MTN receives USD2.1 billion in loans to boost network

10 Jun 2010

MTN Nigeria has announced it has received NGN310 billion (USD2.08 billion) in fresh loan facilities from a consortium of 17 banks to enable it to further expand its telecoms network across the country. A total of 15 Nigerian banks, including Afribank, Citibank and First Bank of Nigeria, are extending a facility of NGN250 billion to the company, while further funding totalling USD450 million is being provided by two foreign banks: IPEX-Bank of Germany (USD250 million) and the Industrial and Commercial Bank of China (USD200 million). At the formal signing of the loan agreements in Lagos, MTN CEO Ahmad Farroukh described the development as a historical milestone in the development of telecoms in Nigeria. Farroukh added: ‘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. The loans will go a long way in fast-tracking our network enhancement efforts.’

Nigeria, MTN Nigeria,


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