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Etisalat Nigeria in US$650m loan
Mobile operator Etisalat Nigeria has announced that it has signed agreements for a US$650m syndicated loan.
The funds will be provided by eight local banks: First Bank, Zenith Bank, Access Bank, Fidelity Bank, United Bank for Africa (UBA), Bank PHB,…
Mobile operator Etisalat Nigeria has announced that it has signed agreements for a US$650m syndicated loan.
The funds will be provided by eight local banks: First Bank, Zenith Bank, Access Bank, Fidelity Bank, United Bank for Africa (UBA), Bank PHB, Guaranty Trust Bank and Oceanic Bank.
The Etisalat unit said it would use the loan to support national network expansion plans.
“The additional funds will be used to roll out both our 3G and 2G network on a national basis,” stated Etisalat Nigeria CEO Steven Evans.
At the end of last year, the unit bought Alheri Mobile Services, a start-up company which holds a 3G licence.
The operator competes with the local units of South Africa’s MTN and Telkom (Multi-links, which is up for sale), India’s Bhart Airtel, as well as homegrown operator Globacom.
The operator competes with the local units of South Africa’s MTN and Multi-links, India’s Bhart Airtel, as well as homegrown operator Globacom.
