12 bank-consortium, MTN Nigeria signs N200bn medium term Facility

MTN Nigeria (“MTN”), today announced the signing of a seven-year N200 billion Medium Term Facility with a consortium of twelve (12) local banks, with FBN Quest acting as Facility Agent.

The 12 banks include:

  1. Citibank Nigeria Limited
  2. Diamond Bank Plc.
  3. Ecobank Nigeria Plc.
  4. Fidelity Bank Plc.
  5. First Bank of Nigeria Plc.
  6. First City Monument Bank (FCMB) Limited
  7. FSDH Merchant Bank Limited
  8. Rand Merchant Bank (RMB) Nigeria Limited
  9. Standard Chartered Bank Plc.
  10. Stanbic IBTC Bank Plc.
  11. United Bank for Africa (UBA) Plc.
  12. Union Bank Of Nigeria Plc.
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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 Medium Term Facility will enable MTN to fund its Capital Expenditure, Working Capital along with evolving business opportunities.

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Speaking at the signing, Chief Executive Officer, MTN Nigeria, Ferdi Moolman, expressed enthusiasm at the completion of the 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 loan facility is a major landmark in our expansion programme in which we are making significant investments. The facility will enable us …read more

Source:: Brandish