The CEO of Access Bank, Herbert Wigwe has reportedly confirmed that Etisalat owes it about N40 billion out of the N541 billion loan owed to be by a group of 13 banks exposed to the telecoms company.
According to Reuters, Herbert Wigwe confirmed this in an earnings 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 is looking to renegotiate the loans with Nigerian banks.
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