Debt: Negotiation with Banks Ongoing, says Etisalat

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Nahimah Ajikanle Nurudeen
Etisalat Nigeria on Wednesday maintained that discussions are still ongoing with its banks on ways to resolve issues around its N541.8billion bad debt.

It could be recalled that three Nigerian banks threatened to take over Etisalat over N541.8 billion debt.

Regulatory interventions by the Nigerian Communications Commission ( NCC) and the Central Bank of Nigeria (CBN) saved the telco from being taken over.

However, Etisalat in a statement signed by Ibrahim Dikko, Vice President, Regulatory and Corporate Affairs, Etisalat Nigeria said, its attention has been drawn to news reports credited to some unofficial sources claiming that the on-going discussions with our bankers “have become stalled or reached a deadlock.”

According to the statement, “We are optimistic that an agreement will be reached shortly and this will be communicated through the appropriate channels of the involved stakeholders. We appeal to our media partners who have indeed been critical to the success of our business over the years, to await the official communication of the outcome of the ongoing discussions and not lend their credible platforms to speculative and presumptive analysis of the discussions.

“As a business, our immediate focus is to ensure that we not only sustain a positive performance, but that we are in a position to continue to grow the business, deliver excellent customer service and increase value to our stakeholders which includes our bankers.

We wish to assure our esteemed customers, service providers and other relevant stakeholders that Etisalat Nigeria has and will indeed continue to operate normally whilst these discussions are on-going.”

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