Info Tech
MTN Nigeria gets $3b loan from consortium of banks to expand network
LAGOS: MTN Nigeria, a leading Information and Communications Company on Tuesday secured loan facilities of US$3 billion (about N470 billion) from a consortium of 24 local and international financial institutions to enable it further expand, modernize and improve its network infrastructure.
The loan which consists of US$1.8 billion in additional facilities and US$ 1.2 billion in restructured existing Local Facility was formally sealed by top officials and Board Members of the company and the participating banks at Eko Hotel, Lagos.
MTN CEO, Mr. Brett Goschen, said, the signing of the loan deal signposts another strategic collaboration between MTN Nigeria and local and international financial institutions, aimed at deepening telecommunications services in Nigeria.
According to him, the deal was the sixth of such strategic partnerships, with other notable ones including a facility of US$170 million Commercial Paper Facility secured by the company in 2002 and $395 million Medium Term Facility in 2003.
He said the 2003 deal was the largest African telecoms funding deal to close outside of South Africa at the time and won Project Finance magazine’s “African Telecoms Deal” for that year.
“In 2007, MTN Nigeria again partnered with various local and international financial institutions to raise USD 2 billion to fund our rapidly expanding operations. It was again regarded as the largest loan syndication to any individual telecommunications company in Africa. In that year, it won the ‘African Deal of the Year’ by the EuroMoney Magazine,” he said.
Mr. Goschen recalled that once again in 2010, MTN Nigeria partnered with 15 local financial institutions and two international lenders to raise another USD 2 billion, which was described as the largest corporate financing deal in the whole of sub-Saharan Africa. This deal was awarded ‘Trade Finance Deal of the Year 2010” by the Trade Finance Magazine of the United Kingdom.
“The essence of these deals was to enable MTN to make the necessary capital investments to expand our network infrastructure and meet the growing demands of our customer base. We certainly put that financing to good use, built the most extensive telecommunications network in Africa and grew our customer base to over 50 million subscribers,” he said.
He noted that MTN currently has effective network coverage of more than 85 percent of Nigeria’s land mass and population, and nearly 100 percent coverage of most major highways in the country.
Mr. Goschen said with a relatively low mobile penetration, sound economic growth, lower cost of ownership for consumers and the insatiable demand for data services, there is still ample room for more growth in the sector.
“The restructured and additional facilities will enable us to continue with the aggressive investment in our network,” he said. He stated that the company invested $1.6 billion in 2012 and is investing over US$1.5 billion in 2013.
“Enhancing our network quality is also a key focus of the investment as we lead the delivery of a bold new digital world for our customers,” he said.
Mr. Goschen lauded the participating financial institutions for passing a ‘vote of confidence’ in MTN, stressing that the loan syndication showcases the strength of the Nigerian financial institutions and their ability to stimulate significant economic growth.
He thanked the industry regulator and other government stakeholders, whose support for the industry has led it on the path of continuous growth, making it possible for MTN to record the achievements it has in the last 11 years.
“Most importantly, we thank our esteemed customers who have been our pillar of support since our commencement of commercial operation in 2001. Without you, we definitely would not have been able to achieve this,” he said.
He stated that the company is under a binding obligation to offer good quality of service to its customers and he pledged that the company would strive to meet and exceed the expectations of its customers and other stakeholders.
In efforts at spicing up the 2023 ITREALMS E-Waste Dialogue, the management of ITREALMS Media has partnered with E-waste Producer Responsibility Organization of Nigeria (EPRON) membership organisations for a day-long collection scheme of small electronic waste on Friday, December 15, 2023.
The EPRON members aligning their partnership with 2023 ITREALMS E-Waste Dialogue are EL-AS Tech Enterprises Limited and WEEE Eco-Friendly.
ITREALMS’ day-long collection scheme is part of the commemoration of 2023 international E-Waste Day (IEWD) within the ITREALMS E-Waste Dialogue with the theme “You Can Recycle Anything with a plug, battery or cable” at Welcome Centre Hotels, International Airport Road, Lagos.
Revealing this collaboration, the Group Executive Editor, ITREALMS Media, the organisers of the 2023 ITREALMS E-Waste Dialogue, Sir. Remmy Nweke, urged mobile device enthusiasts to come along with their devices that have reached their end-of-life to the venue for proper disposition by professionals who would also be on grounds to address some topical issues.
The collection of small electronic wastes especially mobile phones and like-devices, would be carried out by EPRON member organisation, EL-AS Tech Enterprises Limited as facilitated by ITREALMS Media group as part of this year’s ITREALMS E-Waste Dialogue on Friday, December 15, he added.
He disclosed that the exercise would commence at Welcome Centre Hotel by 9am till close of work hours the same day.
Nweke pointed out that the collection of small e-waste items would include mobile phones, pointers mouse, earpieces, rechargeable torches, phone chargers, to name a few.
