9mobile Secures $230m Loan From Africa Finance Corporation To Boost Operations In Nigeria
9mobile has secured a loan of $230 million from Africa Finance Corporation (AFC) to help it achieve its long-term growth plans.
The telco made this known in a statement released this past weekend, saying that the funds would be used for innovative product development and network efficiency for the profitability and growth of the company.
The statement signed by 9mobile’s Executive Director of Regulatory and Corporate Affairs, Abdulrahman Ado, stated that the firm had received approval for the loan from AFC on Friday, 23 August 2019.
The AFC is a pan-African financial institution established to provide debt and equity finance, business advisory services and project development.
According to 9mobile, the loan amount divided into two, would be used to repay historic vendor debts, finance costs, as well as an interest reserve account and payment towards other initiatives.
Commenting on the transaction, 9mobile’s chief financial officer, Phillips Oki said that the success of this loan transaction by way of the approval of the board of the Africa Finance Corporation was a solid affirmation of 9mobile’s belief that the fundamentals of the 9mobile business remain strong.
He added that it was also an attestation to the fact that the company’s operational restructuring and financial re-engineering had launched 9mobile onto the path of significant growth and profitability.
Oki said that the loan would help 9mobile reclaim all lost ground in the market over the coming months.