MTN Nigeria in N200bn loan deal with 7 banks

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MTN Nigeria

By Chinyere Joel-Nwokeoma

MTN Nigeria Communications Plc on Friday signed a seven-year 200 billion naira medium term facility with a consortium of seven mostly local banks.

The company stated this in a statement by its Company Secretary, Uto Ukpanah, to the Nigerian Stock Exchange (NSE) in line with its post listing requirements.

The company said the seven banks were Access Bank, GT Bank, Zenith International Bank, Fidelity Bank, First City Monument Bank, United Bank for Africa and First Bank of Nigeria Limited.

The telecommunications firm said the facility was coordinated by Citibank, while Quantum Zenith acted as facility agent.

It noted that the medium-term facility would enable the company to fund its evolving business opportunities while assisting with capital expenditure and working capital, to deliver enhanced customer service.

Commenting on the facility, Mr Ferdi Moolman, the company’s Chief Executive Officer, said the facility indicated MTN’S…



Source: News Agency of Nigeria