Don't Miss


Home   >   Market - Finance   >   Finance   >   Fidelity Bank, others bag Euromoney Deal of the Year Award for $650 million Etisalat Facility

Fidelity Bank, others bag Euromoney Deal of the Year Award for $650 million Etisalat Facility

By on February 27, 2012

Five Nigerian banks have been selected as winners for the Euromoney Project Finance Deal of the year in the Telecommunications sector. Fidelity Bank, GTBank, First Bank, Access, and UBA Plc were chosen due to their $650 million syndication financing for Etisalat Nigeria.

Euromoney is a leading global source of financial information spanning international baking finance, capital markets news, analysis, FX, asset management, investment banking, M & A, private banking, debt and equity markets.

The Project Finance magazine’s Deal of the Year award is a category that recognizes the best deals in Europe and Africa.

Managing Director of Fidelity Bank, Reginald Ihejiahi, stated that Fidelity’s involvement in the project was a clear demonstration of the bank’s commitment to developing access to credit and the Nigerian economy, citing examples of other projects that had the bank’s involvement.

He said, ““We see it as a national challenge which we must meet. Experience has shown that all over the world, every economy is supported by its people and their institutions.

“Our commitment can be seen by the number and value of the projects we have financed over the last nine months despite the challenges our industry faced within the period. Fidelity Bank has a very good track record in project finance deals in Nigeria.

“The bank was involved in the $25.5m Independent Power Plant and the $16m Independent Power Plant Project for the Island Power Limited as well as the $28m 15 MW Alausa Power Limited, all for the Lagos State Government and in power generation.  In manufacturing and processing, the bank financed the N5.5 billion galvanizing plant for Dorman Long Plc, and the N4.5 billion Ethanol Plant project for NOSAK Industries Ltd. Fidelity Bank was also involved in the $70 million Aluminum Can manufacturing plant, the first of its kind in sub- Sahara Africa, financed for GZI industries in Agbara, Ogun state.