Etisalat has repaid 42 percent of the debt owed Nigerian
banks and is not owing the humongous $1.2bn, as being reported in the media.
The clarification was made by the troubled
telecommunications company today.
“As at today, we can categorically state that the
outstanding loan sum to the consortium(of banks) stands at $227m and N113bn, a
total of about $574m if the naira portion is converted to US Dollars. This, in
essence, means almost half of the original loan of $1.2bn, has been repaid.
“Etisalat continued to service the loan up until February
2017, when discussions with the banks regarding the repayment restructuring
commenced,” Ibrahim Dikko, vice-president, Regulatory & Corporate Affairs
of Etisalat Nigeria said.
The company also denied it was under any investigation by
the anti-graft agency, the Economic and Financial Crimes Commission.
The denial was spurred by reports Tuesday that some of the
banks have asked the EFCC to probe the use of the loan by the company as they
claimed they could not see proof that the money was used by the company.
Etisalat fired back to debunk the story.
“The attention of Etisalat Nigeria has been drawn to media
reports that the management of Etisalat Nigeria is being investigated by the
Economic and Financial Crimes Commission (EFCC), following a petition to “the
Federal Government asking that Etisalat be investigated” on how the funds from
the syndicated loans were utilised.
“Etisalat wishes to categorically affirm for the avoidance
of doubt that the reports are patently false and most unfortunate considering
the damage such misleading information can have not only on our business but
indeed on the telecommunications industry and the country as a whole. A simple
interrogation of the rigorous process for securing a syndicated loan from a
consortium of reputable banks would have exposed the truth to the original
writer of this story and other media channels who have subsequently
re-circulated the falsehood without interrogation or verification.
“Concerned parties have access to our books and do not
require an investigation into how the loan sum was utilised. All of the
infrastructure investment and services for which the loan was secured, were
paid through our banks and these are verifiable.”
Etisalat said it obtained the $1.2bn loan, a medium-term
seven-year facility to expand its network and improve the quality of service on
its network.
The company said the economic downturn of 2015 and the sharp
devaluation of the naira negatively impacted on the dollar-denominated loan by
driving up the loan value, thus prompting Etisalat to request a loan
restructuring from the consortium of banks.
Etisalat said it had consistently and conscientiously met up
with its payment obligations, before the twin crisis of 2015.
NAN
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