Skip to content
Subscriber Only

Nigeria's 9mobile Starts Repaying Debt After Teleology Takeover

  • Telecommunications company said to pay $251m to creditor banks
  • Repayment seen to improve asset quality of beneficiary banks

Nigeria’s fourth-biggest wireless carrier 9mobile, formerly known as Etisalat Nigeria, repaid part of a loan taken from a group of banks following its acquisition by Teleology Holdings Ltd.

“The money has been distributed to the banks,” Abiola Rasaq, head of investor relations at Lagos-based United Bank for Africa Plc, one of the institutions that received a payment, said by phone. The reimbursement is expected to improve the asset quality of the creditor banks that had classified the loan as non-performing, he said.