Skip to content

Access Banks + others takes Over Etisalat Telecom

At first, everything seems okay and perfect but right now, Etisalat won’t be officially controlled by their own Management but new ones.

Everyone thoughts as NCC and CBN came to their rescue, it was going to be alright but that isn’t the case! It was just they starting of the condition.

This was the First Post : The consortium of some foreign and Nigerian banks, including Guaranty Trust Bank, Access Bank and Zenith Bank, have been having a running battle with the mobile telephone operator over a loan facility totaling $1.72 billion (about N541.8 billion) obtained in 2015.

But now, everything has been changed!

A group of Nigerian and foreign banks led by Access Bank PLC have taken over the management of Etisalat Nigeria following a collapse of efforts to reach an agreement with the banks on debt restructuring plan in the protracted $1,72 billion debt impasse.

The takeover became effective as at June 15th. Emerging Markets Telecommunication Services, EMTS, promoted by a former Chairman of United Bank for Africa, UBA, Hakeem Bello-Osagie, had been making efforts to arrive at an agreement on debt restructuring plan but the failure of that led to the takeover by the consortium of banks.

However, Nigerian Communications Commission, NCC, and the Central Bank of Nigeria, CBN, intervened, persuading the banks to give Etisalat a chance to renegotiate the loan’s repayment schedule. But Etisalat only got into more trouble with Mubadala, its majority shareholder, representing Etisalat of UAE, was reportedly on the verge of pulling out following irreconcilable differences concerning the loan issue.

Actually, this is depressing and sad! But maybe, we might start getting a lot of amazing data and tariff offers to complete the loaned fees. Just guessing.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.