The Nigerian arm of Abu Dhabi telecom group, Etisalat has not yet reached any agreement on restructuring a $1.2 billion loan with the banks it is owing.

Etisalat Nigeria said last month that it was in talks with the banks to resolve the situation.

According to a source, who is not authorized to speak to media, Etisalat and the group of 13 Nigerian banks are yet to agree on a debt restructuring proposal.

The source was speaking on the sidelines of Etisalat's annual general meeting in Abu Dhabi on Sunday, where Chief Executive Saleh Al Abdooli declined to comment on the debt talks when asked by Reuters.

Last month, Nigeria Communications Commission and the Central Bank of Nigeria intervened to stop the telecom company from being taken over by the banks.

Sources have said that Etisalat would consider selling its stake in the Nigerian entity after the debt deal is agreed.