United Bank for Africa (UBA Plc), One of Africa’s leading financial institutions, along with a consortium of local and international banks, Tuesday signed a $3 billion (N470b) loan agreement with MTN Nigeria, towards expanding its network infrastructure in Nigeria. Executive Director, Corporate Bank, UBA Plc, Mr. Emeke Iweriebor signed the loan syndication on behalf of UBA, at a ceremony held at Eko Hotel and Suites.
UBA Plc is contributing a total of N25 billion to the facility, which would enable the company, further expand, modernise and improve its network infrastructure
Commenting, Iweriebor reiterated the capacity of UBA to undertake and participate in big ticket transaction. “Coming on the heels of our involvement in Accugas deal, this is a further attestation of our readiness to undertake in big ticket transactions, irrespective of the amount and place on the continent.”
MTN’s CEO, Brett Goschen, said that the syndicated medium term facility is an indication of the strength of Nigerian Financial Institutions to undertake big ticket transactions. The five-year medium-term debt facility, one of the largest ever telecoms deals on the continent, is to ensure that MTN Nigeria is appropriately capitalized to meet its key strategic objectives of increasing market share and improving coverage and capacity on its network.
The UBA Group is an acknowledged industry leader in commercial and retail banking across Africa with operations in 19 African countries serving over 7 million customer accounts through multiple channels and remote locations.
