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



Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

What's your say?