Nigeria’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