Segun Odusanya, deputy managing director of First City Monument Bank (FCMB), has disclosed why his bank was attracted to the raising of N470 billion Medium Term Loan facilities for MTN Nigeria, saying, “FCMB saw the track record of the multinational telecommunications giant as encouraging”.
It would be recalled that whereas 17 Nigerian financial institutions pulled N329 billion, the difference; N141 billion came from other international finance groups from China, Europe and South Africa.
Answering questions from journalists on the sidelines during the loan syndication signing ceremony in Lagos last Tuesday, he said the performance of previous facilities given to the company showed strong adherence to laid down rules.
Odusanya further added that “It has been the culture of FCMB to be part of credible loan transaction that will build better returns for shareholders of the bank at all times”. “At FCMB, we always work towards our investors’ confidence and comfort even as we strive to raise the business frontiers of the bank.
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We contributed substantial amount to the deal and we believe that MTN will use the funds for what they were raised for.
Details on the specific votes of the 17 banks showed that whereas Zenith Bank led with N50 billion, the duo of GTB and First Bank of Nigeria pulled N40 billion each, while Access Bank pumped in N35 billion.
Fidelity Bank pulled N26.250 billion while UBA raised N25 billion. Union Bank added N20 billion leaving the quartet of FCMB, Ecobank, Diamond and Stanbic IBTC to raise N15 billion each.
Whereas Standard Chartered pulled N7 billion, Mainstreet Bank, Citibank and Keystone Banks raised N5 billion each.
