Out of its N4billion exposure to the defunct Etisalat Nigeria, FCMB said on Wednesday that it had received $3million (N918 million) as part of proceeds from the sale of 9mobile.
FCMB was part of the consortium of 13 banks involved in Etisalat Nigeria’s $1.2 billion dollar loan, a seven-year facility, agreed with the banks in 2013 to refinance a $650 million dollar-loan, and fund expansion of the telecommunications firm’s network.
But the company missed payments due to the economic downturn in Nigeria, a currency devaluation and the shortage of dollars in the country’s interbank market.
However, in November, Teleology completed a takeover of 9mobile, the country’s fourth biggest operator, ending a long bidding process for the debt-laden company that started a year ago. Teleology Holdings Limited, a company led by Adrian Wood, a former chief executive of MTN Nigeria, who helped build the Nigerian arm of the South African telecoms group into the largest mobile phone operator in Nigeria, with a 36.1 percent market share , emerged the preferred bidder to take over the company last February.
Last month, after about eight months when it made the initial $50 million non -refundable deposit to acquire the telecommmunication company,the firm was given final approval of no objection by the Board of the Nigerian Communications Commission (NCC) to own the telecommunications company.
The company also immediately, constituted a new board of directors to manage the affairs of the company following the disbandment of the interim board which held forth while the bid process and payment negotiations lasted.