Etisalat Nigeria owes Union Bank USD127 million


Union of Nigeria PLC said it is owed a total of NGN3.9 billion by Etisalat Nigeria.

This is approximately USD127 million using real time exchange rate.

The disclosure was made yesterday by the bank’s Chief Executive Officer, Emeka Emuwa who told an analyst call that the bank is in talks with Etisalat Nigeria on how to recoup the funds.

Etisalat Nigeria is partly owned by Abu Dhabi-listed telecoms firm Etisalat which owned 41% in the company.

Talks by Etisalat Nigeria to the UAE company to convert the debt to equity has fall on deaf ears.

Late last month, Etisalat UAE disclosed through a reliable source that it will seek to sell its stake in the Nigerian company after negotiations with 13 other lenders are finalised.