MTN Nigeria Secures Loan of N200 billion to Expand 4G Services

MTN Nigeria
MTN Nigeria

MTN Nigeria seeks to expand 4G and improve MTN services in Nigeria. This loan is coming barely a year after MTN was also granted ₦200 billion loans by the banks.

The ₦200 billion loan is coming from seven financial institutions. The financial institutions are Zenith, GT, UBA, Access, FCMB, First and Fidelity banks. The moratorium for the loan is two years and denominated in naira.  It also has a repayment period of seven years.

The law offices of Aluko & Oyebode in Ikoyi, Lagos facilitated the signing of the loan agreement at a ceremony yesterday. Chief Executive Officers and some representatives of the issuing institutions were on ground to sign the deal. Citibank acted as coordinator and Quantum Zenith as Facility Agent.

The  CEO, MTN Nigeria Ferdi Moolman expressed joy at the completion of the agreement. He says it is a good collaboration to widen the provision of ICT services in Nigeria.

Also the Chairman of MTN Nigeria, Pascal Dozie sees the development as a significant means to ensure improves services.

MTN Nigeria is also officially listed 20.4 billion ordinary shares at N90 on the Nigerian Stock Exchange (NSE) on Thursday.