest or agree to move its listing from the NSE to the USA as falsely reported in the media.

SOURCE: https://brandspurng.com/unity-bank-plc-responds-to-various-publications-on-milost-usd1bn-proposed-investment/

GeorgeTheCoder:
This media release by Unity Bank does nothing to dispute Milost's claims and only shows that they are true.

For those unfamiliar with the story :

1.Unity Bank tried to raise money from international investors.

2. Milost, a new York based firm agreed to invest 1 billion USD in Unity Bank and gave some conditions among which were that Unity Bank delist from the NSE and relist in USA, and the investor would take a 60% stake in the bank.

3. Unity Bank agreed management agreed in principle, and was set to sign final papers after shareholder and board ratification.

4. An unknown person emailed Milost (the investor) and threatened them, warning them not to come into Nigeria to invest in the bank. This person showed unusual knowledge of the internal documentation and workings of the bank. When Milost reported this to the management, they did not get a satisfactory reply and were scared away from the deal.

Goes to show that Nigeria is a country of gangsters.

AlwaysUltraPad:
shame on you.

kennycalls:
I been think say that union bank Na big strong and reliable?? �����

GeorgeTheCoder:
This media release by Unity Bank does nothing to dispute Milost's claims and only shows that they are true. For those unfamiliar with the story :

1. Unity Bank tried to raise money from international investors.

2. Milost, a new York based firm agreed to invest 1 billion USD in Unity Bank and gave some conditions among which were that Unity Bank delist from the NSE and relist in USA, and the investor would take a 60% stake in the bank.

3. Unity Bank management agreed in principle to the conditions, and was set to sign final papers after shareholder and board ratification.

4. An unknown person emailed Milost (the investor) and threatened them, warning them not to come into Nigeria to invest in the bank. This person showed unusual knowledge of the internal documentation and workings of the bank. When Milost reported this to the management, they did not get a satisfactory reply and were scared away from the deal.

https://www.bloomberg.com/news/articles/2018-03-27/milost-halts-1-billion-funding-for-nigerian-bank-after-threats
Goes to show that Nigeria is a country of gangsters.

Intrepid01:


you really need to learn to pay attention to details....where did they mention union bank?

wamiikechukwu:



When i read the news i was like "nawo ooo".

I believe it's from there one of there investor that don't want the bank to require more capitals. Probably he has short his positions on Unity banks stock.

GeorgeTheCoder:


We don't have a derivatives market in Nigeria so you cant short stock.

It may be that some people want to take over the bank or retain their control. Banking in Nigeria is a conduit for a lot of illegal activities so it makes strategic sense to own or control one.

wamiikechukwu:


So you can only buy a stock in NSE

GeorgeTheCoder:
This media release by Unity Bank does nothing to dispute Milost's claims and only shows that they are true. For those unfamiliar with the story :

1. Unity Bank tried to raise money from international investors.

2. Milost, a new York based firm agreed to invest 1 billion USD in Unity Bank and gave some conditions among which were that Unity Bank delist from the NSE and relist in USA, and the investor would take a 60% stake in the bank.

3. Unity Bank management agreed in principle to the conditions, and was set to sign final papers after shareholder and board ratification.

4. An unknown person emailed Milost (the investor) and threatened them, warning them not to come into Nigeria to invest in the bank. This person showed unusual knowledge of the internal documentation and workings of the bank. When Milost reported this to the management, they did not get a satisfactory reply and were scared away from the deal.

https://www.bloomberg.com/news/articles/2018-03-27/milost-halts-1-billion-funding-for-nigerian-bank-after-threats
Goes to show that Nigeria is a country of gangsters.