Etisalat Nigeria secures US$650 million in loans

Etisalat Nigeria has completed a US$650 million agreement deal with eight Nigerian banks to expand its mobile phone network, local Punch newspaper reported, CEO Steven Evans.

The loan is being arranged by First Bank of Nigeria, Zenith Bank, Access Bank, Fidelity Bank and United Bank for Africa, the Lagos-based newspaper said. Others financial institutions are Bank PHB, Guaranty Trust Bank and Oceanic Bank International.

Evans said that the cellco would invest US$400 million in 2011; noting that US$50 million out of the loans would be specifically spent on 3G equipment.

Etisalat Nigeria acquired Alheri Mobile Services, a unit of the Dangote Group and a recipient of a 3G licence in December for an undisclosed amount.

The 3G network, according to Evans, will be rolled out in Lagos, Port Harcourt and Abuja imminently, while other parts of the country will be covered throughout this year.