American equity firm stakes N77b on Resort Savings

nationMilost Global Inc-an American private equity firm is staking $250 million, about N76.5 billion, on Resort Savings & Loans Plc in another major acquisition after the American firm entered into a binding commitment to invest $350 million in Japaul Oil & Maritime Services.

Milost, combining its traditional equity and debt approach, will be staking $100 million as equity capital and $150 million as debt capital. Already, Milost Global and Resort Savings have signed a commitment letter, giving the private equity firm the mandate to proceed with due diligence and other regulatory issues. The board of Resort Savings had approved the proposed transaction at its meeting on February 26, 2018.

In a regulatory filing at the Nigerian Stock Exchange (NSE) yesterday, the board of Resort Savings indicated that the mortgage bank has executed a $250 million deal with Milost Global. The regulatory filing was signed by Managing Director, Resort Savings & Loans Plc, Mr Olayemi Rabiu and Chairman, Resort Savings & Loans, Senator Sunday Fajinmi.

Nigeria Mortgage bank secures $250m investment from US PE firm


US-based private equity investor Milost Global has signed a deal to invest $250 million in Resort Savings & Loans, a financial services company.

In a notice sent to the Nigerian Stock Exchange (NSE) the Mortgage bank said the financing agreement with Milost Global is part of the terms of the agreement, Milost will invest $250 million in the bank comprising $100 million as equity capital and $150 million as debt.

The transaction will take place through a private placement, subject to the approval of the NSE, Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN). Resort Savings in December last year, had notified stakeholders that it was in talks with a local investor to invest ₦8 billion in the bank. Talks regarding this, are still ongoing.

Olayemi Rabiu the chief executive officer of Resort Savings & Loans PLC, said, “The investment will enable the company to assume the leadership role in the mortgage banking business in Nigeria, the West African sub-region and Africa as a whole as well as contribute excellently to the growth in African economies.”

This marks the third major transaction, Milost has executed with a Nigerian entity. The firm had recently signalled it was in discussions to acquire a large Nigerian bank, reportedly Unity bank.

In February, Japaul Oil announced it had signed a $350 million financing agreement with Milos. The funds will be channeled towards its mining projects.

In January, Milost Global acquired Primewaterview Holdings Nigeria Limited for $1 billion. Primewaterview is a diversified holding company with a portfolio of Real Estate, Oil & Gas, Quarry Mining, Healthcare and Power.

Agreement between Visual and Milost Global Inc

VISUAL INTERNATIONAL HOLDINGS LIMITED – Receipt of Second Draw Down in relation to the funding agreement between Visual and Milost Global Inc

VIS 201803020015A

Receipt of Second Draw Down in relation to the funding agreement between Visual and Milost Global Inc


(Incorporated in the Republic of South Africa)

(Registration number 2006/030975/06)

(“Visual” or “the Company”)

ISIN Code: ZAE000187407 Share Code: VIS



Japaul Nigeria to Receive $350 Million Funding From Milost

  • Stock makes biggest gain in almost four years in Lagos trading
  • Company plans to absorb future oil shocks by adding mining

Japaul Oil & Maritime Services Plc, a Nigerian oil-services company, said it signed an agreement with private equity firm Milost Global Inc. for $350 million in shares and loans for business expansion.

Milost will invest $250 million in equity and add another $100 million in convertible loans, Japaul Chairman Jegede Paul said in a phone interview on Tuesday from Lagos, Nigeria’s commercial capital. The fresh injection of capital will enable the company to fix grounded vessels, finance new contracts and expand into mining, he said.