UAE-based investment fund Mubadala reportedly “pulled out” of Etisalat Nigeria, after the operator failed to renegotiate the terms of a $1.2 billion loan it took four years ago.
Nigeria’s central bank issued a statement stating the fund had pulled out of the company, and abandoned ongoing negotiations with Etisalat’s lenders, which it had entered to prevent job losses and asset stripping.
Mubadala reportedly owns 40 per cent of Etisalat Nigeria.
Parent company Etisalat said on Tuesday it was carrying a 45 per cent in the Nigerian company at nil value, and it had been ordered to transfer its shares to a loan trustee, following the failure of negotiations.
It all means Etisalat Nigeria’s only remaining investors are its Nigerian partners, led by company chairman Hakeem Belo Osagie, according to reports.