{"id":11411,"date":"2017-03-09T17:21:37","date_gmt":"2017-03-09T16:21:37","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=11411"},"modified":"2017-03-09T17:21:37","modified_gmt":"2017-03-09T16:21:37","slug":"etisalat-in-n377bn-debt-crisispleads-with-13-banks","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/etisalat-in-n377bn-debt-crisispleads-with-13-banks\/","title":{"rendered":"Etisalat in N377bn Debt Crisis,Pleads with 13 Banks"},"content":{"rendered":"
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The Nigerian affiliate of AbuDhabi-listed\u00a0telecoms company, Etisalat, is in talks with 13 Nigerianbanks to renegotiate the terms of a $1.2 billion loan it took out four yearsago after missing a payment.<\/p>\n

At current official rate, the loan, without interest stands atN377 billion.
\nThe Vice President for Regulatory Affairs at Etisalat Nigeria, Ibrahim Dikko,said the company missed payments due to the economic downturn in Nigeria, acurrency devaluation \u00a0and dollar shortages on the country\u2019s interbankmarket.<\/p>\n

\u201cWe are in discussions with our bankers and have been for quitea while. They have not taken over the business and we are hoping that we canresolve the issue and find a way to renegotiate terms,\u201d Dikko told Reuters.<\/p>

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Emirates Telecommunications Group(Etisalat) owns a 40 percent stake in its Nigerian affiliate, which accountedfor around 3.7 per cent of the group\u2019s revenue in 2013.<\/p><\/div>\n

\nEtisalat Nigeria signed a $1.2 billion medium-term facility with 13 Nigerianbanks in 2013, which it used to refinance an existing $650 million loan andfund a modernisation of its network.<\/div>\n<\/div>\n
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The Nigerian affiliate of AbuDhabi-listed\u00a0telecoms company, Etisalat, is in talks with 13 Nigerianbanks to renegotiate the terms of a $1.2 billion loan it took out four yearsago after missing a payment. At current official rate, the loan, without interest stands atN377 billion. The Vice President for Regulatory Affairs at Etisalat Nigeria, Ibrahim Dikko,said the company …<\/p>\n","protected":false},"author":11,"featured_media":11412,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[1628],"coauthors":[2392,2393],"class_list":["post-11411","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news","tag-etisalat"],"yoast_head":"\nEtisalat in N377bn Debt Crisis,Pleads with 13 Banks - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/etisalat-in-n377bn-debt-crisispleads-with-13-banks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Etisalat in N377bn Debt Crisis,Pleads with 13 Banks - National Wire\" \/>\n<meta property=\"og:description\" content=\"The Nigerian affiliate of AbuDhabi-listed\u00a0telecoms company, Etisalat, is in talks with 13 Nigerianbanks to renegotiate the terms of a $1.2 billion loan it took out four yearsago after missing a payment. At current official rate, the loan, without interest stands atN377 billion. 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