The Board and Management of Emerging Markets Telecommunication
Services Limitedl (EMTS), trading as 9mobile, have disclosed that
ongoing efforts to reposition the company have started yielding
results as the Africa Finance Corporation (AFC), has approved a
$230 million (two hundred and thirty million US Dollars) loan
facility to help it attain its long-term growth plans.
The AFC is a pan-African multilateral development financial
institution established to bridge Africa’s infrastructure
investment gap through the provision of debt and equity finance,
project development, technical and financial advisory services.
Convinced by the initiatives so far taken by the Alhaji Nasiru
Ado Bayero-led Board and management headed by Acting Managing
Director, Stephane Beuvelet, to return the company to the path of
growth and profitability through cost efficiency, innovative
product development and network efficiency, the AFC announced the
approval of the loan on August 23, 2019.
In a letter addressed to both Bayero and Beuvelet, the financial
institution said, “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 US$230 million super senior debt investment.”
The facility divided into two tranches would among others, be
used to repay historic vendor obligations, finance costs and an
interest reserve account and payment towards quick win capex
initiatives.
Commenting on the approval, the Board Chair, Alhaji Ado Bayero,
expressed happiness that EMTS’ effort to recover previously ceded
ground through an innovative growth plan is being supported by a
prestigious Pan-African financial institution as the AFC.
“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,” he said.
He further assured of the company’s resolve to continue its
aggressive enhancement of network capacity and innovative features
to guarantee optimum value to customers. He added that “our
turnaround efforts are well and truly underway. We had promised
when we took over that we would justify the confidence in our brand
by making significant investments that will improve the value
Nigerians get for using 9mobile. This is part of fulfilling our
promise.”
Also commenting on the transaction, 9mobile’s Chief Financial
Officer, Phillips Oki said, “the success of this transaction by way
of the approval of the Board of Africa Finance Corporation is a
sound affirmation of our belief that the fundamentals of the
9mobile business are indeed strong.
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