- 9mobile Secures $230m Loan from AFC
The Africa Finance Corporation (AFC) has provided a loan facility of $230 million for the embattled 9mobile.
The Emerging Markets Telecommunication Services Limited (EMTS), operating under 9mobile, said the fund will help the company attain its long-term growth plans.
On Friday, the financial institution announced that “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 US$230 million super senior debt investment.”
Speaking on the approval, Mt Bayero, the Board Chair, EMTS, said 9mobile effort to recover lost ground through innovational growth plan is being supported by a prestigious Pan-African financial institution.
“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,” he said.
Bayero further stated that “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. This is part of fulfilling our promise.”
Also, Phillips Oki, 9mobile’s Chief Financial Officer, “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.”