Barely few months after official takeover and internal restructuring of 9Mobile, strong operational boost is underway for the telecom giant as the Africa Finance Corporation (AFC), has approved a $230 million loan facility.
The company said the facility will go a long way in changing the fortunes of the former Etisalat especially in upgrading its area of strength which include data services.
Industry analysts say considering the position of the company as at June 2019, which shows that it stands on 9.19 per cent market share and services 15.9 million customers in Nigeria, the facility will raise its competitive edge to recover lost during the crisis that forced original investors out of the Nigerian economy.
The new Board and Management of Emerging Markets Telecommunication Services Limited (EMTS) had assured Nigerians on takeover that it plans to reposition the company so as to maintain its original status as leaders in excellent data services.
The Alhaji Nasiru Ado Bayero-led Board and management headed by Acting Managing Director, Stephane Beuvelet, had vowed to pull back near bankrupt company to the path of growth and profitability through cost efficiency, innovative product development, and network efficiency and have continued to drive the vow with innovative products and resilience in the last couple of months.
The AFC, which announced the approval of the loan in a letter addressed to both Bayero and Beuvelet, averred that “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 $230 million super senior debt investment.”
Details made available to media executives in Lagos on the loan showed that the $230m is divided into two tranches and would be used to repay historic vendor obligations, finance costs, and an interest reserve account and payment towards quick win capex initiatives.
In his remarks, the elated Board Chair, Alhaji Ado Bayero, said “We can only express gratitude to the AFC for approving this loan facility that would not only help our business sustainability but also grow it to serve our teeming and loyal customers in Nigeria better. We have completely reviewed our operational, regulatory, financial and technical architecture to ensure we deliver quality services and this facility would go a long way in giving best in class services to Nigerians.”
Business Hilights recalls the Alhaji Bayero-led new Board took over 9mobile in November 2018 following a successful acquisition by Teleology Nigeria Limited.
Other members of the Board include non-executive directors, Asega Aliga, Mohammed Edewor and Winston Ndubueze Udeh; Executive Director, Abdulrahman Ado and Acting Managing Director, Stephane Beuvelet.
