Latest Comments

  • PREMCHANDRA J LOKHAN... More
    i support ericsson as rcom can dupe anyone , they had... Sunday, 14 October 2018
  • Bud Biswas More
    Our company, Polaris Networks, has helped other smaller... Friday, 12 October 2018
  • Developing Telecoms More
    That is correct - it is the coastline of Equatorial Guinea,... Friday, 12 October 2018
  • Xavier Muñoz More
    This photo is not from São Tomé e Príncipe Thursday, 04 October 2018
  • adewalebeke@yahoo.co... More
    Hello,
    My name is Adewale. I am a Healthcare Manager in... Friday, 21 September 2018

9mobile’s bank creditors cooperating to find buyer

9mobile’s bank creditors cooperating to find buyer

9mobile’s thirteen bank creditors are working together to enable a sale of the operator by the end of the year.

Formerly Etisalat Nigeria, 9mobile was rebranded after Etisalat dropped its management agreement with the unit when it defaulted on repayments for loans that it had taken out to expand its network. Etisalat also relinquished its 45% stake in the unit to a trustee.

The operator owed $1.2B to the consortium of thirteen banks, which have now taken over management of the unit in an attempt to attract investors. To this end, Joseph Nnann - the former deputy governor of the Central Bank of Nigeria - has been appointed as chairman of the operator’s board.

The CEO of Fidelity Bank – one of 9mobile’s creditors – said of the operator: “the company has good fundamentals with about 22 million subscribers, and it is also very strong in data. Our interest is to ensure the company remains a going concern so that it can attract interested buyers. The banks are working collectively on this.”

Several parties have reportedly expressed interest in acquiring the operator, with Bua Group, Virgin Mobile and Vodacom all mooted. However, the Nigerian Communications Commission noted last month that it would require operators to meet certain financial and technical requirements before it could approve an acquisition, in an attempt to avoid a repeat scenario of Etisalat Nigeria’s problems.

Comments powered by CComment