Etisalat Nigeria says no deal with banks on debt repayment

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Etisalat Nigeria says no deal with banks on debt repaymentEtisalat Nigeria says no deal with banks on debt repayment

Etisalat Nigeria has confirmed that it is still in discussions with its lenders regarding its obligations under the syndicated loan agreement signed in 2013, reports The Nation.

It has not received any formal communication from the lenders regarding any settlement proposal. It said it has held robust discussions with lenders in good faith and hopes that all areas of discord will be resolved in due course. The current economic challenges have occasioned untold hardship on the telecom industry as a whole, it said, thus requiring a major shift in position by all affected parties.

The operator’s position comes a few weeks after Mubadala, which owns 40 percent of Etisalat Group, visited Nigeria and met with the Central Bank of Nigeria (CBN) and the thirteen local banks over Etisalat’s USD 1.2 billion indebtedness to the banks. Etisalat had reportedly proposed to repay the loan in naira but the banks are insisting it be paid in dollars.

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