Etisalat Nigeria has been taken over by ten major Nigerian lenders as a result of the failure of the company to repay loans amounting to 541 billion Naira.
Etisalat Group based in the United Arab Emirates informed the Abu Dhabi Securities Exchange that a group of Nigerian commercial banks have refused to agree to the restructuring of 541 billion Naira debt owed by the company.
A statement issued on Tuesday by the telecoms group, said its total shares in the subsidiary, Etisalat Nigeria have been transferred to United Capital Trustees Limited.
The deadline for the transfer of the shares has been agreed to extend till 5:00 pm Nigerian time on Friday, June 23.
Abu-Dhabi based Etisalat group established Etisalat Nigeria with effective 45 per cent and 25 per cent ordinary and preference shares respectively.
Reuters quoted an official of Etisalat Nigeria as saying that discussions with the group of Nigerian commercial lenders are ongoing to find a ”non-disruptive” solution to the 1.2 billion U.S. dollar-debt.