Nigeria’s fastest growing and most innovative telecommunications operator, Etisalat, has emerged winner of the ‘African Telecoms Deal of the Year 2011’ at the 13th Euromoney/Project Finance Magazine Awards in London last week.
This deal, one of the largest project finance transactions in Nigeria in 2011 was signed on March 10, 2011 between EMTS and a consortium of banks – First Bank, Zenith Bank, Access, Fidelity Bank, UBA, Oceanic Bank (now Ecobank), GTB and Bank PHB (now Keystone).
Other key stakeholders who contributed to the success of the deal include financial advisers, Citi and Aelex, Banwo & Ighodalo and Norton Rose, legal advisers. Etisalat also benefited in this transaction from the unwavering support of its shareholders: Etisalat Group of the UAE, Mubadala, the investment arm of the emirate of Abu Dhabi and Myacynth, the consortium of Nigerian investors.
Mr. Sean Keating, Managing Editor of Project Finance Magazine while presenting the award to Etisalat and partner banks commended the achievements of the relatively new company and the trust exhibited by the banks. He said, “Etisalat’s $650m financing shows that even comparatively new entrants in a fiercely competitive market can assemble a healthy bank following”.
Responding after receiving the award at the presentation dinner, Acting Chief Financial Officer of Etisalat Nigeria, Mr. Abhulime Ehiagwina expressed appreciation to the organisers of the Project Finance Awards as well as the partner banks. Mr. Ehiagwina said, “This award recognises the aggressive expansion strategy of Etisalat made possible by the transaction being celebrated today.
It is yet another sign that we are on course to achieving our goal of being one of the top telecommunications operators in Nigeria”.
Also speaking at the event, Mr. Reginald Ihejiahi, Managing Director/CEO Fidelity Bank Plc, one of the eight arrangers, expressed sentiments echoed by all the partner banks present. He said Fidelity Bank is excited at Etisalat’s winning of the African Telecoms Deal of the Year 2011.
“This is a large transaction and more importantly it shows that there are great possibilities in the Nigerian banking industry and attests to the belief Fidelity Bank has in Etisalat. We look forward to more deals of such magnitude in the near future”, he concluded.
The Project Finance Deals of the Year Awards is organised by Project Finance Magazine, a publication of EuromoneyInstitutional Investor Plc. The Project Finance awards are for innovation, deal repeatability, best practice, problem solving, risk mitigation, value for money and speed of delivery in financing infrastructure projects, large or small.
Representatives of First Bank, Access Bank, Fidelity Bank, UBA, Ecobank and Keystone Bank were at the event to join Etisalat in receiving the award.
The award ceremony held at the Grand Connaught, Central London was for Europe, Middle East and Africa and had 36 awardees.
