Business
Etisalat, banks yet to agree on debt deal -source
The Nigerian arm of Abu Dhabi telecom group Etisalat is yet to agree a deal on restructuring a $1.2 billion loan with banks after it missed a payment, a company source told Reuters.
Etisalat Nigeria told Reuters last month that it was in talks with lenders to restructure the loan. The source, who is not authorised to speak to media, said that Etisalat and the group of 13 Nigerian lenders were yet to agree on a debt restructuring proposal.
The source was speaking on the sidelines of Etisalat’s annual general meeting in Abu Dhabi on Sunday, where Chief Executive Saleh Al Abdooli declined to comment on the debt talks when asked by Reuters.
Etisalat did not respond to a request for comment.
Nigerian regulators agreed with local banks in March to pursue a default deal rather than a receivership for Etisalat Nigeria so as not to deter investors and to avoid a wider debt crisis. Sources have said that Etisalat would consider selling its stake in the Nigerian entity after the debt deal is agreed.
-
News1 day agoCourt orders British Govt. to pay £420m to 21 coal miners killed by colonial masters
-
Finance1 day agoCBN cuts 1-Year Treasury Bill rate, rejects Bids
-
Maritime1 day agoNIMASA mulls expansion of deep blue project, calls for continued partnership with Navy
-
Economy1 day agoBPE, stakeholders unite to rollout $500m free meters, DisCos pledge to lead drive
-
Business1 day agoMTN to acquire controlling stake in IHS Holdings, eyes full ownership
-
Agriculture1 day agoOver 2.5m metric tonnes of food valued N2trn produced in 2yrs—FG
-
Economy9 hours agoDubai’s consumer electronics maker, Maser Group to invest $1.6bn in Nigeria, others
-
Oil and Gas9 hours agoEdo govt, NNPC partner to establish 10,000bpd condensate refinery