MTN Nigeria signs N200b medium term loan facility

MTN Nigeria has signed a seven-year medium term loan facility with a consortium of 12 Nigerian banks for the sum of N200 billion at the law offices of Aluko and Oyebode, Ikoyi, Lagos.

Founding partner and Chairman, Management Board of Aluko and Oyebode, Gbenga Oyebode, who represented MTN Chairman, Pascal Dozie, stated that MTN has been operating in Nigeria for 17 years, which have been great years of significant growth and expansion.

CEO MTN Nigeria, Ferdi Moolman, explained that the loan facility is a major landmark in the expansion programme of the company where significant investments are being made. The facility will enable MTN Nigeria 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.

The N200 billion loan is subject to a two-year moratorium and a repayment plan of five years.

The banks involved were Citibank Nigeria Limited; Diamond Bank Plc.; Ecobank Nigeria Plc.; Fidelity Bank Plc.; First Bank of Nigeria Plc.; First City Monument Bank (FCMB) Limited; FSDH Merchant Bank Limited; Rand Merchant Bank (RMB) Nigeria Limited; Standard Chartered Bank Plc.; Stanbic IBTC Bank Plc.; United Bank for Africa (UBA) Plc. and Union Bank Of Nigeria Plc.