Emerging Markets Telecommunications Services Ltd (EMTS), trading under the name of Etisalat Nigeria on Thursday 10 March 2011 in Lagos sealed agreements for a US$650 million loan split into two tranches: NGN 82.5 billion and US$100 million.
The loan is from a consortium of eight leading Nigerian banks, namely; First Bank, Zenith Bank, Access Bank, Fidelity Bank, United Bank for Africa, Bank PHB, Guaranty Trust Bank and Oceanic Bank.The loan will support its expansion plan across the country. The syndicated loan facility which is the landmark transaction in the telecommunications sector for 2011, will offer the opportunity to aggressively intensify Etisalat Nigeria’s network expansion across the country and offer even better quality service to its over seven million customers, sealing its claim as the most innovative and fastest-growing GSM mobile operator. Speaking about the loan signing, EMTS Chairman, Hakeem Belo-Osagie, noted that the loan represents a critical milestone in the growth of the company.
“It is significant that Nigerian banks are availing us of a facility, which will be a boost for our long term growth and by implication growth for the sector and the wider economy.