$1.2bn Loan: Etisalat Denies Deadlock in Talks with 13 Banks
Etisalat Nigeria has affirmed that talks between it and 13 local banks to renegotiate the terms of a $1.2 billion loan are continuing and progress has been made.
Ibrahim Dikko, Vice President, Regulatory and Corporate Affairs, Etisalat Nigeria, denied that the on-going discussions with the consortium of bankers are stall or reached a deadlock.
Dikko said, “Discussions are not only ongoing with our bankers, but good progress has been made, so far. We are optimistic that an agreement will be reached shortly and this will be communicated through the appropriate channels of the involved stakeholders”.
“We appeal to our media partners who have indeed been critical to the success of our business over the years, to await the official communication of the outcome of the ongoing discussions and not lend their credible platforms to speculative and presumptive analysis of the discussions”.
Dikko stated that the pressing concern of the company is to ensure and sustain a positive performance, adding “We are in a position to continue to grow the business, deliver excellent customer service and increase value to our stakeholders which includes our bankers. We are optimistic that an agreement will be reached shortly”.
Etisalat Nigeria, the No.4 mobile operator in Nigeria, with 20 million subscribers and a 14 per cent market share, has the largest dollar exposure in Nigeria since the outset of dollar shortages plaguing Nigeria’s financial system.
It would be recalled that Etisalat Nigeria signed a seven-year facility with 13 local banks in 2013 to refinance a $650 million loan and fund expansion of its network. The current debilitating economic recession, however, has eroded the company’s capability to repay the debt.
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