Nigerian banks to extend 9mobile’s debt ahead of sale, FCMB says


LAGOS, AUGUST 1, 2017 – Nigerian lenders have agreed to extend a loan of $1.2 billion made to 9mobile, formerly known as Etisalat Nigeria, pending the mobile operator finding new investors, FCMB bank said on Tuesday.

Nigerian regulators intervened last month to save Etisalat Nigeria, the country’s fourth-largest mobile operator, from collapse and prevent lenders placing the telecoms firm in receivership, prompting a board, management and name change.

FCMB, which is owed 4.5 billion naira by 9mobile, said lenders have put a hold on taking provisions on the debt and that they were working with the regulators.

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