twitteryou tubeacpRSS Feed

The Nigeria affiliate of the Abu-Dhabi telecoms company Etisalat are in conversation with local banks to renegotiate the terms of a US$1.2bn loan that it took out in 2013 after missing a payment 

According to Ibrahim Dikko, the vice president for regulatory affairs at Etisalat Nigeria, the company missed the payment due to an economic downturn in Nigeria, the currency devaluation and the dollar shortages on the country's interbank market. 

"We are in discussions with our bankers and have been for quite a while. They have not taken over the business and we are hoping that we can resolve the issue and find a way to renegotiate terms," Dikko told Reuters in an interview.

The Emirates Telecommunications groups, otherwise known as Etisalat, owns a 40 per cent stake its Nigerian affiliate. Etisalat Nigeria accounted for 3.7 per cent of the group's revenue in 2013. 

The Nigerian affiliate signed a US$1.2bn medium-term loan with 13 Nigerian banks four years ago, which is used to refinance an existing US$650mn loan and fund a modernisation of its network. 

According to Dikko, Etisalat Nigeria had kept up to date with its repayments 'until recently.' He said that the company was now looking at 'all the options', which, according to the vice president, could include converting the loan in naira. However, nothing has been decided as of yet. 

Empowering girls through innovation in education across Africa. (Image source: Adobe Stock)

(L-R): Dr Diane Karusisi, CEO, Bank of Kigali and Dr Reda Helal, group managing director – processing, Africa and co-head group processing, Network International. (Image source: Network International)

Kagiso Mothibi, MTN SA’s general manager for fintech products and services. (Image source: MTN)

Huawei Cloud pledges US$10mn in credits, aims to support 100 Nigerian startups, fostering innovation & digital transformation. (Image source: Adobe Stock)

Orange Digital Center and Coursera join forces to offer free certification courses for new digital professions. (Image source: Adobe Stock)

Africa Data Centres & DPA SA pioneer solar farm for sustainable data solutions in South Africa. (Image source: African Data Centres)

MTN leads South Africa's mobile networks with exceptional speeds, while Vodacom excels in 5G. (Image source: Adobe Stock)

Debbie Beech, country manager: SA and SADC at cybersecurity expert, Exclusive Networks Africa. (Image source: Exclusive Networks Africa)

MTN & Airtel create APEP to boost mobile money in Congo. (Image source: Adobe Stock)

By TechScan Africa and PayTechAfrica - Unveiling Africa's digital payment shift. (Image source: Adobe Stock)

Dietmar Siersdorfer, managing director at Siemens Energy Middle East and Africa. (Image source: Siemens Energy)

In the MENA region, cybersecurity is crucial amidst rising digitalisation and state-sponsored cyber threats, met by BBS Technology's comprehensive solutions. (Image source: Adobe Stock)

MTN's Bayobab expands fiber network across Africa, boosting connectivity. (Image source: Adobe Stock)

Telecommunications Industry Association (TIA), the leading ANSI-accredited standards development body for the ICT Industry, recognises Siemon for outstanding engagement, both as an individual and a company. (Image source: Adobe Stock)

Check Point & NVIDIA collaborate on Check Point AI Cloud Protect, enhancing security for AI workloads in the cloud amid rising cyber threats. (Image source: Adobe Stock)