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Banks Remove $1.2Bn 9Mobile Debt from Books

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The 12 banks involved in the $1.2 billion 9Mobile loan are setting aside a large part of the debt from their books ahead of the December 31 end-date for the fiscal year, according to the Nation.

The mobile company took the loan four years ago from a consortium of banks. It failed to repay the loan due to a currency crisis and the economic recession.

In the deal are: Zenith Bank, GTBank, First Bank, United Bank for Africa, Fidelity Bank, Access Bank, Ecobank, First City Monument Bank, Stanbic IBTC and Union Bank.

Zenith Bank yesterday announced that it had made a provision on 30 per cent of its loan to 9Mobile, the country’s fourth largest telecoms group formerly known as Etisalat Nigeria.

Peter Amangbo, bank’s Chief Executive Officer said: “We have taken about 30 per cent … as a provision, which we believe is very prudent as the company is undergoing restructuring … to prepare for a new investor.”

Zenith Bank is the largest lender to 9Mobile, one source familiar with the matter disclosed. The bank has declined to disclose its exposure to the telecoms group. The Tier-1 lender had last week reported a pre-tax profit of N92.18 billion for its half year against N53.91 billion a year ago.

The Central Bank of Nigeria (CBN) and the Nigerian Communication Commission (NCC) in July saved Etisalat Nigeria from collapse, stopping the company from going into receivership. But the telecom giant witnessed a board, management and name change.

Richard Obire, Former Keystone Bank Executive Director said many other banks were likely to provide for certain percentage of the loans, depending on their profitability positions.

He said Zenith Bank, being a highly profitable bank, was thinking that it might not be able to recover the full money. “Zenith may be considering that when it gets down to negotiation with 9Mobile, it may end up giving about 30 per cent of the debt. The debtor may ask for more restructuring and loan forgiveness,” Obire said.

According to him, some banks are conservative and may want to stay within the five per cent regulatory non-performing loan threshold while some may want to exceed the limit. “Banks that are making more money are more likely to provide for their loans than those with less profitability,” he said.

Obire said by exceeding the 10 per cent peg for sub-standard loans to go for 30 per cent provision, Zenith Bank was indirectly saying that although the loan was not doubtful, but it was more than sub-standard. “If the bank does 30 per cent provision on the loan in 2017, it may do 50 per cent in 2018 while considering the variables surrounding the loans,” he said.

Olakunle Ezun, Head Treasuries at Ecobank Nigeria, said it is expected that the banks will provide for the loan, which he described as a bad debt. “For now, 9Mobile loan is like a non-performing loan for the banks. I understand that the banks are trying to restructure the loan. If they succeed, it will become a performing loan; otherwise it will have to be provided for in their books,” he said.

He said more banks may provide for the loan by year-end, but such a decision will be determined by the boards and their interpretation of the future of 9Mobile.

According to CBN Prudential Guidelines, banks are expected to review  their  credit  portfolio  continuously  (at  least once  in a  quarter)  with  a  view  to recognising  any deterioration in  credit quality. Such reviews should systematically and realistically classify banks’ credit exposures based on the perceived risks of default.

To facilitate comparability of banks’ classification of their credit portfolios, the guidelines said assessment  of  risk  of  default  should  be  based  on  criteria,  which  should include,  but  are  not  limited  to,  repayment  performance,  borrower’s repayment  capacity  on  the  basis  of  current  financial  condition  and  net realisable value of collateral.

The CBN prudential guidelines stipulate that a credit facility should be deemed as non-performing when interest or principal is due and unpaid for 90 days or more;   interest  payments  equal  to  90  days  interest  or  more  have been capitalized, rescheduled or rolled over into a new loan.

The guideline said a loan can be substandard, doubtful or lost. A loan is subs-standard when unpaid principal and/or interest remain outstanding for more than 90 days but less than 180 days. Credit facilities which display well defined weaknesses  which  could  affect  the  ability  of  borrowers  to repay,  such  as  inadequate  cash  flow  to  service  debt, undercapitalisation or insufficient working capital, absence of adequate financial information or collateral documentation, among others, are said to be sub-standard.

According to the CBN guidelines,  a loan is classified as doubtful when unpaid principal and/or interest remain outstanding for at least 180 days but less than 360 days and in  addition  to  the weaknesses  associated  with  sub-standard  credit  facilities reflect that full repayment of the debt is not certain or that realisable collateral values will be insufficient to cover bank’s exposure.

A loan is classified as lost when unpaid principal and/or interest remain outstanding for 360 days or more and in  addition  to  the weaknesses  associated  with  doubtful  credit  facilities,  are considered  uncollectible  and  are  of  such  little  value  that continuation  as  a  bankable  asset  is  unrealistic.


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New Investment Fund Targets Acceleration of Emerging Technology in Nigeria

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The International Rescue Committee (IRC) has announced the formation of Airbel Ventures, a new humanitarian impact investing fund aimed at accelerating the introduction and scaling of breakthrough technologies in crisis-affected communities.

The fund will invest in companies whose ideas have the potential to change humanitarian response, including digital infrastructure for frontline health systems and climate-resilient agriculture.

The launch of Airbel Ventures follows a period of rapid innovation at the IRC, despite the humanitarian sector facing record funding cuts.

