Business & Finance

Etisalat May Leave Nigeria After Repaying $1.2bn Loan – Reuters


The Abu Dhabi telecoms group Etisalat may sell its stake in Etisalat Nigeria following the recent issues surrounding it, sources said according to Reuters.

Etisalat Nigeria has defaulted on a $1.2 billion loan, but the parent company wants the debt restructured before it sells its stake in the firm.

The Central Bank of Nigeria, CBN, and the Nigeria Communications Commission, NCC, have interfered in the matter and are in talks with the banks concerned and Etisalat Nigeria.

They agreed on Friday to pursue a default deal rather than a receivership for Etisalat Nigeria so as not to deter investors and to avoid a wider debt crisis.

Etisalat is due to meet with creditors in Nigeria on Tuesday or Wednesday to discuss the default, and it isn’t clear if the Abu Dhabi group would divest completely the 45% it holds in Etisalat Nigeria.

A top government source said Etisalat Nigeria is asking for more time to pay the loan, the request, which the banks may likely consider.

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