By Prince Osuagwu

FOUR banks at the weekend combined resources to raise $100 million for the expansion programme of a top telco, MainOne.

Banks involved in the $100 million financing facility agreement are Standard Chartered Bank, FirstBank, Skye and FCMB.

The ceremony which held Wednesday 9 October in Lagos was in furtherance of MainOne’s effort to expand its services.

Speaking after signing the agreement in Lagos, Chief Financial Officer, MainOne, Mr. Babatunde Dada, said that “the successful signing of this facility agreement clearly shows the trust which financial institutions have in MainOne.”

This was also as Group Managing Director, FirstBank, Bisi Onasanya said FirstBank confidently signed on to the facility based on excellent performance of the company on the initial project financing that FirstBank actively supported as a leading investor in 2009.

Also speaking on the transaction, the Group Managing Director of Skye Bank, Kehinde Durosimi-Etti said:

“It is our hope that through this financing, MainOne would add impetus to its drive to extend its services to customers irrespective of their location”

Meanwhile, Group Managing Director, First City Monument Bank, Ladi Balogun said the bank was happy to arrange the loan facility. “FCMB is a bank that is synonymous with excellence and growth. Today, we have demonstrated once again our support for the growth of indigenous companies through this agreement with MainOne” he added.