Based on the decision of the Nigerian lenders, Barclays Bank has been given the responsibility of finding new investors for the 9mobile network.
9mobile, formerly known as Etisalat Nigeria, had secured a loan of $1.2bn in 2013 from a consortium of Nigerian banks to finance a major network rehabilitation project and expansion of its operational base in Nigeria.
The banks that make up the consortium include, Access Bank Plc, Zenith Bank, GTBank, First Bank, UBA, Fidelity Bank, Ecobank, FCMB, Stanbic IBTC Bank and Union Bank.
It was gathered that there are still other banks.
9mobile had been having an issue paying the debt and the banks have threatened to take over the company.
There was, however, a restructuring of debt of $547m which yielded no results.
To salvage the situation, Reuters has it that Barclays Bank has started work to set up a database for new investors.
Banking Sources, however, said that Standard BAnk and Citigroup were in running for the role of seeking new investors for the firm but they were not granted based on their former business relationship with 9mobile.
9 Mobile- Barclays Bank Finds New Investors