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MTN Nigeria on Wednesday in Lagos signed a seven-year medium term loan agreement of N200 billion with a consortium of 12 lenders.
The lenders are: Citibank Nigeria, UBA, Diamond Bank, Ecobank, Fidelity Bank Plc First Bank, FCMB, FSDH Merchant Bank, Rand Merchant Bank, Standard Chartered Bank, Stanbic IBTC, and Union Bank.
MTN explained that the step will assist MTN to provide optimum services and product for its over 55 million subscriber base in Nigeria.
MTN Nigeria Chairman, Pascal Dozie, represented by Mr. Gbenga Oyebode explained that telecommunication firms have over the years experienced various innovations through the support of financial institutions.
MTN Chief Executive Officer Ferdi Moolman said the deal would deepen and broaden the provision of ICT infrastructure services across the country.
He said: “The signing of this loan 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 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 provision of public services.”
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