FCMB says has $15m loan exposure to Etisalat

Nigerian mid-tier lender FCMB has an exposure of 4.5 billion naira ($14.7 million) to Etisalat Nigeria and about 500 million naira to contractors working with the telecom firm, it said on Friday, Reuters reports.

The Nigerian arm of Abu Dhabi-listed telecoms company Etisalat has been discussing with 13 local banks about renegotiating the terms of a $1.2 billion loan after missing a payment.