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Etisalat Denies Being Probed For Owing $1.2bn

The company, in a statement, said it has repaid 42 percent of the debt owed Nigerian banks.

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Management of embattled telecom firm, Etisalat, has denied reports that the company is under probe and owing $1.2 billion.

The company, in a statement, said it has repaid 42 percent of the debt owed Nigerian banks.

”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.

”The company continued to service the loan up until February 2017, when discussions with the banks regarding the repayment restructuring commenced,” the statement read.

On reports that the company is under investigation, the company said, ”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,” it stated.



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