By Olabisi Olaleye
Against the backdrop of the N541.8 billion loan taken from the consortium of banks,Etisalat Nigeria said there is no formal conclusion yet but discussions are on going with lenders regarding existing obligations under the syndicated loan agreement signed in 2013.
In a statement signed by the company’s Head, Environment Compliance Public Relations,Oluseyi Osunsedo ,We continue to explore all available options to pull through this phase. We will continue to engage all relevant parties in earnest with a view to securing a mutually agreeable outcome.
“Furthermore, we are not taking anything off the table at this time, and Etisalat assures all stakeholders that the ongoing discussions are not intended nor expected to impact negatively on the company’s ability to continue providing seamless communications services to our subscribers. Etisalat will continue to focus on providing uninterrupted services to subscribers on our network”.
It will be recalled that three banks including Zenith Bank, Access Bank and Guaranty Trust Bank advanced the telco the loan about two years ago for expansion but owing to forex fluctuations and the state of the economy the telco defaulted in the loan payment, which resulted in the desire by the lenders in trying to acquire the network operator until the timely intervention of the Nigerian Communications Commission (NCC) and the CBN.