MTN Signs N200bn Loan Facility with Banks

• MTN Signs N200bn Loan Facility with Banks

Nigeria’s newly listed telecommunication giant, MTN Nigeria, has signed N200 billion medium-term loan facility with seven Nigerian banks, Mr. Ferdi Moolman, the Chief Executive Officer, MTN, stated on Friday.

The agreement which was signed at the law offices of Aluko & Oyebode in Lagos was co-ordinated by Citibank and Quantum Zenith was the facility agent.

According to Moolman, the facility would enable the company to finance its growing businesses and assist with capital expenditure necessary to enhance customer service.

He listed the facility providers as Access Bank, Guaranty Trust Bank, Zenith Bank, Fidelity Bank, First City Monument Bank, United Bank for Africa and First Bank.

“I am happy at the completion of the agreement; it signposts MTN’s commitment to, and confidence in Nigeria, and the strength of the strategic collaboration between MTN Nigeria and local financial institutions.

“This will help to deepen and broaden the provision of ICT services in Nigeria.

“This facility expands our existing successful domestic debt programme which we are using to fund increased network capacity and the expansion of Voice and Data services on our network to customers in new areas.

“We have enjoyed remarkable funding support from Nigeria’s financial institutions since our first facility in 2003 and this has been critical to the development of one of the largest telecoms network in Africa, with over 60 million subscribers.

“I am delighted that, so soon after our successful listing on the Nigerian Stock Exchange, we are able to compliment it with such an important addition to our portfolio of debt,” he said.