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Nigeria's Unity Bank in talks with potential investors for capital injection

Nigeria-based Unity Bank Plc said March 21 it is in discussions with some potential investors regarding a capital injection but has not finalized any deal.

The statement comes after Bloomberg News reported March 19 that U.S. private equity firm Milost Global Inc. plans to invest up to $1 billion in the Nigerian bank, comprising $700 million in equity and $300 million in five-year bonds convertible into Unity Bank shares. Unity Bank said it had not received an investment commitment from Milost Global.

"Two people familiar with the matter" told Bloomberg that said Milost Global would acquire an initial stake of some 30% for $250 million. Subject to due diligence and regulatory approvals, the first part of the deal would be completed in the second quarter, with the remainder of the cash to be injected over a four-year time span, as long as Unity Bank has enough shares to issue to Milost Global, one source said.