05 August, 2015

MTN approaches CBN for early repayment of $600m debt 

In an apparent move to save its image from possible damage, MTN Group is said to have commenced talks with Nigeria’s Central Bank for early repayment of almost $600 million of debt it owes some Nigerian banks.

Vanguard gathered that the move by the leading telecom operator was also aimed at reducing further exposure of the naira, which has weakened against the rand and US dollar.
A report from Bloomberg, quoted the Chief Executive Officer of the Group, Sifiso Dabengwa as saying in an interview that the negotiation with the apex bank was for possible repayment in good time.
Source: vanguardngr

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