LAGOS, March 9 Access Bank's exposure to
Etisalat Nigeria is 40 billion naira ($131 million), the CEO of
the Nigerian bank said on Thursday.
A senior executive from the Nigerian arm of Abu Dhabi-listed
telecoms company Etisalat said on Wednesday it was 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.
Access Bank chief executive Herbert Wigwe told an analysts'
call that Etisalat had converted a shareholder loan to
the Nigerian arm to equity to free up cashflows and that it may
need to bring in fresh equity.
Etisalat was not immediately available to comment.
($1 = 304.70 naira)
(Reporting by Chijioke Ohuocha; Editing by Mark Potter)