FCMB Receives $3m 9mobile Debt

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First City Monument Bank (FCMB) said on Wednesday that it had received $3 million as part of the proceeds from the sale of debt-laden telecoms firm 9mobile, which was seized by its lenders and sold to new investors.

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. FCMB has around $4 billion exposure to 9mobile, the bank said

Source: THISDAY

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