The loan will help the tech giant to fund local investment and replace existing debt in Nigeria. Africa’s telecommunications giant, MTN Nigeria has sealed a 5-year N200 billion loan agreement with 12 Nigerian banks to expand operations.The facility is a two-year moratorium with a 5-year repayment plan denominated in local currency, the naira.The loan deal was sealed in Lagos, August 15, 2018, according to Guardian Nigeria report.The banks are:1. Citibank Nigeria Limited2. Diamond Bank Plc3. Ecobank Nigeria Plc4. Fidelity Bank Plc5. First Bank of Nigeria PLC6. First City Monument Bank7. FSDH Merchant Bank Limited8. Rand Merchant Bank Nigeria Limited9. Standard Chartered Bank Plc10. Stanbic IBTC Bank PLC11. United Bank of Africa PLC12. Union Bank of Nigeria PLC.In May 2018, Ralph Mupita, MTN Chief Financial Officer, said the debt will help the tech giant to fund local investment and replace existing debt in Nigeria shifting its focus from dollar-denominated debt to debt in local currencies.The Johannesburg-based company posted an increase in its subscriber base in Nigeria by 5.6% to hit 55.2 million, the highest in Africa.The group’s financial report also indicated that its Nigerian subsidiary performed ahead other markets and above expectations with double-digit growth.Also from Business Insider Sub-Sahara Africa:I visited the 6 Google Stations in Lagos and here’s what I found out about the free Wi-FiHere are the 10 best African airlinesNigeria’s Acting President orders police chief to overhaul notorious anti-robbery squadHere is the list of 60 houses reportedly traced to Nigeria’s Deputy Senate PresidentTwitter has started clamping down on fake followers, here’s what you will noticeYou will be surprised at the 19 people Nigeria’s Buhari follows on TwitterHere’s why Nigeria is not in a hurry to sign the continental free trade agreementThese 6 banks invested N155.
