Etisalat UAE has officially decided to pull out of Nigeria following a series of negotiations with a consortium of commercial banks that have since led to a dead end.
The banks lent Etisalat $1.2 billion in 2013 out of which $650 million was used to refinance its existing loans at the time and another $350 million used to finance network expansion.
Etisalat has now defaulted on the loans leading Nigerian banks to consider calling in their collateral which basically includes seizing the assets of the company, including shares. It is important to add that this deal is currently being negotiated and the banks may still avoid calling their securities.
Whilst various report suggest about 13 banks are involved in this transactions, not all the banks have disclosed how much they are exposed to. However, we have had a few open up on their exposure which you can find below. Nairametrics will continue to update this list information from our sources becomes available;
Here is a list of some of the major banks currently exposed to Etisalat
GT Bank – $138 million
Access Bank – $131 million
Fidelity Bank – $56 million
Stanbic Bank – $24 million
FCMB – $15 million
Union Bank – N3.9 billion
Zenith Bank – Undisclosed
First Bank – Undisclosed
UBA – Undisclosed
Ecobank – Undisclosed
Keystone Bank – Undisclosed
FSDH – Undisclosed
Mainstreet Bank – Undisclosed