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MTN signs N200b loan with 12 banks for expansion purposes

Telecommunications company, MTN Nigeria has signed a N200b medium term loan agreement with 12 Nigerian banks.

The loan deal, which was sealed today in Lagos, is expected to allow MTN expand its services to other part of the country, especially the underserved and unserved areas of the country.
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MTN, which is currently the largest operator in Nigeria, controls 41 per cent market share and services over 60m subscribers.

The facility is structured with a two-year moratorium and a repayment plan of five years and is denominated in Naira.

The bank’s include 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 Limted.

Others are Standard Chartered Bank Plc, Stanbic IBTC Bank PLC, United Bank of Africa PLC and Union Bank of Nigeria PLC.

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