Nigeria’s Access Bank takes impairment on 9mobile loan

Image result for Nigeria's Access BankNigeria’s Access Bank said on Wednesday it had booked a 4 billion naira ($13 million) impairment on its loan to troubled telecoms firm 9mobile, formerly known as Etisalat Nigeria.

Access Chief Executive Herbert Wigwe said the bank had a direct exposure of 11 billion naira to 9mobile, as well as an exposure of 35-39 billion naira to the telecoms firm’s suppliers.

Wigwe told an analysts’ call that Access hoped to recover the debt once 9mobile was sold to new investors. – Rueters

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