The Africa Finance Corporation (AFC) has approved a $230 million loan to Nigeria’s 9mobile.
A pan-African multilateral development financial institution, the AFC aims to bridge Africa's infrastructure investment gap through the provision of debt and equity finance, project development, technical and financial advisory services.
9mobile hopes to use the loan to finance the turnaround strategy proposed by its board and management. The loan will be divided into two and used to repay historic vendor obligations, finance costs and an interest reserve account, and make payments towards quick win capex initiatives.
The operator’s Board Chair Alhaji Ado Bayero said: "We can only express gratitude to the AFC for approving this loan facility. 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."
Acting Managing Director Stephane Beuvelet added: "our turnaround efforts are well and truly underway. We had promised when we took over that we would justify the confidence in our brand by making significant investments that will improve the value Nigerians get for using 9mobile.”
The new board led by Alhaji Bayero took over 9mobile in November 2018 following a successful acquisition by Teleology Nigeria Limited.