Miga has issued a US$45mn guarantee to Ericsson Credit covering its non-shareholder loan of US$73.7mn, including interest, to Vee Networks in Nigeria. The guarantee is for a period of up to eight years and covers against the risks of currency transfer restriction, expropriation, and war and civil disturbance.

This contract replaces an earlier (2002) contract of guarantee issued to Ericsson for the project, previously known as Econet Wireless.

The project involves the installation, operation, and maintenance of a countrywide GSM mobile telephone network, under a 15-year licence.

Vee Networks was the first GSM operator to commence operations in Nigeria and has an active subscriber base in excess of 2.7mn.