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Nigeria's Access Bank takes impairment on 9mobile loan
August 30, 2017 / 1:49 PM / 3 months ago

Nigeria's Access Bank takes impairment on 9mobile loan

LAGOS, Aug 30 (Reuters) - Nigeria’s Access Bank said on Wednesday it had booked a 4 billion naira ($13 million) impairment on its loan to troubled telecoms firm 9mobile, formerly known as Etisalat Nigeria.

Access Chief Executive Herbert Wigwe said the bank had a direct exposure of 11 billion naira to 9mobile, as well as an exposure of 35-39 billion naira to the telecoms firm’s suppliers.

Wigwe told an analysts’ call that Access hoped to recover the debt once 9mobile was sold to new investors.

$1 = 305.3500 naira Reporting by Chijioke Ohuocha; Editing by Mark Potter

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