www.WirelessFederation.com/news: NGN310 billion (USD2.08 billion) has been received by MTN Nigeria in fresh loan facilities from a consortium of 17 banks to enable it to further expand its telecoms network across the country. Afribank, Citibank and First Bank of Nigeria along with 12 others are extending a facility of NGN250 billion to the company.

IPEX-Bank of Germany (USD250 million) and the Industrial and Commercial Bank of China (USD200 million) are the two foreign banks providing further funding totaling USD450 million. MTN CEO Ahmad Farroukh described the development as a historical milestone in the development of telecoms in Nigeria during the formal signing of the loan agreements in Lagos.
According to Farroukh, the loans demonstrate immense confidence by these global financial players in the managerial competence of MTN and its commitment to its mission of providing peerless telecom services across Nigeria and the loans will go a long way in fast-tracking their network enhancement efforts.