On this day 27th of August 2019, Nigerian Telecommunications Company 9mobile receive an approved loan of $230 million by the Africa Finance Corporation (AFC). The Executive Director, Abdulraham Ado who signed the 9mobile statement said that the loan approval was part of the company’s efforts to secure a loan facility from the AFC to enable get back on track in the telecommunication industry.
The AFC is a Pan-African Multilateral development financial institution that has a goal of trying to minimize the gap of Africa’s infrastructure investment through the provision of project development, debts and equity finance. 9mobile main aim is to use the loan provided by AFC to improve operations and achieve long-term goals.
AFC is pleased to inform Emerging Markets Telecommunication Services that it has received full Board approval to support 9mobile Telecommunication system through a $230 million loan to them. A letter addressed to the Board Chairman of 9mobile, Alhaji Nasiru Ado Bayero and Acting Manager of 9mobile, Stephane Beuvelet detailed, courtesy of Vanguard Nigeria. “We can express our gratitude towards this loan facility that will allow this business have a progressive growth and development to help sustain and serve our loyal customers in Nigeria way better. Also helps in our financial and technical infrastructures to help deliver quality services and so in a long run it gives a prominent services to Nigerians, said Bayero.”
“With the success of this loan ascertained to 9mobile, the fact remains that the operational restructuring and financial ground will path a way for intense growth and profitability. With this facility, our subscribers, staff and vendors should prepare for better days with 9mobile, so very lost ground will be reclaimed in the coming months” said by Phillips Oki, Chief Financial Officer for 9mobile.