Nigeria:Aso Savings Denies Milost Global’s U.S.$250 Million Investment Deal

Aso Savings and Loans Plc has denied refuted media reports that an American private equity firm, Milost Global incorporated had concluded plan to invest $250 million into the institution.

Aso Savings, according to a report by Business Post, said in a statement that it had not entered into any agreement with Milost Global.

It therefore appealed to members of the public to disregard the information, describing it as "false."

It stated: "The management of ASO Savings & Loans Plc is aware of the recent news in the print and electronic media suggesting that Milost Global Inc is set to inject $250million equity capital into ASO Savings & Loans Plc.

"We dismiss this claim and wish to state that ASO had at no time issued any notice to Nigerian Stock Exchange (NSE) as purported in the media. ASO Savings & Loans Plc has not entered into any agreement with Milost Global Inc. Members of the public are implored to disregard the false news that has pervaded the media.

"Any change to ASO's business structure or operations will be duly communicated by the Bank through the appropriate channels. ASO will continue to strive to be the Mortgage Bank of choice and explore innovative ways to meet the housing needs in Nigeria."