Barely 24 hours after it listed 20.4 billion ordinary shares at N90 on the Nigerian Stock Exchange , MTN has secured fresh loan of ₦200 billion from seven Nigerian financial institutions. This loan is coming barely a year after MTN was also granted ₦200 billion loan by the banks.
Chief Executive Officers and some representatives of the issuing institutions including Zenith, GT, UBA, Access, FCMB, First and Fidelity banks were on ground to sign the deal. The facility is structured with a two-year moratorium and a repayment plan of seven years and is denominated in Naira. This is the eighth syndicated loan agreement by MTN in Nigeria since its inception 18 years ago. Citibank acted as co-ordinator and Quantum Zenith as Facility Agent.
At Least it is for a good and sure curse, unlike when FG is borrowing from China
I don't believe MTN should be seeking loans. They should be giving loans. Something is not right here. Is like Nigerians have taken over their Board of Directors (BOD)
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