Toughs times are here for this Telecom firm.

The 3 Nigerian banks that took over Etisalat Nigeria on account of the 1.2 billion dollars that the company owes them, have asked the telecom group to invest more money into the company.

An undisclosed source who spoke to Reuters said the banks have asked Etisalat Nigeria to convert shareholder loans on their books into equity.

They also called for the injection of fresh capital to free up its cash flows, in addition to asking that the parent firm increases its 40% stake.

All this is happening after Etisalat Nigeria missed a payment on its $1.2 billion loan which it borrowed in 2015.

The banking source said Etisalat Nigeria had given notice to the banks that it would miss a February payment which triggered a debt discussion.

All parties concerned are yet to agree on new terms.