9mobile Gets $230 Million Loan From AFC To Service Debt, Grow Investment

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Yemisi Izuora/Agency Report

The Africa Finance Corporation has approved a $230 million loan for Nigerian telecom company 9mobile.

The money the company said will be used to honor existing debts, finance its costs and invest in growth.

The 9mobile, formerly called Etisalat Nigeria, is Nigeria’s fourth-biggest telecoms operator and was operated by Abu Dhabi-based telecoms firm Etisalat until the company defaulted on its debt, forcing lenders to step in to find new investors. Competition in Nigeria’s mobile telecoms market is intense, with the biggest operator, MTN, expanding its service through partnerships with banks.

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