Etisalat’s Management to Be Taken Over by Banks
It has been reported that the management of Etisalat will be taken over by three Nigerian banks due to their failure to pay up N541.8 billion debt.
According to reports management of telecommunications company, Etisalat will be taken over by three Nigerian Banks over unpaid
Etisalat is said to have obtained a $1.72 billion loan (542.8billion) in 2015 to finance a major network rehabilitation and expansion of operational base in Nigeria. This loan was secured from an array of foreign and Nigerian Banks including Guaranty Trust Bank, Access Bank and Zenith Bank.
The current recession was pinpointed by the Etisalat as a stumbling block in paying off the loan. Unhappy with the development, the affected cyed banks have dragged Etisalat before the banking sector regulator, the CBN and NCC.
Etisalat was advised by CBN to request for bankruptcy status while NCC has approved the taking over of the company today.