STANBIC IBTC Bank has said that Etisalat Nigeria owes it $24 million. The bank stated this on Wednesday, March 29, but added that the restructuring talks were ongoing.

Etisalat has been discussing with 13 local banks about renegotiating the terms of a $1.2 billion loan after missing a payment.

“The members are continuing discussions with Etisalat with the hope of restructuring the loan,” Reuters quoted the bank to have told an analysts.

Stanbic IBTC Holdings Plc was the fourth bank to announce its audited results for the full year ended December 31, 2016. The financial institution recorded improvement in most of the performance indicators and ended with a growth of 51 percent in profit after tax, PAT.

Analysing the fourth quarter results, analysts at FBN Quest had said the performance was boosted by a significant other comprehensive income of N4 billion compared with a loss of N87 million prior year.

— Apr 10, 2017 @ 01:00 GMT

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