Further, he said, that this initiative has become time-serving because some people may have missed any other opportunity before now for the year-long campaign, hence this awareness on e-Waste has to be continuous, “ITREALMS came up with this scheme.”
Nweke beckoned on Nigerians, especially mobile phone users, to leverage the opportunity in disposing of their mobile devices they no longer use, of course in exchange for a voucher or gift item.
In her reaction to this year’s day-long small waste collection, EPRON Executive Secretary, Mrs. Ibukun Faluyi, described the initiative as commendable, expressing confidence it would intensify the collection of end-of-life devices for proper disposition.
Mrs. Faluyi, also urged Nigerians to take advantage of this day-long collection of small wastes courtesy of ITREALMS Media.
Recalling for instance that in October 2022, EPRON had partnered SLOT alongside some UN agencies for collection of small e-waste items in Lagos, including the United Nations Information Centres (UNIC), United Nations Industrial Development Organization (UNIDO), International Labour Organisation (ILO), Lagos Waste Management Authority (LAWMA) and Lagos State Environmental Protection Agency (LASEPA).
This is even as the Executive Vice Chairman of the Nigerian Communications Commission (NCC) Dr. Aminu Maida and Director-General, National Environmental Standards and Regulations Enforcement Agency (NESREA), Prof. Aliyu Jauro, would both lead speakers at the 2023 ITREALMS E-Waste Dialogue slated for this Friday, December 15, in Lagos.
Today, September 12, the tech corporation Apple will introduce the iPhone 15, their newest iPhone model.
According to a Forbes story, this model, which will be introduced at the company’s “Wanderlust” event in Cupertino, California, will be available in four variations: the iPhone 15, iPhone 15 Plus, iPhone 15 Pro, and iPhone 15 Pro Max.
Here are five things you should know about the new iPhone 15 model.
1. The new model is made of titaniu, not stainless steel as some other Apple smartphone models, Senior research analyst at DIGITIMES, Luke Lin reports.
2. The Pro Max model will feature double the optical zoom on the iPhone 14 as it comes with a newly-introduced ‘periscope lens upgrade, performing 5-6x optical zoom.’
3. The Pro models will carry an A17 bionic chip expected to make it perform faster.
4. The iPhone 15 model will feature a USB-C charging port, the same port featured on some Android phone models.
5. Due to its titanium shell, the new model is anticipated to be more expensive to purchase. The following is the speculated price list, as reported by Forbes:
The iPhone 15 starts at $799, the iPhone 15 Plus at $899, the iPhone 15 Pro at $1,099 ($100 increase), and the iPhone 15 Pro Max at $1,299 ($200 increase).
In an effort to reduce the exorbitant cost of Premium Motor Spirit, better known as petrol, the Infrastructure Bank Plc announced its collaboration with FEMADEC Group on Monday to offer 500 buses powered by autogas (Compressed Natural Gas).
Partners in the agreement claimed that the project was created to provide citizens with dependable, affordable, and environmentally friendly travel options, taking into account the negative effects of the nationwide increase in PMS costs.
Under Decree No. 51 of the Federal Republic of Nigeria’s 1992 Constitution, the Infrastructure Bank, originally known as the Urban Development Bank of Nigeria Plc, was founded in 1992 to promote the quick development of infrastructure throughout the nation.
In a statement issued in Abuja on its partnership with FEMADEC, the bank said, “The preliminary offer extended by TIB lays a solid foundation for the expansion of FEMADEC Group’s CNG bus fleet.
“With plans to introduce 500 CNG buses within the next five years, commencing with an initial batch of 50 buses in the forthcoming year, this proposal stands poised to instigate significant change.
“The acceptance of this proposition by FEMADEC Group, notably championed by Fola Akinnola, the Group Chief Executive Officer, is a testament to their zeal and dedication to this alliance.”
The bank described the partnership as a “pivotal endeavour that is primed to redefine Nigeria’s public transportation landscape, offering dependable, cost-effective, and ecologically conscious travel alternatives for citizens, while harmonising with the nation’s broader sustainability ambitions.”
“This partnership represents a remarkable stride towards a more ecologically aware future for Nigeria’s transportation sector, highlighting the shared commitment of both TIB and FEMADEC Group to sustainable advancement and progress.”
It said FEMADEC Group’s strides in operating Compressed Natural Gas buses, including the existing fleet of 20 CNG buses under LAMATA, underscored their unwavering dedication to ecologically sound solutions, a commitment predating the fuel subsidy removal.
“Their leadership within the CNG value chain is undeniable, and the new alliance with TIB underscores their foresight.
“This partnership seamlessly aligns with TIB’s sustainability objectives, echoing their resolute endorsement of the government’s net-zero and climate change agenda.
“The bank’s aspiration to champion Nigeria’s infrastructure progress is evident in its endorsement of pivotal initiatives like this, yielding expansive positive impacts on both the environment and society,” the bank stated.
The bank added that it would continue to make a significant contribution to the country’s growth as a leading financial institution committed to advancing effective and long-lasting infrastructure projects.
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