The sale of 9mobile profited FCMB N918 million

Out of its N4billion publicity to the defunct Etisalat Nigeria, FCMB mentioned on Wednesday that it had acquired $3million (N918 million) as a part of proceeds from the sale of 9mobile.

FCMB was a part of the consortium of 13 banks concerned in Etisalat Nigeria’s $1.2 billion greenback mortgage, a seven-year facility, agreed with the banks in 2013 to refinance a $650 million dollar-loan, and fund enlargement of the telecommunications agency’s community.

However the firm missed funds because of the financial downturn in Nigeria, a forex devaluation and the scarcity of dollars within the nation’s interbank market.

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Nonetheless, in November, Teleology accomplished a takeover of 9mobile, the nation’s fourth largest operator, ending an extended bidding course of for the debt-laden firm that began a yr in the past. Teleology Holdings Restricted, an organization led by Adrian Wooden, a former chief govt of MTN Nigeria, who helped construct the Nigerian arm of the South African telecoms group into the most important cell phone operator in Nigeria, with a 36.1 p.c market share , emerged the popular bidder to take over the corporate final February.

Final month, after about eight months when it made the preliminary $50 million non -refundable deposit to accumulate the telecommmunication firm,the agency was given last approval of no objection by the Board of the Nigerian Communications Fee (NCC) to personal the telecommunications firm.

The corporate additionally instantly, constituted a brand new board of administrators to handle the affairs of the corporate following the disbandment of the interim board which held forth whereas the bid course of and cost negotiations lasted.

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  1. Great

  2. Nice one

  3. Wow

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