Banks oppose converting Etisalat Nigeria loan into Naira

Banks are opposed to converting the dollar portion of a $1.2 billion loan to Etisalat Nigeria into naira and will push for an equity injection as part of new terms after the mobile telecoms operator missed a payment, a banker with knowledge of the negotiations told Reuters.

The dollar portion of the loan is about $235 million, the banking source said.

Etisalat Nigeria will meet with lenders on Thursday in a debt discussion mediated by the central bank and the telecom regulator after authorities agreed with local banks to end the prospect of a receivership for the mobile operator.