Thursday, 9 March 2017

Etisalat NG to be taken over by 3 Nigerian Banks, over unpaid debt

This is not a nice story. But unfortunately, our beloveth Etisalat is about to be taken over by 3 banks namely GTB, Zenith and Access. To add pepper to the injury, NCC according to reports, have approved the takeover.

Owing of debt is not something new because even Nigeria as a country is owing.

According to this report,
Etisalat collected loan facility totaling $1.72 billion (about N541.8 billion) in 2015 from Zenith, Guarantee Trust Bank and Access bank to finance a major network rehabilitation and expansion of its operational base in Nigeria. However, the company failed to meet the debt deadline in 2016.

Blaming their inability to fulfil its obligation to the banks on the current economic recession in Nigeria. These 3 banks are bench on taking over the 4th largest telecom provider in Nigeria, Etisalat.

An insider from NCC said the commission has approved the takeover which is expected to take place today.

Meaning Etisalat will be owned by these three banks. This is not a good news but we still await more updates on this.
Source
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Meet David Ndubuisi, CEO at GyrationTech, tech blog where you learn for free, I spend my time surfing the net with the hope of finding new ways to make technology life easier for everyone. I also offer web design services.

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