Etisalat may leave Nigeria over $1.2bn loan default

Stanley Opara with agency reportAbu Dhabi telecoms group, Etisalat, may sell its stake in Etisalat Nigeria, which has defaulted on a $1.2bn loan, but wants the company’s debt restructured before it does so,Reutersquoted two sources as informing it on Monday.The Central Bank of Nigeria and the Nigerian Communications Commission on Friday agreed with local banks to pursue a default deal rather than a receivership for Etisalat Nigeria so as not to deter investors and to avoid a wider debt crisis.

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