By Modupe Gbadeyanka
The management Etisalat Nigeria has refuted media reports suggesting a probe has been launched into how the $1.2 billion it took from a consortium of 13 banks was utilised.
The lenders, led by Access Bank, was reported to have taken over the telecommunications firm after talks on repayment of the loan was stalled.
After news of the takeover went viral, it was reported that the banks have asked the Economic and Financial Crimes Commission (EFCC) to probe Chairman of Etisalat Nigeria, Mr Hakeem Belo-Osagie, over the loan.
Reacting to the issue on Thursday, the company said it was not under probe at the moment.
Vice-President, Regulatory & Corporate Affairs of Etisalat Nigeria, Mr Ibrahim Dikko, stated in a statement that, “Etisalat wishes to categorically affirm for the avoidance of doubt that the reports (of probe) are patently false and most unfortunate considering the damage such misleading information can have not only on our business, but indeed on the telecommunications industry and the country as a whole.
“A simple interrogation of the rigorous process for securing a syndicated loan from a consortium of reputable banks would have exposed the truth to the original writer of this story and other media channels who have subsequently re-circulated the falsehood without interrogation or verification.
“Concerned parties have access to our books and do not require an investigation into how the loan sum was utilised.
“All of the infrastructure investment and services for which the loan was secured, were paid through our banks and these are verifiable”.
He also stated that 42 percent of the debt has already been repaid.
“As at today, we can categorically state that the outstanding loan sum to the consortium (of banks) stands at $227 million and N113 billion, a total of about $574 million if the Naira portion is converted to US Dollars. This in essence means almost half of the original loan of $1.2 billion, has been repaid.
“Etisalat (Nigeria) continued to service the loan up until February 2017, when discussions with the banks regarding the repayment restructuring commenced,” Mr Dikko said.
