Etisalat Nigeria Repaid Half Of Loan

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Ibrahim Dikko, Vice President for Regulatory Affairs,Etisalat Nigeria said the company had repaid nearly half of the USD1.2 billion loan it owed to a consortium of local banks before it defaulted on the facility agreement,

Nigeria’s fourth largest cell company repaid around $500 million of the loan before missing a payment in February due to currency devaluation, leaving total amounts of $227 million and N113 billion ($351 million) outstanding.

Dikko said talks between Etisalat Nigeria and lenders to restructure the loan agreed in 2013 had failed to produce a deal, forcing the banks to step in this month by ordering Etisalat Group to transfer its entire 45% stake to United Capital Trustees, the security trustee of the firm’s lenders, by 23 June.

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