Etisalat’s Nigeria affiliate is in talks with local banks to renegotiate a $1.2 billion loans it took four years ago to expand its network in Africa’s biggest economy after it missed payments, a senior executive told Reuters.

Ibrahim Dikko, vice president for regulatory affairs, said Etisalat missed payments due to an economic downturn in Nigeria, a currency devaluation there and dollar shortages on its interbank market. He said the telecoms firm was looking to renegotiate the terms of the loans.

 

By Reuters