According to reports by Reuters News Agency, banks are refusing Etisalat Nigeria to convert part of a $1.2 billion loan from dollars into naira.

They are proposing that and want Abu Dhabi telecoms group Etisalat and its other shareholders to recapitalise it instead, a source said.

A banker with knowledge of the negotiations told Reuters News Agency that the seven-year syndicated loan, on which Etisalat Nigeria missed a payment, has a dollar portion of $235 million which the telecoms operator wants to convert into naira to overcome hard currency shortages on Nigeria’s interbank market.

“Etisalat is asking for us to convert the dollar component to naira but banks don’t want that option and have told them to talk to their parent to settle the loan,” the source said, adding that regulators favoured the conversion.

The UAE’s Etisalat own 45 percent of Etisalat Nigeria, while Abu Dhabi’s Mubadala [MUDEV.UL] owns 40 percent of the company, which is due to meet its lenders on Thursday for debt talks mediated by Nigeria’s central bank and the telecoms regulator.

This meeting came about after authorities agreed with local banks to prevent Etisalat Nigeria, which was not available for comment, going into receivership.

Read more https://pageone.ng/2017/03/16/banks-naira-etisalat-nigeria/

What nonsense! In fact, nah pound sterling we want

Am not understanding na naira una take collect the loan?

They should pay up ASAP.
1.) They shipped Dollars out of Nigeria, not Naira
2.) It was part of the agreement. To pay back in Dollars.
3.) Banks need that "scarce" Dollar.

Crooks

Imagine

They got d loan in dollars, they shld pay in same currency. Abi wht type of dis is dis nao?

Hahahahahaha

Effect of the Change they promised....Dollar price is now too high meaning that the $325 million dollar portion is worth over $700 million. Truth is the foreigners backing Etisalat will pull out

This foreign companies always want to cheat Nigeria. You can't try it in their countries.

Seriously?

Oga oooo....Evn bank dey find awuf

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Seems like a nice move

Hmmmmnnnn....is it not better than total bad debt?collect naira equivalent but at current naira rate dem wan collect dollar.its well o.Abu Dhabi group are keeping their dollar/Pounds to fund man city summer spending spree and una think say dem go transfer am to naija banks for loan repayment?.. Issorait

Sometimes I wonder why their parent company has been silent on this issue... Just lil from portion of their advertising budget... Phew and the loan is settled!

.

Etisalat never see chuntin

Na we the users go suffer am

Using every means possible to revive d economy..... Etisalat pay naija what u owe dem oo

Tough times for Etisalat, but hope they sail through. Not good news if they bust. Aviation woes and trials we understand, but telecoms? No.

this is the kin dof news nigerians crave to hear. but one apostle seuleiman is busy sending 12000 USD and 8000 euros to prostitutes. bank should step this up for real

let us on the other hand campaign for Kemi Olunloyo's freedom o
she is the only investigative journalist we have now o.
#freedomofthepress
#freeKemiOlunloyo
#myspeechismyright

godswillzeky:
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Shey u u will not go and sit down now abi
How to do anything and u have not made money
Dont provoke me this morning o

Etisalat

Why are the m0ronic banks rejecting the naira? If they reject am, who go come accept am?

Chai

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gift01:
Effect of the Change they promised....Dollar price is now too high meaning that the $325 million dollar portion is worth over $700 million. Truth is the foreigners backing Etisalat will pull out

They will pull out? Out of the nigerian mkt?
Oga leave that tok

I gave u a loan in dollars and u want to pay in Naira, mbanu. Do they repatriate their profit in Naira? Let them source for the dollar and pay up.

This is quite understandable.

We have dollar shortages in the country, thats why exchange rate is high.

$1.2 billion is a lot of money, if such is brought into our financial system.

Etisalat is greedy and wants to take advanrage of the fallen Naira to pay less.

This is it.

Hypothetical example
Etisalat took a loan 9 years ago of $1.2 billion at N160 = N192 Billion Naira

Today all you need to pay back N192 Billion is $480 Million.

So who's fooling who?

Lolz..they must pay in dollars ,which kain scam be this?