LAGOS, March 9 (Reuters) - Access Bank’s exposure to Etisalat Nigeria is 40 billion naira ($131 million), the CEO of the Nigerian bank said on Thursday.
A senior executive from the Nigerian arm of Abu Dhabi-listed telecoms company Etisalat said on Wednesday it was in talks with local banks to renegotiate the terms of a $1.2 billion loan it took out four years ago after missing a payment.
Access Bank chief executive Herbert Wigwe told an analysts’ call that Etisalat had converted a shareholder loan to the Nigerian arm to equity to free up cashflows and that it may need to bring in fresh equity.
Etisalat was not immediately available to comment.
$1 = 304.70 naira Reporting by Chijioke Ohuocha; Editing by Mark Potter