Zenith Bank makes provision on 30 pct of its 9mobile loan: executive

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The headquarters of Nigeria's Zenith bank is seen in the Victoria Island district of Lagos July 29, 2016. REUTERS/Akintunde Akinleye

LAGOS – Nigeria’s Zenith Bank has made a provision on 30 percent of its loan to 9mobile, the country’s fourth largest telecoms group formerly known as Etisalat Nigeria, the bank’s chief executive said on Monday.

“We have taken about 30 percent … as a provision which we believe is very prudent as the company is undergoing restructuring … to prepare for a new investor,” Peter Amangbo told a conference call.

Nigerian regulators stepped in last month to save Etisalat Nigeria from collapse and prevent lenders placing the country’s fourth biggest telecoms group into receivership, prompting a board, management and name change.

Reporting by Oludare Mayowa; Editing by Greg Mahlich

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