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Emirates Telecommunications Group has announced that a consortium of Nigerian banks has instructed the Abu Dhabi-based telecoms company to hand over its controlling stake in Etisalat Nigeria after debt restructuring talks with the lenders failed.

Etisalat Group said in a statement on Tuesday that the Nigerian banks have requested that it transfer its 45 percent stake in Etisalat Nigeria to United Capital Trustees Limited by June 23rd.

The share transfer request came after the Etisalat Group and some Nigerian banks failed to agree on a deal to restructure $1.2 billion of loans given to Etisalat Nigeria. Etisalat Nigeria is the fourth largest mobile telecoms company in Nigeria, with over 20 million subscribers.

“Further to our announcement dated 12 February, 2017, Emirates Telecommunications Group would like to inform you that Emerging Markets Telecommunications Services Limited “EMTS”, established in Nigeria and an associate of Etisalat Group with effective ownership of 45% and 25% ordinary and preference shares respectively, defaulted on a facility agreement with a syndicate of Nigerian banks,” Etisalat said. “Subsequently, discussions between EMTS and the EMTS Lenders did not produce an agreement on a debt restructuring plan.”

Since last year, Etisalat Group has been negotiating with Nigerian banks after Etisalat Nigeria defaulted on the loan obtained for network rehabilitation and expansion. But the talks have been deadlocked over the refusal of the Nigerian banks to convert part of the loan from dollars to naira, according to Reuters.

The Nigerian Banks involved in the loan deal include: Zenith Bank, GT Bank, First Bank, UBA, Fidelity Bank, Access Bank, Ecobank, FCMB, Stanbic IBTC, and Union Bank.

With the share transfer request, Etisalat Group said it is in talks with the Nigerian banks on the use of the Etisalat brand and other management, technical, and intellectual property issues. The group said its financial exposure to Etisalat Nigeria related to operational services is worth 191 million UAE dirhams or about $52 million.