Etisalat Nigeria has revealed that the $1.2 billion widely reported as its indebtedness to about 13 Nigerian banks is not correct. According to the company’s  vice president for regulatory affairs, Ibrahim Dikko, the company had already paid down about $500 million and that what they currently owe is $575 million.

He claims that the company had paid down the debt before the default in February and that the total amount of debt outstanding were $227 million and 113 billion naira ($359 million). Various news outlets including Nairametrics had widely reported that about $1.2 billion was being owed, being the original value of the loan collected.

Etisalat ran into trouble earlier this year, following the devaluation of the naira making it nearly impossible for the telco to meet its loan obligations. It’s parent company Etisalat UAE through Mubadala had refused to offer further bailouts and exited ownership of the Nigerian entity on Wednesday, June 21, 2017.

Etisalat borrowed about $1.2 billion from 13 Nigerian banks in 2013 out of which $650 million was used to refinance existing debts.

 

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