FCMB rakes in $3m from 9mobile sale

Posted by News Express | 6 December 2018 | 1,170 times

Nigerian bank FCMB said on Wednesday it had received $3 million as part of the proceeds from the sale of debt-laden telecoms firm 9mobile, which was seized by its lenders and sold to new investors.

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. (Reuters)

Source: News Express