Video - Telecoms firm Etisalat Nigeria ordered to transfer 45% stake to loan trustee

Etisalat has been instructed to transfer its 45% stake in Etisalat Nigeria to a loan trustee after debt restructuring talks with lenders failed. Etisalat Nigeria had been in talks to restructure a $1.2 billion loan after missing repayments. The company took the loan to refinance an existing commercial medium-term debt of $650 million and continue its network rollout across the country. On June 15th, a consortium of lenders -- led by Access Bank and other local and foreign banks -- took over the management of Etisalat Nigeria. The takeover followed the collapse of the effort by Emerging Markets Telecommunications Services to reach agreement with the banks on debt restructuring plan.