LAGOS (Reuters) - Nigeria’s Union Bank has sufficient cover for its 3.9 billion naira ($10.69 million) loan to telecoms group 9mobile and will focus on lending to agricultural and real estate businesses, its chief executive Emeka Emuwa said on Monday.
Lenders have agreed to extend a $1.2 billion loan which mobile operator 9mobile, formerly known as Etisalat Nigeria, took out four years ago but struggled to repay due to a currency crisis and a recession in Nigeria.
Union plans to raise 50 billion naira in fresh capital from existing shareholders by the end of the year to boost lending.
($1 = 364.8 naira)
Reporting by Oludare Mayowa; Writing by Chijioke Ohuocha; Editing by Adrian Croft