Telecom
MTN Nigeria Inks N200bn loan facility with 12 banks for Network Expansion
MTN Nigeria on Wednesday signed a seven-year N200 billion medium term facility with a consortium of twelve (12) local banks, with FBN Quest acting as facility agent.
Ferdi Moolman, Chief Executive Officer, MTN Nigeria, at the formal agreement signing ceremony held in Lagos, said that the medium term facility is expected to enable MTN to fund its capital expenditure, working capital along with evolving business opportunities.
Moolman expressed enthusiasm at the completion of the agreement, saying it signposts MTN’s commitment to and confidence in Nigeria, and the strength of the strategic collaboration between MTN Nigeria and local financial institutions, that will help deepen and broaden the provision of ICT services in Nigeria:
According to him, “The signing of this loan facility is a major landmark in our expansion programme in which we are making significant investments.
“The facility will enable us evolve the network to deliver convergent and superior quality, drive voice capacity expansion and data service penetration, maintain optimal capital structure and funding level that support growth and expansion.
“Making it possible for people to connect to each other and the world, find and share information and ideas, create and access new digital services and reimagine old services.
“This partnership puts in place infrastructure that empowers commerce, industry and the provision of public services.”
He lauded the participating financial institutions for staying committed to MTN, stressing that the loan syndication showcases the strength of the Nigerian financial institutions and their confidence in MTN’s vision, as well the joint ability of the parties to stimulate significant economic growth.
The facility is structured with a two-year moratorium and a repayment plan of five years and is denominated in Naira.
It is provided by a syndicate of banks made up of Citibank Nigeria Limited, Diamond Bank Plc, Ecobank Nigeria Plc, Fidelity Bank Plc, First Bank of Nigeria Plc, First City Monument Bank (FCMB) Limited, FSDH Merchant Bank Limited,
Others are Rand Merchant Bank (RMB) Nigeria Limited, Standard Chartered Bank Plc, Stanbic IBTC Bank Plc, United Bank for Africa (UBA) Plc and Union Bank Of Nigeria Plc.
The said that this bold step will assist them to continue to provide optimum services and products for over 55 million and ever-growing customer base.
Mr. Akin Oyebode, who represented the chairman of MTN Nigeria, Mr. Paschal Dozie, said “MTN has been in the market for the past 17 years. It’s been significant. Innovation, geographical spread and network expansion. MTN won’t be where it is today without the support of our lender banks.”
He added that even with the pressures banks face in terms of credit, the company still enjoys the support of the banks, noting that it’s commendable.
Remi Oni, Executive Director, Corporate Banking, First Bank Nigeria Plc, speaking at the ceremony said that they are proud of the completion of what seems as a tortuous journey for them adding that they are committed to supporting MTN’s businesses.
Emeka Okonkwo, Executive Director, Corporate & Investment Banking, Union Bank, said that partnering with MTN is more than just rendering financial services.
He added that they are privileged and humbled to be part of the medium term facility process.
Nigeria’s technology company, Globacom, has extended warm felicitations to Nigerians on the occasion of the 2024 Christmas celebrations.
In a goodwill message released in Lagos, Globacom urged Nigerians to embrace the spirit of love and kindness during the festive season, especially in the face of prevailing economic challenges.
The company emphasized the importance of practicing the teachings of Jesus Christ, particularly the virtues of obedience to God and loving one’s neighbor as well.
“Christ taught many virtues including obedience to God and loving one’s neighbour as oneself”, the company said, adding, “Now is the apt time to practise these teachings by sharing with the needy”.
Globacom also encouraged Nigerians to extend the conviviality of Christmas beyond the festive season by fostering love, peace, and harmony, as demonstrated by God through the birth of Jesus Christ.
Assuring its customers of uninterrupted services throughout the Yuletide period and beyond, Globacom urged them to take advantage of its innovative products and services to stay connected and share the memories of the season with loved ones.
Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have ordered Deposit Money Banks and Mobile Network Operators to settle the long-standing N250bn USSD debt dispute before January 2, 2025.
The CBN and NCC also directed banks to pay the pre-Application Programming Interfaces (API) debt before July 2, 2025.
They also ordered that post-API debts be settled before December 31, 2024.
The directive was issued in a joint cirular titled, “2nd Joint Circular of the Central Bank of Nigeria and the Nigerian Communications Commission on the Resolution of the USSD Debt Issue Between Deposit Money Banks and Mobile Network Operators.”
The circular dated December 20, 2024, was signed by Oladimeji Taiwo, acting director of the Payments System Management Department, CBN, and Chizua Whyte, head of Legal and Regulatory Services, NCC.
The regulators said, “In view of the foregoing, the CBN and the NCC hereby direct DMBs and MNOs as follows: 1. That 60 per cent of all pre-API invoices must be paid as full and final settlement.
“Payment plans (lump sum or installments) must be agreed upon between a concerned DMB and MNO by January 2, 2025. Installments must be based on equal monthly payments, with full payment due by July 2, 2025.
“DMBs must pay 85 per cent of all outstanding invoices issued after the implementation of APIs (i.e., February 2022) by December 31, 2024.
“Similarly, 85 per cent of future invoices must be liquidated within one month of service.”
According to the regulators, the transition to end-user billing will be activated only for DMBs and MNOs that comply with the payment conditions cobtained in the circular.
CBN and the NCC said they would provide further guidance on public enlightenment initiatives related to the transition.
The regulators also directed MNOs to implement the “10-seconds rule” for USSD invoicing.
This implies that any session lasting less than ten seconds will not be billable.
The regulators added, “Failure to comply with the terms outlined in this directive will attract necessary sanctions, ensuring that both DMBs and MNOs uphold their obligations.”
Nigerian Communications Commission (NCC) has unveiled a draft regulatory framework aimed at addressing fraud, spam, and other challenges in the Application-to-Person messaging sector.
The telecom regulator made this announcement in a statement.
The proposed framework, which was introduced during a virtual Stakeholders’ Forum, is said to be a key step towards enhancing the sector’s integrity and ensuring a fair, transparent environment for all parties involved.
The draft framework, presented by Aminu Maida, executive vice chairman, NCC, who was represented by Chizua Whyte, NCC’s acting head of legal and regulatory services, seeks to regulate the A2P messaging space.
The A2P messaging, used for notifications such as bank alerts, promotional campaigns, and government updates, has become a vital communication tool in Nigeria.
However, the sector faces significant challenges, including consumer protection concerns, fraud, and data privacy issues, as well as an unequal distribution of value within the ecosystem.
“The international A2P messaging space in Nigeria faces gaps that have led to issues such as fraud, spam, and data privacy concerns. These challenges threaten the sustainable growth of this communication tool,” the NCC said.
The proposed framework aims to address these challenges by protecting consumers, promoting fair competition, and holding service providers accountable.
“This forum marks a pivotal step towards addressing these challenges. We are here to engage with all stakeholders—operators, aggregators, businesses, service providers, and consumers—to refine the framework and ensure it meets the needs of the entire ecosystem.”
The NCC stressed the importance of inclusivity and collaboration in creating an effective regulatory environment.
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