Etisalat looking to raise USD1.2bn for network upgrades

Etisalat Nigeria, the local mobile unit of UAE-based Emirates Telecommunications Corporation (Etisalat), is seeking to raise USD1.2 billion in funding, with Citi and First Bank Nigeria leading the financing, according to a report by TMT Finance which cites unnamed sources. The company is planning to use the funds to modernise and expand its mobile network across the country in a bid to improve service quality. TeleGeography’s GlobalComms Database states that Etisalat Nigeria is the country’s fourth largest mobile operator by subscribers, with a total of 14.912 million customers at the end of December 2012, translating to a market share of 13.2%. South African-owned MTN Nigeria leads the market, with over 47.44 million mobile subscribers at the same date, representing a share of 42.1%.