Nigeria banks trying to stabilize 9mobile ahead of sale, FBN says

Adesola Adeduntan, CEO, First Bank

Nigerian lenders will try to stabilise the business of 9mobile, the country’s fourth largest telecoms group, until they can find new investors, First Bank said, adding that it saw no need to impair loans made to the company, because of its cash flows.

“On the part of lenders, we are trying to reposition the company till we find new investors. With the level of cash flow we believe there will be no need for impairment,” the bank’s chief executive Adesola Adeduntan said on an analysts’ call.

Another lender, FCMB, said on Tuesday lenders had agreed to extend a $1.2 billion loan which the mobile operator, formerly known as Etisalat Nigeria, took out four years ago but struggled to repay due to a currency crisis and a recession in Nigeria.

Read more: UPDATE 2-Nigeria banks trying to stabilise 9mobile ahead of sale, FBN says | Reuters