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Etisalat’s Tanzania telecoms business defaults on $96 mln loan

Businessamlive learnt that frantic negotiations are still going on behind the scenes. A meeting called Wednesday by regulators, Central Bank of Nigeria, for the banking industry, and Nigerian Communications Commission, for the telecommunications industry, with the consortium of lenders and Etisalat, was hurriedly called off because of what insiders said, was to allow for a more diplomatic approach to dealing prospectys the matter.

The Nigerian lenders are believed to be concerned that what started as a simple financial intermediation business by them has now become a matter for industry concern and they believe that regulatory and legislative support was needed to ensure that this role was enabled in the economy.


But two analysts, a UK-based telecoms analyst and a Lagos investment analyst with some coverage of the telecoms sector, who spoke with Businessamlive from London and erisalat Lagos respectively, Thursday said there are precedents in Tanzania and India where, faced with regulatory and financial pressures, the UAE investors chose to walk away.

The facility provider for the Tanzania transaction had then issued an acceleration notice, in which it made a formal demand that the entire balance, interest and late fees be paid.

Telecoms News – Middle East Real Time – WSJ

The Nigerian lenders it is believed have not made any such demands in their negotiations, those close to the situation told Businessamlive. NCC assures Etisalat subscribers of network integrity.

It is yet to be seen whether investors would be happy to pick up the huge debt amount running into hundreds of millions of dollars in the Nigerian case. India is also cited as another country where Etisalat UAE pulled the plugs on its investment in a telecom company in Analysts attributed the decision to leave at the time to regulatory and political considerations.

It followed the cancellation by the Supreme Court there of mobile licences, a number of which it owned. In the Nigerian situation, analysts say that there is a feeling of a deliberate attempt not to allow the banks perform their intermediation role in this special case.


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Analysts foresee single world currency in etisalaat technology disruption.

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