21st February, 2012
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 10 March, 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 and the consortium of Nigerian investors.
Managing Editor of Project Finance Magazine, Mr. Sean Keating, while presenting the award to Etisalat and partner banks commended the achievements of the relatively new company and the trust exhibited by the banks. 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.
Managing Director/CEO Fidelity Bank Plc, Mr Reginald Ihejiahi, one of the eight arrangers expressed the sentiments echoed by all the partner banks present, saying that 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 organized 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 in addition to other parties to the deal including Citi – financial adviser on the deal and Norton Rose – international legal adviser on the deal.
The award ceremony held at the Grand Connaught, Central London was for Europe, Middle East and Africa and had 36 awardees.
The ‘African Telecoms deal of the year’ award complements other titles that Etisalat Nigeria has won in just three years of operations in the Nigeria. Awards which include ‘Brand of the Year’, ‘Best Telecom Customer Service’,‘Telecom Innovations Company of the Year’, ‘Most Innovative Corporate Social Responsibility Company’, ‘Catalyst for Change’ and ‘Most Impactful Retail Design and Merchandising’ among others.
—Henry Ojelu