Disagreement between Etisalat and banks still on the rise

The disagreement between the thirteen banks and Etisalat Nigeria has been deepened last Thursday. This is with regards to the existing debt of the latter and insisted that they had paid almost 42% of the loan which amounts to 1.2bn Billion dollars but the banks who are part of the transaction affirmed that it had paid $58.9m only. This $58.9m is just 10% of the total debt of the telecommunications company as some sources claimed.


But Ibrahim Dikko, the Vice President of Regulatory and Corporate Affairs said that Etisalat has regularly and conscientiously fulfilled their obligation about their debt. This is just to set things straight to the allegations that have been reported. He also added that remaining loan to the association is currently at N113bn and 227 million dollars which sums up to $574m, when naira is changed to US dollars. In this regard, he also pointed out that this means that about half of the $1.2bn has been paid. Etisalat also continue to regularly pay the loan until February of 2017.


Meanwhile, one of the officials of the bank said that Etisalat debt to vendors such as IHS and Huawei Technologies, distributors and creditors have reached to $600m.


Furthermore, officials of the banks have denied the reports they preoccupied the operations of Etisalat. Because of this reports, sources made clear that the takeover is not true because one should go with the process of the Corporate Affairs Commission and the law in order to have fully undertaken a company legally.


The banks also affirmed that they have no interest in taking over the company and there is nothing that they want to achieve but to make the company pay the debt including the interest charges. This was made clear during the previous meeting happened between the management of Etisalat and the banks. Officials of the banks also said that they had been equal to Etisalat as far as the payment plan is concerned.

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