MTN Nigeria Communications Plc has signed a medium term N200 billion loan facility with seven Nigerian banks for a period of seven years.
Speaking at the signing ceremony, the Chief Executive Officer, MTN Nigeria, Mr Ferdi Moolman, said the loan facility would enable MTN to fund its evolving business opportunities while assisting with capital expenditure and working capital to deliver enhanced customer service.
The consortiums of banks are Access Bank Plc, Guaranty Trust Bank Plc, Zenith Bank Plc, Fidelity Bank Plc, First City Monument Bank Plc, United Bank for Africa Plc and First Bank of Nigeria Limited.
“This signposts MTN’s commitment to and confidence in Nigeria, and the strength of the strategic collaboration between MTN Nigeria and local financial institutions that will help deepen and broaden the provision of Information and Communications Technology 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 both the voice and data services on our network to customers in new areas and with new next-generation services”, Moolman said.
According to him, the company had enjoyed remarkable funding and support from financial institutions in Nigeria since its first facility in 2003, adding that he excited that the loan facility was coming after the company had listed on the Nigerian Stock Exchange.
The loan facility, the eighth since MTN started operations in Nigeria 18 years ago, is structured with a two-year moratorium and a repayment plan of seven years.
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