9Mobile Gets $230 Mln Loans From AFC To Fund Debt, Operations

Nigeria's fourth biggest telecommunications firm 9mobile has obtained a $230 million credit facility from the Africa Finance Corporation )AFC) to refinance debt and improve its operations.
According to the telecoms firm, the facility will be used to honour existing debts, finance its costs and invest in growth.
9mobile, formerly called Etisalat Nigeria, is the country’s fourth-biggest telecoms operator and was operated by Abu Dhabi-based telecoms firm Etisalat until the local company defaulted on its debt, forcing lenders to step in to find new investors.
Competition in Nigeria’s mobile telecoms market is intense, with the biggest operator, MTN, expanding its service through partnerships with banks.