As Teleology Holdings Limited begins the exit of its shareholding in the local joint venture due to dissatisfaction over the business relationship with its local partner, 9mobile Nigeria, some banks which offered credit facility to the telecoms company are already unsettled by the development.

The fear of the banks is not unconnected with the status of the amount which is yet to be repaid from the loan they lent the telecoms operator.

Already, some banks in Nigeria exposed to the $1.2 billion loan obtained by 9mobile, formerly Etisalat Nigeria, are beginning to express uneasiness over the reports of Teleology pullout from 9mobile.

Etisalat Nigeria had approached a consortium of Nigerian lenders for a credit facility aimed at expanding its operations in the country. However, when it was unable to service the loan, attempts were made by the lender to take over the company, but the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) prevented this.

Instead, the CBN set up an interim board to run the Etisalat Nigeria, which later changed its name to 9mobile, until a buyer was sourced.

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