Nigerian telecommunications company 9mobile announced on Sunday (August 25th) a $ 230 million loan from Africa Finance Corporation, a multilateral financial institution specialized in financing infrastructure projects in Africa.
The announced amount, divided into two tranches, will enable 9mobile to pay off existing debt, finance its costs and invest in growth.
“We can only express our gratitude to the AFC for approving this loan facility which will not only contribute to the sustainability of our business, but also to its growth to better serve our many loyal customers in Nigeria. We have completely revised our operational, regulatory, financial and technical architecture to ensure we deliver quality services and this facility will go a long way in providing the best services to Nigerians, “said 9mobile Chairman Ado Bayero.
The telecommunications company is the fourth largest telecom operator in Nigeria and was owned by the telecommunications company Etisalat, based in Abu Dhabi, before being sold in 2018 for non-payment.
