Connect with us

E-Business

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

Published

on

Kindly share this post

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.

 

 

 


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Business

TD Africa Dangles Discounts on Mercury Inverters

Published

on

Kindly share this post

In response to Nigeria’s epileptic power supply and the need for a cost-effective back-up, TD Africa, the authorised distributor of Mercury Inverters on the continent, is encouraging Nigerians to take control of their power needs with a discounted offer on all Mercury inverters.

This offer will not only reduce overdependence on the exorbitant fuel-powered generating option widely used, but also offer a seamless and uninterrupted power supply while cutting operational cost by more than 50%.

“Mercury Inverters are a game-changer for Nigerians seeking to overcome the challenges of frequent power outages,” said Toyin Adeniji, TD Africa’s Business Manager for Mercury Inverters.

According to her, the inverters exceptional performance, durability, and affordability, makes it a reliable and sustainable solution that can enhance both personal and business productivity.

TD Africa’s move to discount these Inverters will make the product accessible to more  Nigerians, providing an affordable and reliable power backup option that promises to improve the overall quality of life for individuals and businesses.

The inverters which come in 10KVA and 7.5KVA with a 120V, also contribute to environmental sustainability by minimizing carbon emissions.

While this discounted offer is for a limited time, how to take advantage of this offer can be obtained at  [email protected].

 


Kindly share this post
Continue Reading

E-Business

FG to Train 5, 000 Data Protection Officers

Published

on

Kindly share this post

Federal government has granted the Institute of Information Management permission to conduct examinations and certify data protection specialists on a local level.

FG to Train 5, 000 Data Protection Officers

As the demand for data management grows throughout Africa, Nigeria’s Federal Ministry of Youth Development has signed a Memorandum of Understanding (MoU) with the Nigeria Data Protection Commission (NDPC) to train 5,000 Nigerian youths to become data protection specialists.

The agreement is part of the NDPC’s ambition to create 10,123 data management related jobs in Nigeria.

Dr. Vincent Olatunji, CEO of the NDPC, stressed the growing demand for data protection officers in Nigeria during the signing event.

He stated that there are a large number of data controllers in the country, each of which must have at least one data protection officer.

According to the government, young people can now pursue data management careers and fill expected new roles in the ecosystem.

Olatunji also stated that the NDPC has granted the Institute of Information Management permission to conduct examinations and certify data protection specialists on a local level.

He stated that the goal of this move is to improve local knowledge while also reducing the foreign exchange expenses connected with international training.

“In addition, the certification provided by our in-country body will carry global recognition, ensuring our professionals are competitive on the international stage,” he explained.


Kindly share this post
Continue Reading

E-Business

Kaspersky Warns that Scammers Hide Phishing Links behind Images

Published

on

Kindly share this post

At the end of August, Kaspersky experts discovered a phishing campaign with an unusual attack vector – through an image. This scam targeted organisations in the fields of online retail, distribution, transportation, and logistics. The cyber attackers aimed to steal corporate email credentials from potential victims.

Within the phishing scheme, the cyber attackers send emails in English, allegedly on behalf of a South Korean company. Pretending to be employees of this organisation, the cybercriminals email about sending instructions to their bank for transferring a payment.

They ask potential victims to check the details in the scanned document, which is added to the body of the letter. According to the legend, this must be done quickly in order to receive payment as soon as possible.

“The image in these phishing emails is poorly visible – this is what the attackers are counting on. Even if a person does not expect an email, he may be interested in looking at the details. However, in reality, the image hides a phishing link.

If the users click on the scan, they will be redirected to a fake resource that mimics a file sharing service from Adobe. There, they will be asked to enter the credentials for a corporate email account to gain access to the document.

However, this should never be done, otherwise this information will go to the cybercriminals,” comments Roman Dedenok, a cybersecurity expert at Kaspersky.

To avoid becoming a victim of such phishing attacks, Kaspersky recommends that users do not trust emails from unknown mailboxes, especially when it comes to confidential data, financial transactions and suspicious attachments, even if it visually looks like the email came from an organisation with a good reputation.

Kaspersky also recommends that companies install a reliable security solution that will automatically send such emails to spam, such as Kaspersky Secure Mail Gateway, and also regularly conduct cybersecurity training for employees, teaching them how to recognise social engineering techniques, for example, using the Kaspersky Automated Security Awareness Platform.

 


Kindly share this post
Continue Reading

Trending