Standard Chartered Bank, one of the leading institutions behind the US$100 million re-financing deal for Nigeria’s cable company MainOne, has described the deal as a turning point for domestic growth and development of Nigeria’s local company.
HumanIPO reported last week four banks – First Bank, Skye, First City Monument Bank and Standard – had agreed the deal and Bola Adesola, managing director and chief executive officer of Standard, explained the potential of MainOne was the reason why they stepped in.
Adesola added the funds would also finance MainOne’s capital expenditure for expansion and ancillary services.
“We believe this is a turning point for domestic growth and development in our local economy,” Adesola said. “Our established footprint in Asia, Africa, and the Middle East, along with our long history of supporting trade flows to and from these regions, position us well to provide vital funding to growing companies in growing economies.”
Remi Oni, the bank’s head of client coverage, said MainOne has been able to build a strong professional service that is everywhere.
“MainOne has built a strong brand ubiquitous with reliable, high quality and professional service. The financing is a testament of our commitment to be here for good,” Oni said.