MTN Nigeria secures $2.15bn loan

MTN Nigeria has signed a $2.1 billion deal with a consortium of 15 Nigerian banks including Afribank Nigeria, Bank PHB, Citibank Nigeria, Diamond Bank, Ecobank Nigeria, First City Monument Bank, Fidelity Bank, First Bank of Nigeria and Guaranty Trust Bank.
Global Telecom Business writes that the banks have extended a facility of $1.652 billion from $1.368 billion to MTN.

Meanwhile, the Industrial and Commercial Bank of China agreed to provide $200 million worth of credit for Zain Nigeria to purchase equipment from telecom vendor Huawei Technologies.

MTN Nigeria competes with rival mobile operators Globacom, Zain, Etisalat and M-Tel.