Fresh AFC Investment Offers New Lifeline to Nigerian Telco 9mobile

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Telecommunications company, 9mobile, has secured a credit facility to manage and boost its operation in Nigeria. The network provider secured the lifeline from Africa Finance Corporation amidst internal dispute from shareholders and the loss of 3 million subscribers, Nairametrics has reported.

9mobile reportedly received a $230 million loan which will be used to service the debt owed by the firm. It will also be used to fund the operational cost of the company.

When 9mobile was still known as Etisalat, it defaulted in the repayment of a syndicated $1.2 billion loan it obtained from a consortium of banks led by Guaranty Trust Bank. Etisalat of the United Arab Emirates, the parent company, pulled out of Nigeria for this reason in 2017 as the banks threatened to take over the firm.

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