Etisalat Owes GTBank N42b—Agbaje

By Modupe Gbadeyanka

Managing Director of Guaranty Trust Bank (GTBank), Mr Segun Agbaje, has been quoted as saying Etisalat Nigeria owes the financial institution $138 million (about N42 billion).

According to Reuters, Mr Agbaje made this disclosure on Wednesday, March 15, 2017.

Etisalat is presently having issues with some Nigerian banks over loans it secured from them to carry out some of its operations.

Last week, there were reports that the banks were making moves to take over the telecoms firm because of the loan, but the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) intervened and prevented such from happening.

A truce was reportedly reached on how the loan would be repaid, though there are reports that the Nigerian affiliate of Abu Dhabi-listed telecoms company Etisalat may not come to the rescue of Etisalat Nigeria.

As at the time of filing this report, Etisalat Nigeria was not immediately available to comment on the matter.