E-Business
Milost Ends Unity Bank $1Bn Deal over Threats from Politician

Milost Global Inc., a private-equity firm has ended talks to provide $1 billion to Unity Bank Plc, saying it received threats that it will be run out of Nigeria if the deal continues.
The New York-based private-equity firm had agreed to provide debt and equity on the understanding that Unity Bank would delist in Nigeria to have its stock traded in the U.S., Milost said in an emailed statement on Monday.
The term sheet was signed and approved by the board of Unity, which needed the capital to strengthen its balance sheet and to expand, the firm said. It would ultimately have acquired 60 percent in the Lagos-based bank.
Shortly after news of the deal broke on Bloomberg, “Milost started receiving threatening emails from a gentleman who says he is politically connected to the powers that could shut Milost out of Nigeria if Milost didn’t terminate the Unity Bank transaction,” the private-equity firm said. Negative articles started appearing in the local press and last week, Unity issued a “false statement which denied signing a binding commitment agreement,” Milost said.
The firm said it will file a lawsuit against BusinessDay Nigeria for publishing what it said was false information.
Anthony Osae-Brown, editor for BusinessDay, said he couldn’t immediately comment when contacted by email.
Unity Bank didn’t immediately respond to requests for comment, saying it will respond later.
Isaac Okorafor, a spokesman for the Central Bank of Nigeria, said he was not in a position to comment when contacted by phone.
“Transparency is important in a negotiation and information should be well managed” to ensure the parties involved in talks meet their objectives, Sewa Wusu, an analyst for SCM Capital in Lagos, said by phone. “Unity Bank needs capital.”
Unity, which was formed out of the merger of nine banks between December 2005 and March 2006, said in April last year that it is in talks to sell its non-performing loans to avoid penalties after missing a regulatory deadline to file its recapitalization plans. Shares in the company slumped 4.4 percent to 1.29 naira in Lagos trading.
Some small- and mid-sized Nigerian lenders are battling to rebuild capital levels after a slump in world oil prices left the country short of foreign currency. The economy shrunk in 2016, making it difficult for businesses to repay loans.
Milost, which has $25 billion in committed capital, will focus on its other investments in Nigeria, Chief Executive Officer Kim Freeman said in the statement. The firm will soon release $21 million to oil-services company Japaul Oil & Maritime Services Plc and another $10 million to Resort Savings & Loans Plc.
The private-equity firm has said it is targeting companies that trade at less than half of their intrinsic value. It’s using a facility that it calls the Milost Equity Subscription Agreement, which combines debt and equity.
E-Business
Huawei Unveils AI Computing System to Challenge Nvidia’s Flagship Product

China’s Huawei Technologies unveiled an AI computing system on Saturday that an industry expert said rivals Nvidia’s most advanced product, as the company aims to expand its footprint in the country’s booming AI sector.
The CloudMatrix 384 system made its public debut at the World Artificial Intelligence Conference (WAIC), a three-day event in Shanghai, attracting a large crowd to Huawei’s booth with its showcase of cutting-edge AI innovations.
The system has attracted significant interest from the global AI community since Huawei (HWT.UL) first introduced it in April. Industry analysts see it as a direct challenger to Nvidia’s GB200 NVL72, the most advanced system-level offering currently available from the U.S. chipmaker.
In an April article, Dylan Patel, founder of semiconductor research firm SemiAnalysis, stated that Huawei now possesses AI system capabilities that could surpass those of Nvidia.
Huawei staff at its WAIC booth declined to comment when asked to introduce the CloudMatrix 384 system.
A spokesperson for Huawei did not respond to questions.
Huawei has become widely regarded as China’s most promising domestic supplier of chips essential for AI development, even though the company faces U.S. export restrictions.
Nvidia CEO, Jensen Huang told Bloomberg in May that Huawei had been “moving quite fast” and named the CloudMatrix as an example.
The CloudMatrix 384 system features 384 of Huawei’s latest 910C chips and, according to SemiAnalysis, surpasses Nvidia’s GB200 NVL72 in certain performance metrics, despite the latter using 72 B200 chips.
SemiAnalysis attributes this performance advantage to Huawei’s strong system design, which offsets the lower power of individual chips by leveraging a greater number of them and incorporating system-level innovations.
Huawei describes the system as utilizing a “supernode” architecture that enables ultra-high-speed interconnectivity between chips.
In June, Zhang Pingan, CEO, Huawei Cloud confirmed that the CloudMatrix 384 was already operational on Huawei’s cloud platform.
E-Business
Transcorp Hotels Delivers Stellar H1 Results, Declares Over ₦1Bn Dividend

