On The Money - In Brief

Mergers, Acquisitions and Financial Results

- NITELlast week signed an agreement with a consortium of banks to raise N14 billion in short term loan facility to finance its operations. A consortium of about four banks led by Citibank, is providing the syndicated bank loan. The facility will be used for financing the Lagos phone expansion programme with the intends of providing 1000 digital lines to the ever-growing subscriber base in the nation's commercial nerve centre. Also, the facility would be used to finance other new projects being undertaken by the telecom firm, especially its transmission project.