FCMB receives $3 mln after sale of 9mobile

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ABUJA, Dec 5 – Nigerian bank FCMB said on Wednesday 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 naira exposure to 9mobile, the bank said (

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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