Etisalat Nigeria bags $650 mn funding for network expansion
Etisalat Nigeria has reportedly completed a US$650 million agreement deal with eight Nigerian banks to expand its mobile phone network.
According to reports, the loan is being arranged by First Bank of Nigeria Plc, Zenith Bank Plc, Access Bank Plc, Fidelity Bank Plc and United Bank for Africa Plc. Others are Bank PHB Plc, Guaranty Trust Bank Plc and Oceanic Bank International Plc.
According to Chief Executive Officer Steven Evans, the company would invest $400 million in 2011; noting that $50 million out of the money 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 license last December for an undisclosed amount.
According to Evans, the 3G network will be launched in Lagos, Port Harcourt and Abuja very soon, while other parts of the country will be covered in 2011.
Globacom & Dangote group ink business agreement (Nigeria)
www.WirelessFederation.com/news: Globacom has inked a business agreement with Dangote group. Group Operating Officer of Globacom, Mr. Mohammed Jameel, said, “We are thrilled by the opportunity to provide the Dangote Group with fast and reliable bandwidth and last mile accessories for video, voice, and data transfer to and from the central servers of the Dangote Group. The deal between Dangote Group and Globacom represents a new dawn in partnerships between home-grown businesses.”
With the implementation of this deal, Globacom will offer the total communication solutions to the expansive conglomerate at all Dangote business facilities nationwide, thereby linking up the businesses in a single real time communication web.
Under the agreement, Globacom will provide voice, data and video communications for the world acclaimed Dangote Group at the touch of a button.
Chief Operating Officer of Dangote Group, Mr. Olakunle Alake said, the Group has confidence in Globacom and believes it can deliver on promise, based on its telecom infrastructure that is located in every part of the country.
