Lagos - One of Nigeria's leading telecommunications company, Etisalat Nigeria, has signed a $1.2 billion medium term loan facility to finance its network expansion plans.
Through the loan, agreed with a consortium of 13 Nigerian banks, the company also plans to refinance their existing commercial medium term debt of $650 million.
The company says it will continue the release of innovative products and services to its over 15 million subscribers.
Hakeem Belo-Osagie, Etisalat chairman, said the loan is yet another key step in the company’s development.
"This loan is a testament to the robust strategy of the company and the faith of the banking community. It will serve to further boost the company and the telecommunications sector.
"It is important to note the enabling environment created by the federal and state governments of Nigeria as well as the National Communications Commission," he said.
Steven Evans, chief executive officer, Etisalat Nigeria, said his company was delighted with the continued support and confidence shown by its many banking partners.
The banking partners are Zenith Bank, Guaranty Trust Bank, First Bank, United Bank of Africa, Fidelity Bank, Access Bank, Ecobank, Keystone Bank, First City Monument Bank, FSDH Merchant Bank, Mainstreet Bank, Stanbic IBTC Bank and Union Bank.
"They have shown great faith in the company since launch and we view that as a sign of their endorsement of Etisalat Nigeria’s strategy and execution capabilities.
"We aim to continue to focus on our network expansion, our investment in 3G, as well as ensuring we offer the uncompromising network quality and customer service our subscribers have come to expect from us,” Evans said.
- CAJ News