Embattled Etisalat Nigeria, a national telecommunications giant, may get respite as key institutions are reported to be seeking a solution to its financial predicament.

The company has not been able to meet its financial obligations to a consortium of 10 banks, necessitating a change in shareholding.

A meeting of officials of Etisalat Nigeria, the Nigerian Communications Commission (NCC), the Central Bank of Nigeria (CBN) and a consortium of banks is scheduled for Wednesday to seek a resolution to the debt crisis.

The Nigerian institutions have been meeting with the creditor banks to brainstorm ways to save Etisalat Nigeria from collapsing.

The company is still indebted to the banks to the tune of 1.7 billion US dollars since 2013 when the loans were first structured.

The three parties are also expected to issue a joint statement on the matter.

Emerging Markets Telecommunication Services, the parent company of Etisalat Nigeria, has informed the Abu Dhabi Securities Exchange that a group of Nigerian commercial banks had refused to agree to the restructuring of the debt.

The telecoms group said in a statement that its total shares in Etisalat Nigeria had been transferred to United Capital Trustees Limited.

The deadline for the transfer of the shares has been extended to 5 pm Nigerian time on Friday, June 23.

The Abu-Dhabi based Etisalat Group established Etisalat Nigeria with an effective stake of 45 percent and 25 percent of its ordinary and preference shares respectively.