Etisalat foresees early resolution of loans issue, reaffirms continued negotiations


Etisalat Nigeria says it is aware of news reports to the effect that Mubadala Development Company, the majority shareholder of the company is exiting the business. The company stated that whilst it was premature at this stage of the ongoing discussions to affirm that this is the conclusive option, Etisalat Nigeria considers it pertinent to state that parties to the negotiation are considering a number of options and discussions are at an advanced stage regarding the syndicated loan agreement with the banks and added that it was presumptive and in bad faith to begin to predict the outcome.

A statement signed by Ibrahim Dikko, Vice President, Regulatory & Corporate Affairs, Etisalat Nigeria claims discussions have been quite collaborative and “we expect to reach a final resolution next week, by which time we will be in the position to make a definitive announcement.”

The statement says that negotiations with the consortium of banks regarding the syndicated loan agreement signed in 2013 have reached an advanced stage and noted that it was considering a number of options and are not taking anything off the table at this time.

The statement also said that Etisalat remains a viable business, having recorded its best financial year in 2016. It added that parties to the negotiations are keen to ensure that the ongoing discussions and eventual outcome do not affect the day to day operations of the business whether now or after the announcement of agreement.

“All parties have continually demonstrated an interest in the continued operations of Etisalat as a business as it remains the backbone of millions of small business owners; multinationals, government and indeed Nigerian subscribers in general.”

It appealed to the media to exercise some restraint in speculating the outcome of the ongoing discussions being held behind closed doors.


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