Connect with us

Telecom

MTN Secures N200bn Medium Term Loan, Aims to Expand Infrastructure

Published

on

L-R: Adamu Lawani, General Manager, Zenith Bank Plc; Chairman, MTN Nigeria Communications Plc, Pascal Dozie; Managing Director, Fidelity Bank Plc, Nnamdi Okonkwo; Chief Executive Officer, MTN Nigeria Communications Plc, Ferdi Moolman; Board Member and MTN Nigeria Communications Plc, Gbenga Oyebode at the signing of a N200 billion loan medium-term loan facility held at Aluko & Oyebode, Ikoyi, Lagos on Friday, May 17, 2019.
Spread the love

MTN Nigeria Communications Plc has signed a 7-year N200 billion Medium Term Facility with a consortium of seven (7) banks aimed to help fund its 4G and other infrastructural projects across the country.

 

This is coming barely a day after the company listed on the Premium Board of The Nigerian Stock Exchange (NSE).

 

The consortium of banks that facilitated the loan facility were Access Bank, Guaranty Trust Bank, Zenith Bank, Fidelity Bank, First City Monument Bank, United Bank for Africa and First Bank with Citibank acting as co-ordinator and Quantum Zenith as Facility.

 

The agreement was formally signed at a ceremony at the law offices of Aluko & Oyebode in Ikoyi, Lagos, in the presence of key partners and other stakeholders.

 

The Medium Term Facility will enable MTN to fund its evolving business opportunities while assisting with capital expenditure and working capital, to deliver enhanced customer service.

 

It follows the successful establishment of a similar seven year, N200 billion facility by MTN in 2018 and forms part of the company’s wider programme to raise domestic debt.

 

Speaking at the signing, Ferdi Moolman, Chief Executive Officer, MTN Nigeria, 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:

 

“This facility expands our existing successful domestic debt programme which we are using to fund increased network capacity, and the expansion of both the Voice and Data services on our network to customers in new areas, and with new next generation services.

 

“We have enjoyed remarkable funding support from Nigeria’s financial institutions since our first facility in 2003 and this has been critical to the development of one of the largest telecoms network in Africa, with over 60m subscribers.

 

“I am delighted that, so soon after our successful listing on the Nigerian Stock Exchange, we are able to compliment it with such an important addition to our portfolio of debt.”

 

Moolman 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 as both parties joint ability to stimulate significant economic growth.

 

The facility is structured with a 2-year moratorium and a repayment plan of seven (7) years and is denominated in Naira.

 

This is the eighth syndicated loan agreement by MTN in Nigeria since its inception 18 years ago.

 

 

 

Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University.

Continue Reading
Advertisement
Comments

Telecom

Glo Gains 78% of New Data Subscription in GSM Sector in March – NCC Report

Published

on

Spread the love

Nigeria’s second largest telecommunications operator, Globacom, garnered 78 percent of new data subscriptions in the month of March, 2019. The operator gained nearly one million new subscribers in the month.

This was disclosed in the latest statistics released by the Nigerian Communications Commission (NCC) for the month of March 2019. According to the statistics, Globacom gained 950,115 new internet users, taking its total internet subscriptions to 28,436,386 from 27,486,271 recorded in February, 2019.

Two other operators, MTN and Airtel, also featured marginally on the gainers’ list in March. Airtel added 351,657 new internet users, while MTN added 13,552 subscribers. 9mobile, on its part, lost 166,542 users in the month under review.

Overall internet users in Nigeria increased to 115,938,225 in March from 114,725,357 recorded in February, according to the NCC statistics. This indicates an increase of 1,212,868 new subscribers in one month.

Globacom has been on ascendancy in terms of acquisition of new internet subscribers in the last one year ostensibly due to the consistent improvement in the operator’s data services.

The company has the widest 4G LTE coverage in the country, and the technology ensures more reliable and faster internet usage experience. Globacom also has the most attractive data plans in the market, with packages that appeal to both high and low data users.

Continue Reading

Telecom

Streaming Global, DataGo Solutions Ink Deal to Accelerate OTT/VOD Streaming Market in Africa

Published

on

L-R: Gbenga George, Co-founder, DataGo Solutions and Richard Oesterreicher, CEO, Streaming Global, exchanging handshake after the signing ceremony
Spread the love

Marking its first step towards an international market, Streaming Global has joined forces with DataGo Solutions as its first exclusive reseller for an overseas territory.

 

The deal covers the entire continent of Africa where, according to the forecast performed by Digital TV Research, the OTT market value will exceed $1 Billion by 2024.

 

This partnership drives Streaming Global’s continued mission to enable the reliable, scalable, and cost-effective delivery of live, OTT, and VOD video streaming services over the Internet.

 

Richard Oesterreicher, CEO, Streaming Global, said “We are overjoyed to have DataGo Solutions as Streaming Global’s exclusive reseller for this emerging market.

 

“The growing infrastructure there fits well with Streaming Global’s reliable and simple streaming delivery pipeline.”

 

DataGo Solutions founders, Gbenga George and Nicholas Horton, have extensive backgrounds and knowledge in the emerging African OTT/VOD market.

 

Horton is a technology leader with over 14 years of industry experience, driving business growth and market penetration both in the US and abroad.

 

George is a technology investor and lawyer with over 18 years of industry experience in various disciplines including intellectual property, contract negotiation, and market adoption.

 

“We view this technology as a true innovation in OTT/VOD and live streaming content that will become the new standard for the next decade.

 

“We couldn’t be happier to have the opportunity to take this technology to market for the continent of Africa and redefine the streaming industry,” said George.

Continue Reading

Telecom

Arik Air takes deliver of another aircraft from maintenance

Published

on

Spread the love

Arik Air, Nigeria’s leading airline on Thursday welcomed another aircraft fresh from maintenance overseas.

The arrival of the aircraft, a Boeing 737-800 Next Generation (NG) is coming eight days after a Boeing 737-700NG returned to service from C-check on Wednesday, May 15, 2019.

 

The Boeing 737-800 NG aircraft is a stretched version of the 737-700 aircraft.

 

Captain Roy Ilegbodu, Chief Executive Officer, Arik Air, reiterated the airline’s mission which is “To become a dominant air-services brand, globally admired for its world-leading operating, safety and service delivery standards, as well as its role in promoting Nigeria’s reputation at home and abroad”.

 

Captain Ilegbodu once again thanked customers for their loyalty and trust in Arik Air.

 

Continue Reading

Trending

Copyright © 2017 Communication Week Media Limited.