In the past year, the IRC’s Airbel Impact Lab has advanced more than twenty Artificial Intelligence (AI) and technology initiatives—from anticipatory action tools powered by climate and vulnerability data, to frontline service delivery using safe, orchestrated AI systems, to breakthrough diagnostic tools for emerging diseases.

Airbel Ventures’ first impact investment is in Signalytic, a company delivering solar-powered computing devices that ensure reliable electricity and connectivity for remote health facilities.

Following the investment, the IRC will pilot Signalytic’s technology with its Nigeria Health team, demonstrating the viability of next-generation digital infrastructure in humanitarian settings.

“We know breakthrough solutions already exist—what’s missing is the path to scale in humanitarian contexts,” said Dr. Jeannie Annan, Senior Vice President for Research & Innovation at the IRC and head of the Airbel Impact Lab.

 


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MTN Nigeria Suffers 9,218 Fibre Cuts in 2025 as Vandalism, Theft Cripple Network

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MTN Nigeria, the country’s largest telecommunications operator, recorded a historic surge in network disruptions in 2025, suffering 9,218 fibre cuts as of December 31, alongside 211 base station sites affected by theft and vandalism, incidents that disrupted mobile and data services relied upon daily by millions of Nigerians.

MTN Nigeria Suffers 9,218 Fibre Cuts in 2025 as Vandalism, Theft Cripple Network

The data was revealed by Dr Karl Toriola, chief executive officer/managing director, MTN Nigeria via a social media post titled ‘MTN Nigeria 2025 Wrapped’.

The scale of the damage highlights the growing vulnerability of Nigeria’s telecommunications infrastructure, which has come under increasing pressure from road construction activities, cable theft and deliberate acts of vandalism.

MTN said 5,478 fibre cuts occurred within just the first seven months of 2025, with 760 incidents recorded in July alone, underscoring the intensity of the challenge.

Some of the incidents had wide-ranging consequences, knocking out connectivity across multiple states simultaneously and affecting voice calls, data services, digital payments and enterprise operations.

The company described the situation as a national infrastructure problem, rather than an isolated corporate issue, given the economy’s deep dependence on mobile networks.

“These gaps were shaped by real operational challenges such as fibre cuts, theft, and vandalism. Their impact is felt directly by customers and reflected in what they tell us,” Toriola,

The disruptions were reflected in customer feedback volumes, as MTN handled an unprecedented number of complaints during the year. The operator said it resolved 1,624,263 customer complaints in 2025, spanning call centres, social media platforms, emails and physical service centres nationwide.

Despite the setbacks, MTN pointed to signs of operational resilience. The company retained its ranking as Nigeria’s best network by Ookla, returned to profitability after a challenging period, declared an interim dividend, and expanded its subscriber base to over 85 million users by September 2025.

The figures show that while Nigeria’s telecom operators continue to invest heavily in network expansion and customer service, infrastructure sabotage remains a major drag on service quality and operating costs.

MTN acknowledged that performance improvements remain a work in progress. “We are not where we want to be yet. We see you. We hear you. We exist because of you. And we will get better,” Toriola said.

As the company enters its 25th year of operations in Nigeria, Toriola said MTN is doubling down on customer-centricity, treating every piece of feedback as a guide for improvement, while also stepping up engagement with government agencies.

The CEO renewed calls for stronger regulatory and legal protections for telecommunications infrastructure, urging policymakers to classify fibre cables, base stations and other critical assets as national infrastructure and criminalise vandalism to deter repeat attacks.


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NCC Licences Six New ISPs to Challenge Telcos, Satellite Giants

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Nigerian Communications Commission (NCC) has granted operating licences to six new Internet Service Providers (ISPs), effective January 1, 2026, raising the total number of authorised ISPs in the country to 231 from 225 recorded in December 2025.

NCC Licences Six New ISPs to Challenge Telcos, Satellite Giants

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The newly licensed firms are Intellvision Technologies Limited, Granet Technologies Limited, Fiber Sonic Limited, Dasol Solution Services Ltd, Boost ISP Limited, and Amazon Kuiper Nigeria Limited.

Five of these companies are headquartered in Lagos, while Granet Technologies Limited operates from Owerri in Imo State, highlighting the persistent concentration of broadband infrastructure in major commercial hubs like Lagos, Abuja, and Port Harcourt.

This development intensifies competition in Nigeria’s broadband market, which faces pressure from dominant mobile network operators such as MTN and Airtel, alongside rapid expansion by satellite providers like Starlink.

Traditional ISPs continue to grapple with shrinking customer bases, aggressive data pricing from telcos, and satellite disruptions, even as NCC data from Q2 2025 showed Spectranet, Starlink, and FibreOne controlling about 65 per cent of the 313,713 active ISP subscribers.

The inclusion of Amazon Kuiper Nigeria Limited marks a significant entry of global satellite broadband competition, building on Nigeria’s recent approvals for other low Earth orbit providers to enhance connectivity in underserved areas.

Industry analysts view the licences as a strategic push to improve internet quality amid rising demand for digital services, though geographic clustering underscores ongoing infrastructure challenges outside urban centres.

NCC’s move aligns with broader efforts to foster a competitive telecoms sector critical to Nigeria’s digital economy ambitions.


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