June 23, 2017 / 5:58 PM / 2 months ago

Nigeria's central bank sought to prevent Etisalat Nigeria job losses over default

ABUJA, June 23 (Reuters) - Nigeria's central bank said on Friday it intervened in talks after Etisalat Nigeria defaulted on a $1.2 billion loan because it sought to prevent job losses and asset stripping.

Isaac Okorafor, a spokesman for the Central Bank of Nigeria, said the bank intervened, along with telecoms regulator the Nigeria Communications Commission (NCC) because Etisalat Nigeria is a "systemically important telecommunications company".

Talks between Etisalat Nigeria and lenders to restructure the $1.2 billion loan agreed in 2013 have failed to produce a deal, forcing the banks to step in this month. (Reporting by Camillus Eboh; Writing by Alexis Akwagyiram; editing by Susan Thomas)

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