Etisalat Nigeria said it has paid back 42% of its USD1.72 billion loan it owes 13 local banks and another international lender.
Ibrahim Dikko, spokesperson for the fourth largest mobile carrier said the company has been paying back the facility and that it only has about USd575 million left.
The bank also said its debt was USD1.2 billion instead of USD1.72 billion reported in local media.
It would be recalled that 45% shares in Etisalat Nigeria were taken over by Access Bank and a consortium which was given up by Etisalat Group of the United Arab Emirates.
Exotix Capital said in a note to Reuters that Etisalat Nigeria shareholders had refused to give further bailouts to the company to reduce pressure or convert its obligations to equity, and hence the telecom firm had missed its most recent repayment in May.
Mubadala Development Company, United Arab Emirates’ state-funded investment group has not made any statement on its position. Late last week, it was reported that Mubadala was also opting out of its shareholding position.
Speaking to TVC News Channel, Bayero Agabi, an ICT expert, said the telecom needs the political will to bring about structural changes in the sector to protect operators from the volatility of the economy and other infrastructure issues in the market.
