Published On: Wed, Oct 25th, 2017

Fidelity Bank takes impairment on 9mobile loan

Nigeria’s Fidelity Bank has taken a 5 percent impairment charge on its 17.3 billion naira ($55 million) loan to Etisalat Nigeria, now called 9mobile, its chief executive Nnamdi Okonkwo said on Wednesday.

Okonkwo said the mid-size bank has submitted details of personal and business accounts that lacked complete identification to the central bank following a court order. He declined to disclose the number.