March 9, 2017 / 2:50 PM / 10 months ago

Access Bank has $131 mln exposure to Etisalat Nigeria loan

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

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