Etisalat owes us N42 billion - GTB

Segun Agbaje

Segun Agbaje, GTB GMD

Segun Agbaje, GTB MD

Nigeria’s Guaranty Trust Bank, GTB, says Etisalat Nigeria is owing it to the tune of N42 billion ($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.

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Etisalat was not immediately available to comment.