Nigeria’s fourth largest wireless carrier, 9mboile has been successfully sold to a new owner, Teleology and the banks that were being owed by the firm are beginning to get repaid.

On Wednesday, First City Monument Bank, said it had received $3 million as part of the proceeds from the sale of the telecoms firm.

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.

The FCMB said it had around 4-billion-Naira exposure to 9mobile.

A fortnight ago, another lender, United Bank for Africa, UBA, confirmed that 9mobile has started repaying the debts owed a consortium of banks following its acquisition.

“The money has been distributed to the banks,” head of investor relations at Lagos-based United Bank for Africa Plc, Abiola Rasaq, told Bloomberg on the phone.

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According to him, the reimbursement is expected to improve the asset quality of the creditor banks that had classified the loan as non-performing.

UBA made a 15.2-billion-Naira provision on the loan last year.

9mobile repaid $251 million within the period from the proceeds of the fund Teleology paid for the acquisition, according to two persons familiar with the matter who had pleaded anonymity.

More than 10 Nigerian banks syndicated the loan to Etisalat Nigeria, including Guaranty Trust Bank Plc, Access Bank Plc and Zenith Bank Plc.

Some of the lenders made provisions on the loans or classified them as non-performing in 2017 and this year.

Each creditor bank was repaid a proportion of the outstanding debt, according to the sources.

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