MTN Nigeria acquires US$2.15 billion in loans

MTN Nigeria has secured US$2.15 billion in loan agreements with 17 banks to fund its future network expansion. The lenders comprise 15 Nigerian banks, Germany’s KfW Ipex and the Industrial and Commercial Bank of China.

The Nigerian banks are extending an NGN 250 billion five-year syndicated loan, while the German bank is providing a US$250 credit export facility for the Ericsson equipment, and the Chinese bank is offering US$200 million buyer’s credit facility for Huawei equipment.

The Nigerian banks are as follows: Access Bank, Afribank Nigeria, Bank PHB, Citibank Nigeria Limited, Diamond Bank, Ecobank Nigeria, First City Monument Bank, Fidelity Bank, First Bank of Nigeria, Guaranty Trust Bank, Stanbic IBTC Bank, Standard Chartered, Bank Nigeria, Union Bank of Nigeria, United Bank of Africa and Zenith Bank.

As of March 31 this year, MTN Nigeria had a subscriber base of more than 33 million.