Leading Information and Communications Technology company, MTN Nigeria, has announced the signing of N200billion facility with a group of 12 local banks, with FBNQuest acting as facility agent. The agreement was formally signed at a ceremony at the law offices of Aluko & Oyebode in Ikoyi, Lagos, in the presence of key partners, stakeholders and the media.
The deal will enable the telecom company to fund its capital expenditure and working capital along with evolving business opportunities by expanding its services to other part of the country, especially the underserved and unserved areas 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.
Mr. Akin Oyebode, who represented the chairman of MTN Nigeria, said “MTN has been in the market for the past 17 years and has been significant. Innovat ion, geographical spread and network expansion. MTN won’t be where it is today without the support of our lender banks and with this loan, the company will continue to grow its market.”
Chief Executive Officer, MTN Nigeria, Ferdi Moolman, expressed enthusiasm at the completion of the N200bn facility agreement, saying it 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 ICT services in Nigeria:
“The signing of this N20billon facility is a major landmark in our expansion programme in which we are making significant investments. The facility will enable us 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 re-imagine old services. This partnership puts in place infrastructure that empowers commerce, industry and the provision of public services.” Moolman said.
