9mobile Nigeria has secured $230 million from the Africa Finance Corporation (AFC) to expand its network and compete effectively in the Nigerian market and others.
Confirming the transaction, the AFC said in a statement: “Africa Finance Corporation is pleased to inform Emerging Markets Telecommunication Services that it has received full Board approval to support the turnaround strategy of EMTS through a US$230 million super senior debt investment.”
9 Mobile is the trade name for Emerging Markets Telecommunication Services Limited in Nigeria.
The Executive Director, Regulatory and Corporate Affairs, 9mobile, Abdulrahman Ado, also comfirmed the development.
Accordimg.to him, the company received the approval for the loan from AFC on Friday, August 23.
The AFC is pan-African multilateral development financial institution, which formation was spearheaded by Nigeria under former.President Olusegun Obasanjo.
It was the ontiative of the Central Bank governor Prof. Chukwuma Soludo.
It was targeted at bridging Africa’s infrastructure investment gap through the provision of debt and equity finance, project development, technical and financial advisory services.