Why it is on record
Etisalat (UAE) lost its $1.2bn syndicated-loan dispute with thirteen Nigerian banks in 2017; the consortium took over and rebranded the carrier 9mobile. Now Nigerian-owned (Teleology / LH Telecommunications / Mubadala exit).
Record held
Largest debt-driven ownership transfer in Nigerian telecoms history (2017).
Deep dive
9mobile — formerly Etisalat Nigeria, the fourth GSM licensee (2008) — was a Mubadala / Etisalat (UAE) joint venture. The 2017 default on its $1.2bn syndicated loan led to the takeover by a consortium of Nigerian creditor banks under CBN supervision, the loss of the Etisalat brand, and the rebranding as 9mobile. The collapse remains the largest single corporate restructuring in Nigerian telecoms history and the only major GSM operator default in the African telecoms market.