Wednesday, December 12, 2018
  • Wednesday, December 12, 2018

Nigerian FCMB Has Received $3 Mln After Sale Of 9mobile

By Olumidagreat on December 5, 2018
0 32 Views

Nigerian First City Monument Bank (FCMB) said on Wednesday it had received $3 million as part debt owed it by 9Mobile after the new owner took over the management of the telecoms firm.

The fund paid to the middle tier bank was part of the proceeds from the sale of debt-laden telecoms firm, which was sold by the Central Bank of Nigeria (CBN) in conjunction with the telecoms regulator to a consortium of investors.

9mobile was taken over by CBN after the telecoms firm was unable to repay some consortium of lenders huge debt owed them. The company was sold to new investors in a bid to bring closure to the debt debacle.

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

Olumidagreat

Reliable, usable and educative Financial/business News you can trust. Providing accurate information suitable for leaders and decision-makers in business, government, and international institutions.

Leave a comment