Nigerian telecommunication company, Etisalat Nigeria, has secured a $650 million syndicated loan with eight local banks, Reuters reports. The proceeds will be used to expand its mobile phone network across the African nation.
The loan was split into two tranches – one of $100 million and the rest in Nigerian currency, adds WorldStage reports. The banks involved in the transaction were First Bank, Zenith Bank, Access Bank, Fidelity Bank, United Bank for Africa, Bank PHB, Guaranty Trust Bank and Oceanic Bank.
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