Nigerian telecommunications company, 9mobile, has recently been approved for a $230 million loan by the Africa Finance Corporation (AFC).
The AFC is a pan-African multilateral development financial institution that was created with the goal of minimizing Africa’s infrastructure investment gap via the provision of debt and equity finance, project development, financial and technical advisory services. 9mobile aims to use the loan to improve its operations and achieve its long-term goals.
This development was announced via a statement signed by 9mobile’s Executive Director, Regulatory and Corporate Affairs, Abdulrahman Ado. According to Nigerian national newspaper THISDAY, Ado stated that the loan approval was part of the company’s efforts to secure a loan facility from the AFC to enable the company to reposition itself. Ado added that these measures are yet to produce results.
“Africa Finance Corporation is pleased to inform Emerging Markets Telecommunication Services that it has received full Board approval to support the turnaround strategy of EMTS through a $230 million super senior debt investment,” a letter addressed to the Board Chairman of 9mobile, Alhaji Nasiru Ado Bayero and Acting Manager of 9mobile, Stephane Beuvelet detailed, courtesy of Vanguard Nigeria.
“We can only express gratitude to the AFC for approving this loan facility that would not only help our business sustainability but also grow it to serve our teeming and loyal customers in Nigeria better. We have completely reviewed our operational, regulatory, financial and technical architecture to ensure we deliver quality services and this facility would go a long way in giving best in class services to Nigerians, said Bayero, courtesy of THISDAY.
“The success of this transaction, by way of the approval of the Board of Africa Finance Corporation, is a sound affirmation of our belief that the fundamentals of the 9mobile business are indeed strong. It is also an attestation to the fact that the operational restructuring and financial reengineering we have done since we assumed ownership have launched 9mobile on the path of growth and profitability. With this facility, our subscribers, staff and vendors should get ready to switch on to better days with 9mobile. We will reclaim every lost ground in the market in the coming months,” added Phillips Oki, Chief Financial Officer for 9mobile, courtesy of THISDAY.
Edited by Kojo Essah
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