Complete Story As Unity Bank Says No Tango Between Kyari And IBB Over Investment Fund


Unity Bank says there was no “tango” between silent power behind the financial institution Ibrahim Badamosi Babangida (the former military ruler) and Abba Kyari, the chief of staff to President Muhammadu Buhari in recently accessing the Sovereign Investments fund.

In a statement made available, the bank insisted it didn’t access any Sovereign fund to buoy its operations and that rather the bank is on course in its determination to shore up capital.

Sources, however, claim Unity bank secured the reported fund under through a third party who is penciled to utilize it for agricultural purposes.

“It is meant to set up a fertilizer plant and the bank based on arrangements in place would house the funds for the beneficiary…the inherent benefits for the bank is apparent” a source stated.

The development is viewed as a huge lifeline for the bank not among the top-ranked.

The Nigeria Sovereign Investments Authority gave approvals for the purpose the fund is meant for but did not disburse.

Abba Kyari reportedly came into the picture at the point of disbursement which involves “presidency” according to sources.

But Unity Bank with Babangida’s son Aminu as Chairman claims otherwise.

The bank asserted in its reaction

Unity Bank Plc has disassociated former President Ibrahim Badamosi Babangida (IBB) from media report pitching him against the Chief of Staff to the President, Abba Kyari in a purported Sovereign Investment Fund intervention for the Bank.

A statement from the Bank said it was poised to set the records straight after the attention of Management was drawn to an online report which alleged that IBB and The Chief of Staff to the President were said to be “in tango” over efforts to attract new funds to buoy the operations of the Bank and urged the public to disregard the report.

Unity Bank, according to the statement, remains on course in its determination to shore up its capital; a process which, it said, has received tremendous interest among investors

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