9mobile of Nigeria Gets $230 Million Africa Finance Corp Credit

Posted August 26, 2019

Africa Finance Corporation approved a $230 million loan for Nigerian phone company 9mobile to finance business expansion.

To be released in two tranches, the funds will be used “to repay historic vendor obligations” and meet some capital expenditure, the Lagos-based company said in a statement sent by phone.

9mobile, formerly known as Etisalat, is Nigeria’s fourth- biggest wireless carrier. It was taken over by creditor banks in 2017 after it defaulted on a $1.2 billion loan and sold to a new investor. Source: Bloomberg

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