Reuters logo
GT Bank has $138 mln exposure to Etisalat Nigeria loan
March 15, 2017 / 2:49 PM / 9 months ago

GT Bank has $138 mln exposure to Etisalat Nigeria loan

LAGOS, March 15 (Reuters) - Nigeria’s Guaranty Trust Bank is exposed to Etisalat Nigeria to the tune of 42 billion naira ($138 million) via a secured loan, and will go through a restructuring of the debt, the bank’s chief executive, Segun Agbaje, said on Wednesday.

Last week, a banking source told Reuters the Nigerian affiliate of Abu Dhabi-listed telecoms company Etisalat had given notice to its Nigerian lenders that it would miss a payment on a $1.2 billion loan in February.

Etisalat was not immediately available to comment.

$1 = 305.25 naira Reporting by Chijioke Ohuocha; Editing by Mark Potter

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below