Transcorp Hotels Plc has delivered a stellar performance in the first half of 2025, recording a 60% year-on-year surge in revenue to ₦47.57 billion, up from ₦29.72 billion in H1 2024. Gross profit climbed 71% to ₦36.21 billion, maintaining a strong 76% margin despite inflation and operational headwinds.
The hospitality giant, a subsidiary of Transnational Corporation Plc, also announced an interim dividend payout of ₦1.024 billion — offering ₦0.10 per 50 kobo ordinary share to shareholders.
In a bold move, the company unveiled Nigeria’s largest corporate venue — the 5,000-seat Transcorp Centre — staking its claim as the new leader in event hospitality. Chairman Emmanuel Nnorom described the results as proof of Transcorp Hotels’ transformative strategies and unwavering investor commitment. MD/CEO Uzo Oshogwe attributed the success to relentless execution and a resilient business model.
Transcorp Hotels, renowned for iconic assets like Transcorp Hilton Abuja and its digital platform Aura, says it isn’t just leading Nigeria’s hospitality sector — it’s redefining excellence across Africa.
E-Business
Microsoft Servers Hacked by Chinese Groups

Chinese “threat actors” have hacked Microsoft’s SharePoint document software servers and targeted the data of the businesses using it, the firm has said.
China state-backed Linen Typhoon and Violet Typhoon as well as China-based Storm-2603 were said to have “exploited vulnerabilities” in on-premises SharePoint servers, the kind used by firms, but not in its cloud-based service.
The US tech giant has released security updates in response and has advised all on-premises SharePoint server customers to install them.
“Investigations into other actors also using these exploits are still ongoing,” Microsoft said in a statement.
The firm said it had “high confidence” the hackers would continue to target systems which have not installed its security updates.
It added that it would update its website blog with more information as its investigation continues.
Microsoft said it had observed attacks in which hackers had sent a request to a SharePoint server “enabling the theft of the key material by threat actors”.
Charles Carmakal, chief technology officer at Mandiant Consulting firm, a division of Google Cloud, told reporter, it was “aware of several victims in several different sectors across a number of global geographies”.
Carmakal said it appeared that governments and businesses that use SharePoint on their sites were the primary target.
A number of adversaries who stole material encoded by cryptography were then able to regain ongoing access to the victims’ SharePoint data, he said.
“This was exploited in a very broad way, very opportunistically before a patch was made available. That’s why this is significant,” Carmakal said.
Carmakal said the “China-nexus actor” was deploying techniques similar to previous campaigns associated with Beijing.
Microsoft said Linen Typhoon had “focused on stealing intellectual property, primarily targeting organizations related to government, defence, strategic planning, and human rights” for 13 years.
It added that Violet Typhoon had been “dedicated to espionage”, primarily targeting former government and military staff, non-governmental organizations, think tanks, higher education, the media, the financial sector and the health sector in the US, Europe, and East Asia.
Meanwhile, Storm-2603 was “assessed with medium confidence to be a China-based threat actor”.
- General News3 days ago
FG Plans N50m STEEM Grant to Support Student Innovation in August
- E-Business3 days ago
Transcorp Hotels Delivers Stellar H1 Results, Declares Over ₦1Bn Dividend
- E-Financial3 days ago
Cardoso, CBN Boss Risks Arrest over Alleged N5.2 Trillion Unremitted Funds
- E-Financial3 days ago
NIBBS: Banks Close 29.4m Accounts, Dormant Accounts Hit 33.39m
- Telecom3 days ago
MTN Media Innovation Programme Fellows Gain Insight into Nigeria’s Connectivity Backbone
- General News3 days ago
Experts Champion Sustainability at Lagos Green Economy Forum
- Telecom3 days ago
Driving Digital Inclusion: Anambra’s Mobile Tech Hub Brings Free WiFi to the People
- Broadcasting3 days ago
NDPC Hides MultiChoice Privacy Violation Details Despite FOI Request- FIJ