Categories: BusinessOn the Go

MTN takes N200bn loan from 12 Nigerian banks

Author:
Oluseyi Awojulugbe

MTN Nigeria has signed an N200 billion medium-term loan agreement with 12 Nigerian banks.

FBN Quest is the facility agent of the loan deal which was signed on Wednesday.

According to the company, the loan is to help fund its service expansion plans to underserved and unserved parts of the country.

The banks which signed the loan are Citibank Nigeria Limited, Diamond Bank Plc, Ecobank Nigeria Plc, Fidelity Bank Plc, First Bank of Nigeria PLC, First City Monument Bank, FSDH Merchant Bank Limited, Rand Merchant Bank Nigeria Limited, Standard Chartered Bank Plc, Stanbic IBTC Bank Plc, United Bank of Africa Plc and Union Bank of Nigeria Plc.

The loan, which is naira denominated, has a five-year repayment plan and two-year moratorium.

“The signing of this loan facility is a major landmark in our expansion programme in which we are making significant investments,” Ferdi Moolman, MTN Nigeria, chief executive officer, said.

“The facility will enable us to evolve the network to deliver convergent and superior quality, drive voice capacity expansion and data service penetration, maintain optimal capital structure and funding level that support growth and expansion.

“Making it possible for people to connect to each other and the world, find and share information and ideas, create and access new digital services and reimagine old services. This partnership puts in place infrastructure that empowers commerce, industry and the provision of public services.”

The company, which has its headquarters in South Africa, is the largest telecommunications service provider in Nigeria.

According to the latest figures made available by the Nigeria Communications Commission (NCC), MTN holds 40.96% of the market share with 66.48 million subscribers.

Share
Published by
Oluseyi Awojulugbe
Tags: Citibank Nigeria LimitedDiamond Bank PlcEcobank Nigeria PlcFidelity Bank PlcFirst Bank of Nigeria PLCFirst City Monument BankFSDH Merchant Bank LimitedMTN NigeriaRand Merchant Bank Nigeria LimitedStanbic IBTC Bank PlcStandard Chartered Bank PlcUnion Bank of Nigeria PlcUnited Bank of Africa Plc

Recent Posts

  • Coronavirus Watch
  • On the Go
  • Top Stories

FG shuts PH, Enugu, Kano airports over coronavirus

The federal government has shut down three international airports in the country to curb the spread of coronavirus. Musa Nuhu, director-general…

3 hours ago
  • International
  • On the Go

Saudi Arabia suspends prayers in arenas outside Mecca, Medina holy mosques

Saudi Arabia has suspended the five daily prayers and weekly Friday prayer in the overflow area outside the walls of…

3 hours ago
  • On the Go
  • Top Stories

Coronavirus: Lagos, Abuja residents clearing out chloroquine from stores – after Trump’s comment

A few hours after President Donald Trump said chloroquine had been approved to treat COVID-19, the demand for the drug…

4 hours ago
  • Business
  • On the Go

NEC committee: DisCos indebted to the tune of N230bn

The ad hoc committee of the national economic council (NEC) says distribution companies (DisCos) owe the electricity market N230 billion…

5 hours ago
  • Coronavirus Watch
  • On the Go

Five family members quarantined in Nasarawa

Five family members have been quarantined in Nasarawa state over symptoms of coronavirus. Speaking with Channels TV on Thursday, Adamu…

5 hours ago
  • On the Go
  • Top Stories

Lagos asks passengers on Lufthansa, Turkish flights of March 13, 14 to self-isolate

The Lagos government has appealed to every passenger on board the Lufthansa flight LH568 on March 13 and the Turkish…

5 hours ago