Nigeria’s 9mobile to get USD 230m loan from AFC
Nigerian telecom company 9mobile has been granted a USD 230 million loan by the Africa Finance Corporation (AFC), Naija 247 News reported. The facility will be divided in two tranches.
The group plans to spend the funding to repay existing debts, finance its costs and invest in growth. It aims to cope with its financial troubles and return to profitability through cost efficiency, innovative product development and network efficiency.
9mobile, formerly called Etisalat Nigeria, is Nigeria’s fourth-biggest telecoms operator. Previously, it was run by Abu Dhabi-based telecoms firm Etisalat but defaulted on its debt. That is why lenders decided to step in to find new investors, Naija 247 News added.