Etisalat Nigeria is owing and everyone knows.

The telecoms company borrowed 1.2 billion dollars from about 13 banks.

But things didn’t work out according to plan as Nigeria got caught up in dollar shortage, making it impossible for the debtors to pay without ruining its business.

Since then, it has been trying to negotiate its way out of the gbese

Now, it has started working with the banks and Abu Dhabi state investment fund called Mubadala to resolve the debt trouble.

Mubadala is the second-largest shareholder in Etisalat Nigeria.

Mubadala spokesman, Brian Lott told Reuters on Friday that a local media report saying that the fund has pulled out of Etisalat Nigeria was wrong and that several proposals are under discussion.

He, however, refused to explain on the options being considered but said he will know more next week.

An Etisalat representative could not be reached for comment.

Sources have said that Etisalat Nigeria has asked the banks to take equity in the business and convert the dollar portion of the loan to naira, but the banks refused.

The banks have instead asked parent Etisalat to inject more cash, the sources said.