9mobile borrows $230 million loan to pay debt, boost growth

9mobile

To revive its struggling fortunes, 9mobile said it has secured a loan facility of about $230 million to fund its growth plans.

The funding was secured from the Africa Finance Corporation (AFC). The company told Reuters that the funding will be used to pay up existing debts, finance its costs and invest in growth

9mobile is Nigeria’s fourth largest and smallest mobile carrier that changed its name from Etisalat Nigeria.

Registered as Emerging Market Telecommunication Service Limited, 9mobile is owned operated by Teleology Holdings, the preferred bid winner after the lender of its former company. Etisalat Nigeria appointed Barclays Africa to sell the company.