The Nigerian affiliate of Abu Dhabi-Listed Telecommunications Company, Etisalat, is in talks with local banks to renegotiate the terms of a $1.2bn loan it took four years ago after missing a payment.

The Vice-President, Regulatory Affairs, Etisalat Nigeria, Ibrahim Dikko, said the firm missed payment schedules due to an economic downturn in the country, devaluation of the naira and dollar shortages in the interbank market.

Emirates Telecommunications Group (Etisalat) owns a forty per cent stake in its Nigerian affiliate, which accounted for around 3.7 per cent of the group’s revenue in 2013.

It would be recalled that Etisalat Nigeria signed a $1.2bn medium-term facility with 13 local banks in 2013, which it used to refinance an existing six hundred and fifty million dollars loan and fund a modernisation of its network.

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