Flash: Etisalat Owes GTB N42 billion

Nairametrics| The Managing Director/CEO of Guaranty Trust Bank (GTB) has confirmed that Etisalat owes them about N42 billion. Here is a run down of what we know so far;

• GTB is exposed to Etisalat to the tune of N42 billion ($138 million)
• Etisalat borrowed $1.2 billion from 13 Nigerian banks in 2013.
• The loan is said to be “secured” meaning that Etisalat provided security against the loan. GTB did not reveal what the security is.
• GTB plans to restructure the loan along with other Nigerian banks in a deal currently being hashed out by the Central Bank of Nigeria and NCC.
• GTB has a total net exposure of N127.7 billion to the telecoms & transportation sector.
• Thus its loan to Etisalat represents about 31% of its total exposure to the telecom & transportation sector