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FCMB Receives $3m After 9mobile Sale to Teleology

By Modupe Gbadeyanka

Tier two financial institution in Nigeria, First City Monument Bank (FCMB) Plc, has disclosed receiving the sum of $3 million from the sale of debt-ridden 9mobile.

Recently, the Nigerian Communications Commission (NCC) confirmed Teleology Holdings as the new owners of 9mobile, which was formerly Etisalat Nigeria.

The telecom firm got into trouble when it could not service the $1.2 billion syndicated loan it took from a consortium of 13 Nigerian banks.

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This caused the lenders to make attempts to takeover the company, but the Central Bank of Nigeria (CBN) and the NCC prevented them.

However, an interim board was constituted both regulators to manage the telecom firm until a buyer was sought for it and at the end, Teleology emerged as the new investor.

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Last month, the new owners announced a new board.

At an investors’ conference call on Wednesday, FCMB said it had received $3 million as part of the proceeds from the sale of 9mobile.

FCMB has around N4 billion exposure to 9mobile.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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