August 7, 2017 / 5:34 PM / 2 years ago

Union Bank has sufficent cover for loans to telecoms group 9mobile

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

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