TStv Africa

TStv Africa

It has been confirmed that about twelve commercial banks in Nigeria have rejected a $58.9 million offer by Etisalat Nigeria as full and final payment for the $588.6 million the telecom giant owes.

However, the loan comprises N114 billion ($361.6 million) in local currency and $227 million in foreign currency, putting the total obligation to the banks at $588.6 million.

According to the source, Etisalat Nigeria also has some unsettled obligations to its other business partners. A senior manager in one of the banks told Newsmen that the lender rejected the offer because it was not a fair deal, which will hurt the interest of shareholders, deplete their capital base and derail the stability in the banking sector.The source said Etisalat Nigeria came up with the repayment plan after an emergency meeting held between the lenders and the telecom giant last month in London.

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