Harboursandport.Com: Lagos --- Twelve Nigerian banks are to jointly pull out a
loan of about N200 billion seven-year Medium term loan facility for GSM (Global System for Mobile communications)
giant, MTN Nigeria.
Disclosed in Lagos, MTN said that the loan will ultimately
help them provide optimum services and products for its over 55 million
customers.
The facility is structured with a two-year
moratorium and a repayment plan of five years and is denominated in
Naira.
The banks that provided the loan are: Citibank
Nigeria, Diamond Bank, Ecobank, Fidelity Bank Plc and First Bank Plc.
Others include are FCMB, FSDH Merchant Bank,
Rand Merchant Bank, Standard Chartered Bank, Stanbic IBTC,
UBA and Union Bank.
Chief Executive Officer, MTN Nigeria, Ferdi Moolman,
said the loan is also expected to enable MTN to fund it’s capital expenditure,
working capital and other evolving business opportunities.
The agreement was formally signed at the law office
of Aluko & Oyebode in Ikoyi, Lagos.
Speaking at the signing, Moolman said completion of
the agreement signposts confidence in MTN's commitment to Nigeria and the
strength of the strategic collaboration between MTN Nigeria and local financial
institutions in deepening the provision of ICT services in Nigeria.
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".
He lauded the participating financial institutions
for staying committed to MTN, adding that the loan has proven the strength of
the Nigerian financial institutions and their confidence in MTN's visions,
as well as both parties' joint ability to stimulate significant economic
growth.
Meanwhile, Chairman, MTN Nigeria, Pascal Dozie
appreciated the banks for confidence in MTN, despite pressures they (the
banks) face in terms of credit.
Dozie who was represented by Akin Oyebode, stated
that MTN couldn't have easily managed operations the way it had for the past 17
years of operating in Nigeria, but for the support of the banks.
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