FINANCIAL NEWS

UAE’s Etisalat to spend USD500m to enhance Nigerian unit’s network

14 May 2012

(MENAFN) Etisalat Nigeria’s chief executive, Steven Evans, stated that the telco firm will invest USD500 million in 2012 to expand its network in the African nation, reported The National.

Evans said that during the past 3 years, the firm, a unit of UAE’s Etisalat, had spent USD2 billion on upgrading its Nigerian network.

He added that the move follows a decision by the Nigerian authorities to fine the company USD2.25 million for failing to meet minimum standards.

However, Etisalat said that its services had been affected by an irregular electricity supply as a result of road works and deliberate sabotage.

It is worth noting that Nigerian authorities fined the country’s local operators USD7.37 million due to poor services.

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