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

PUBLISHED: Tue, 15 Aug 2017 07:33:24 GMT
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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.

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“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