Guaranty Trust Bank is exposed to Etisalat Nigeria to the tune of 42 billion naira ($138 million) via a secured loan, and will go through a restructuring of the debt, the bank’s chief executive, Segun Agbaje, said on Wednesday.
Last week, a banking source told Reuters the Nigerian affiliate of Abu Dhabi-listed telecoms company Etisalat had given notice to its Nigerian lenders that it would miss a payment on a $1.2 billion loan in February.
Etisalat was not immediately available to comment