Investor Watch: 8 Nigerian Banks Lend Total Plc $7.5billion

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Guaranty Trust Bank Plc, Ecobank Nigeria, Zenith Bank, Diamond Bank, United Bank for Africa, Standard Chartered Bank, Access Bank and Fidelity Bank have all agreed to lend $7.5billion (N1.2tr) to Total Nigeria Plc.

According to Charles Ebereonwu the loan is “meant to finance local contractors and suppliers.” Details on how much each bank is set to disburse was not disclosed in the report neither was the interest rate nor tenor. I believe details will emerge sooner rather than later.

Source: Businessday