Nigeria's 9mobile Starts Repaying Debt After Teleology Takeover

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, Bloomberg News reported. “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. UBA made a 15.2 billion naira ($41 million) provision on the loan last year. The Nigerian unit of Emirates Telecommunications Corp., or Etisalat, was taken over by creditor banks in 2017 after it defaulted on $1.2 billion loan payments. Read more