Etisalat to take Nigerian stake

10 Sep 2007

UAE incumbent Etisalat is to take a 40% stake in the Mubadala Development Co’s telecoms venture in Nigeria. Mubadala was recently granted a 15-year universal access licence, which included 900/1800MHz spectrum and permits it to offer fixed and wireless voice and data services. The concession cost USD400 million. Etisalat will be the operating partner in the Nigerian telecom company to be established by Mubadala, which will retain a 30% interest. The remaining 30% of shares will be sold to Nigerian investors. Etisalat has promised USD1 billion of investment to build a network over the next three years, and a commercial launch is scheduled for March 2008, with equipment contracts to be tendered next month.