…Foresees Early Resolution
Lagos, Nigeria, 16th June 2017: Etisalat Nigeria is aware of
news reports to the effect that Mubadala Development Company, the majority
shareholder of the company is exiting the business. Whilst it is premature at this
stage of the ongoing discussions to affirm that this is the conclusive option,
Etisalat Nigeria considers it pertinent to state that parties to the
negotiation are considering a number of options and discussions are at an
advanced stage regarding the syndicated loan agreement with the banks. It will
therefore be presumptive and in bad faith to begin to predict the outcome. Discussions have so far been quite
collaborative and we expect to reach a final resolution next week, by which
time we will be in the position to make a definitive announcement.
Etisalat Nigeria can confirm that negotiations with the
consortium of banks regarding the syndicated loan agreement signed in 2013 have
reached an advanced stage. As noted in an earlier statement, we are considering
a number of options and are not taking anything off the table at this time.
Etisalat remains a viable business, having recorded its best
financial year in 2016. Parties are keen to ensure that the ongoing discussions
and eventual outcome do not affect the day to day operations of the business
whether now or after the announcement of our agreement. All parties have
continually demonstrated an interest in the continued operations of Etisalat as
a business as it remains the backbone of millions of small business owners;
multinationals, government and indeed Nigerian subscribers in general.
Etisalat therefore appeals to its partners in the media to
exercise some restraint in speculating the outcome of the ongoing discussions
being held behind closed doors. We appreciate the tremendous support we have
received since inception and count on the continued support of our media
partners as we navigate this path and emerge as a stronger business.
Signed:
Ibrahim Dikko
VP, Regulatory & Corporate Affairs
Etisalat Nigeria
