Leading Information and Communications Technology (ICT) company in Nigeria, MTN Nigeria Plc, has announced the signing of a seven-year N200 billion medium term facility.
Chief Executive Officer of the company, Mr Ferdi Moolman, announced this after signing the agreement at the law offices of Aluko & Oyebode in Lagos on Friday.
He said that the signing was with a consortium of seven local banks, with Citibank acting as co-ordinator and Quantum Zenith, as facility agent.
Moolman said the facility would enable MTN to fund its evolving business opportunities while assisting with capital expenditure and working capital, to deliver enhanced customer service.
He said that the new facility followed the successful establishment of a similar seven-year N200 billion facility by the company in 2018, and formed part of the company’s wider programme to raise domestic debt.
“I am happy at the completion of the agreement; it signposts MTN’s commitment to, and confidence in Nigeria, and the strength of the strategic collaboration between MTN Nigeria and local financial institutions.
“This will help to 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 Voice and Data services on our network to customers in new areas.
“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 60 million 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,” he said.
Moolman lauded the participating financial institutions for staying committed to MTN, adding that the loan syndication showcased the strength of Nigerian financial institutions and their confidence in MTN’s vision “and both parties’ ability to stimulate significant economic growth’’.
He said that the facility was structured with a two-year moratorium and a repayment plan of seven years, and was denominated in Naira.
He said that this was the eighth syndicated loan agreement by MTN in Nigeria since its inception 18 years ago.
Edited by Chioma Ugboma and Olisa Ifeajika
CBN injects $297.92 into secondary market
The Central Bank of Nigeria (CBN), has injected 297.92 million dollars into the retail Secondary Market Intervention Sales (SMIS).
The bank’s Director, Corporate Communications Department, Mr Isaac Okorafor made this known in a statement in Abuja on Friday.
Okarafor disclosed that CBN also injected CNY21.2million in the spot and short-tenured forwards segment of the inter-bank foreign market.
According to him, the United States dollars-denominated transactions are to meet requests in the agricultural and raw materials sectors, while those in Chinese Yuan are for Renminbi-denominated Letters of Credit.
The director reiterated that the bank’s management was satisfied with the continued stability in the foreign exchange market.
He assured that the CBN remained committed to meeting foreign exchange needs of all sectors of the economy.
Meanwhile, N358 was exchanged to a dollar, while CNY1 exchanged at N46 at the Bureau De Change (BDC) segment of the foreign exchange market on Friday.
No electricity tariff increase has been approved yet —— NERC
The Nigerian Electricity Regulatory Commission (NERC), says no tariff increase has been approved by the commission yet.
In a statement, Mr Usman Arabi, NERC’s General Manager, Public Affairs, however, in a statement on Friday in Abuja said it was still consulting with stakeholders.
He said that the commission wished to notify the public that no tariff increase had been approved by the commission contrary to the impression in some quarters.
“However, the commission in the discharge of its statutory responsibilities enshrined under the Electric Power Sector Reform (EPSR) Act, shall continue to undertake periodic reviews of electricity tariffs in accordance with prevailing tariff methodology.
`In all instances of such reviews and rule-making, the commission shall widely consult stakeholders and final decision shall be taken with due regard of all contributions,” he said. .
Arabi said that the commission wished to provide guidance that the minor review implemented by the commission was a retrospective adjustment of the tariff regime released in 2015
He said that this was to account for changes in macroeconomic indices for 2016, 2017 and 2018, “thus providing certainty about revenue shortfall that may have arisen due to the differential between tariffs approved by the regulator and actual end-user tariffs,” he said
NSE: Market indices upbeat, up by 0.62%
Trading on the Nigerian Stock Exchange (NSE), for the third consecutive days, maintained a bullish trend to close the week upbeat.
The Nigeria News Agency reports that the crucial market indices on Friday appreciated further with a growth of 0.62 per cent.
Specifically, the market capitalisation of listed equities inched N33 billion or 0.62 per cent to N13.524 trillion from N13.441 trillion achieved on Thursday.
Also, the All-Share Index rose by 170.51 points or 0.62 per cent to close at 27, 800.17 points against 27,629.66 posted on Thursday.
An analysis of the price movement table shows that Nestle led the gainers’ table, growing by N10 to close at N1, 230 per share.
Unilever followed with a gain of N2.45 to close at N29.45, Guaranty Trust Bank gained 90k to close at N27.90 per share.
Forte Oil improved by 66k to close at N16, while C & I Leasing also added 60k to close N7.30 per share.
Conversely, Dangote Cement Industry recorded the highest loss to lead the losers’ table, declining by 50k to close at N166.50 per share.
Continental Reinsurance trailed with a loss of 10k to close at N1.50, while Dangote Sugar Refinery was down by 10k to close at N1.30 per share.
Triple Gee lost 7k to close at 63k, while Unity Bank declined by 6k to close at 63k per share.
Similarly, the volume of shares traded closed higher with a total of 1.24 billion shares valued at N3.29 billion in 3,644 deals.
This was in contrast with 272.60 million shares worth N4.49 billion exchanged in 3,425 deals on Thursday.
Sovereign Trust Insurance Plc was the most active stock, trading 900.02 million shares valued at N216 million.
FBN Holding followed with an account of 80.12 million shares worth N401.08 million, while Courtville traded 55.07 million shares valued at N12.11 million.
Access Bank sold 36.42 million shares worth N236.89 million, while Transcorp exchanged 34.56 million shares valued at N36.94 million.
Edited by Olagoke Olatoye