Etisalat Nigeria said on Thursday it had sealed agreements for a $650 million syndicated loan with 8 local banks to expand its mobile phone network across Nigeria.
"The additional funds will be used to roll out both our 3G and 2G network on a national basis," Etisalat Nigeria Chief Executive Officer, Steven Evans said in a statement.
Etisalat said the banks involved were First Bank, Zenith Bank, Access Bank, Fidelity Bank, United Bank for Africa (UBA), Bank PHB, Guaranty Trust Bank, and Oceanic Bank.