Etisalat Owes us N17.5b—Fidelity Bank

By Modupe Gbadeyanka

Fidelity Bank has disclosed that telecoms giant, Etisalat Nigeria, owes it about N17.5 billion.

The firm is battling with some Nigerian banks over loans it took from them and it deferred in paying in February.

This almost led to a takeover of the company by the bank, but for the prompt intervention of the CBN and the NCC, which brokered a peace with the parties involved.

But Fidelity Bank investor relations team was quoted by Reuters to have said on Thursday that it is being owed by Etisalat Nigeria about N17.5 billion ($56 million).

The Nigerian arm of Abu Dhabi-listed telecoms company is already in talks with local banks to renegotiate the terms of a $1.2 billion loan it took out four years ago after missing a payment.

The Nigerian business environment has not been recently too favourable for businesses to survive due to economic recession the country is going through.