A consortium of Nigerian and foreign Banks have lent telecommunication Giant MTN, a sum of N470billion to help finance its expansion and modernization plans. According to reports Zenith Bank Plc led the financiers with N55bn, followed by Guaranty Trust Bank Plc (N40billion) and First Bank of Nigeria Limited (N40billion). In addition, Access Bank Plc and Fidelity Bank Plc contributed N35bn and N26.25bn, respectively. In total,Nigerian banks will be contributing N196.25billion.
About N188billion of the amount will come in a form of refinancing while the balance N281billion is new funding. Last year MTN generated an Ebitda of R22,544m ($3billion) alone from Nigeria a 4.8% increase.
These are the list of bank providing the finance are;
Local banks – Zenith Bank, GTBank, FirstBank, UBA, Access, Keystone, Fidelity, FCMB, Standard Chartered, Citibank, Diamond, Ecobank, FSDH, Rand Merchant Bank, Nigeria, Mainstreet, and Union Bank.
Foreign banks – KFW Bankengruppe (Europe), Rand Merchant Bank – SA, EDC of Canada, Nedbank, ICBC, China Development Bank, and China Construction Bank.