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Thursday, March 09, 2017

Etisalat denies take over by bank consortium, says no panic


Etisalat Nigeria has denied news making a round that it has been taken over by some consortium over delays in meeting up with servicing of loan facility worth N541bn secured in 2015, reports ITRealms.

Speaking on this development, the Vice President for Regulatory Affairs at Etisalat Nigeria, Mr. Ibrahim Dikko, noted that although Etisalat missed payments due to the economic downturn in Nigeria, currency devaluation and dollar shortages on the country’s interbank market.

The bankers, he insisted have not taken over Etisalat Nigeria as discussion is ongoing for possible renegotiations.

“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 declared.

He explained that the business performed well, last year, and still in profit at the level of  Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA), while loan repayments had been up to date “until recently.”

Dikko further said the company was now looking at “all the options”, which could include converting the loan into Naira, but did not want to anticipate the outcome of talks with the lenders.

Earlier the Head, Corporate Affairs, Mrs. Seyi Osunsedo had told newsmen earlier that there is no need for telecom subscribers and investors to panic, as efforts have been on high-gear to resolve the issue largely caused by instability in foreign exchange.

Meanwhile, ITRealms reports that Nigerian Communications Commission (NCC) and Central Bank of Nigeria (CBN) have summoned Etisalat and the three-member bank consortium to an emergency meeting tomorrow, Friday at CBN headquarters in Abuja.

Remmy Nweke/GEE
ITREALMS ... everything news digitally!

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