Etisalat Nigeria Press Release – Negotiation With Banks Ongoing, All Options On Table

Etisalat Nigeria Press Release – Negotiation With Banks Ongoing, All Options On Table

Etisalat Nigeria has provided information on its efforts to resolve its loan challenges after the bombshell news that its principal shareholder had pulled out of Nigeria. Full statement below.

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

Discussions have so far 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.

Etisalat Nigeria can confirm that negotiations with the consortium of banks regarding the syndicated loan agreement signed in 2013 have reached an advanced stage. As noted in an earlier statement, we are considering a number of options and are not taking anything off the table at this time.

Etisalat remains a viable business, having recorded its best financial year in 2016. So parties 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 our agreement. All parties have continually demonstrated an interest in the continued operations of Etisalat as a business as it remains a backbone of millions of small business owners; multinationals, government and indeed Nigerian subscribers in general.

Etisalat therefore appeals to our partners in the media to exercise some restraints in speculating the outcome of the ongoing discussions being held by parties behind closed doors. We appreciate the tremendous support we have received since inception from the media and we count on the continued support of our media partners as we navigate this path and emerge as a stronger business.

Signed:
Ibrahim Dikko
VP, Regulatory & Corporate Affairs
Etisalat Nigeria

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