FCMB Earns $3Mn  From 9mobile Sale

Source: Reuters

Nigerian bank FCMB said on Wednesday it had received $3 million as part of the proceeds from the sale of debt-laden telecoms firm 9mobile, which was seized by its lenders and sold to new investors. 

In November, Teleology completed a takeover of 9mobile, the country’s fourth biggest operator, ending a long bidding process for the debt-laden company that started a year ago. 

FCMB has around 4 billion naira exposure to 9mobile, the bank said.

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