Abu Dhabi - Mubasher: Abu Dhabi state investment fund (Mubadala) has decided to pull out of Etisalat Nigeria after the company failed to reach an agreement regarding its $1.2 billion loan with Nigerian banks.
The company took the loan four years ago, from 13 Nigerian banks, according to the Central Bank of Nigeria (CBN).
The CBN said on Friday that Mubadala also withdrew from the current negotiations with the lenders, leaving the whole issue to the Nigerian partners.
Etisalat Nigeria was working with its lenders and Abu Dhabi state investment fund Mubadala, the second-largest shareholder in the company, to resolve debt problems caused by the devaluation of the naira currency.
Etisalat, which owns 45% of the Nigerian company, previously revealed that it is not willing to invest more after converting some of the affiliate's loans into equity and writing down its investment to $50 million.
