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Nairaland Forum / Nairaland / General / Politics / BREAKING: 3 Nigerian Banksto Take Over Etisalat Today Over N541.8 Billion Debt (626 Views)
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BREAKING: 3 Nigerian Banksto Take Over Etisalat Today Over N541.8 Billion Debt by Stricker321: 9:54am On Mar 08, 2017 |
Premium Times is reporting that three Nigerian banks are set to take over telecommunications firm Etisalat today, Wednesday, March 8, over unpaid N541.8billion debt. According to the report, the move follows the failure of the Nigerian Communication Commission (NCC) to broker a peaceful resolution between Etisalat Nigeria and a consortium of banks. The banks involved are: 1. Guaranty Trust Bank 2. Access Bank 3. Zenith Bank However, these are not the only banks as there are also some foreign banks that have also been reportedly having a running battle with the telecoms company over the loan facility totalling $1.72 billion (about N541.8 billion) and was obtained in 2015. The report says the loan involved a foreign-backed guaranty bond and was given to Etisalat to finance a major network rehabilitation and expansion of its operational base in Nigeria. After failing to service its debt since 2016, the banks reported the company to the Central Bank of Nigeria and communications sector regular NCC. Etisalat blamed its inability to fulfil its obligation to the banks on the current economic recession in Nigeria but the banks replied that Asset Management Company of Nigeria regulations demanding immediate cut down on the rate of their non-performing loans give them no other option. A senior bank official among those affected said Etisalat management was given option of filing for bankruptcy but it was not taken. This option, he said, would have required the banks just a management to oversee the telecoms firm’s operations. Although the NCC is not happy with the takeover, a top source at the regulatory body NCC said on Tuesday, March 7 that it had approved the takeover that is now expected to happen today. Meanwhile, in the bid to restore the ailing economy, the Federal Government has released the Economic Recovery and Growth Plan (ERGP) which unveils a road map for Nigeria’s economic recovery growth and sustainable development. James Akpandem, the Media Adviser to the Minister of Budget and National Planning, announced this in a statement on Tuesday in Abuja. According to the adviser, the ERGP is available on the ministry’s website, www.nationalplanning.gov.ng and that of the Budget Office, www.budgetoffice.gov.ng. https://www.naij.com/1092450-breaking-3-nigerian-banks-set-etisalat-today-n5418-billion-debt.html lalasticlala |
Re: BREAKING: 3 Nigerian Banksto Take Over Etisalat Today Over N541.8 Billion Debt by Hitel: 10:00am On Mar 08, 2017 |
Wait fest... In summary, what is happening to Etisalat Communications? I still have about 8Gb data, you guys should let me exhaust it first I cannot coman waste money that is not available rara ni |
Re: BREAKING: 3 Nigerian Banksto Take Over Etisalat Today Over N541.8 Billion Debt by helinues: 10:01am On Mar 08, 2017 |
Like seriously? Ayam not understanding |
Re: BREAKING: 3 Nigerian Banksto Take Over Etisalat Today Over N541.8 Billion Debt by WebSurfer(m): 10:01am On Mar 08, 2017 |
For real? |
Re: BREAKING: 3 Nigerian Banksto Take Over Etisalat Today Over N541.8 Billion Debt by stonemasonn: 10:02am On Mar 08, 2017 |
Haa |
Re: BREAKING: 3 Nigerian Banksto Take Over Etisalat Today Over N541.8 Billion Debt by ollaxworld: 10:09am On Mar 08, 2017 |
No wonder Saka ported to MTN... i am porting soonest also |
Re: BREAKING: 3 Nigerian Banksto Take Over Etisalat Today Over N541.8 Billion Debt by Mynd44: 10:23am On Mar 08, 2017 |
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