FinanceMore Africa NewsMTN Nigeria signs 7-year NGN 200 bln medium term loan

May 21, 2019by myles

MTN Nigeria Communications has signed a seven-year NGN 200 billion medium term facility with a consortium of seven banks. Chief executive officer Ferdi Moolman said the agreement is with a consortium of seven mostly local banks, with Citibank acting as coordinator and Quantum Zenith as facility agent. Moolman said the medium-term facility would enable MTN to fund its evolving business opportunities and assist with capital expenditure and working capital to deliver enhanced customer service.

Moolman said this follows the successful establishment of a similar seven-year NGN 200 billion facility by MTN in 2018, and forms part of the company’s wider programme to raise domestic debt. The banks involved are Access Bank, Guaranty Trust Bank, Zenith Bank, Fidelity Bank, First City Monument Bank, United Bank for Africa and First Bank.


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