MTN and GLO will be smiling right now

gift01:
Effect of the Change they promised....Dollar price is now too high meaning that the $325 million dollar portion is worth over $700 million. Truth is the foreigners backing Etisalat will pull out

More like the effect of low oil prices

Low oil prices means that govt has to hoard dollars to prevent a naira collapse, which means that foreign investors pull out of the country because they cannot repratraite their dollars earned here easily, which means that we don't have enough dollars to buffer the naira, which leads to the naira falling vs dollar.

Fact is, even if your friend Gej won, things would have been this way, which is what Okonjo iweala said in Jan 2015.

If there is something that I blame Pmb and Co for, it is not making the hard choices to improve our productive capacity. So that we can earn more dollars by diversifying our export base. We need to improve power by taking a loan and by paying our bills for example.

One thing you have in common with this govt is that you want oil prices to rise again so that you can continue to live in comfort. That is not the way serious economies are run. Economies are run by improved production, not by pretending there is some fictional bottomless pit of gold somewhere in Abuja.

Thunder will fire emefiele and those who dollarize our economy
Bastards.

Na Etisalat won pack commot from Nigeria abii na Nigeria won send them packing?

I heard something like that sometimes in the recent past.

Meanwhile, to the topic, which 'arm' robber no won money? Which bank dey refuse to collect money for Nigeria. Na political bank be that. Abeg, tell me more about this. I get interest for the tori.

It's now clear that Etisalat loan issue is a victim of Buharis poor leadership ...so sad

Etisalat and scam be like bread and beans.

Banking Rule: Loans are paid in whatever currency they were granted...
Borrow in Pounds pay back in pounds
Borrow in Dollars pay back in dollars
Borrow in Euro pay back in Euro.
It's usually a clause agreed upon by both party.

FunkyMetahuman:
Thunder will fire emefiele and those who dollarize our economy

Bastards.

Emefiele has done the right things so far..... he has hoarded dollars so as to prevent the naira from being N1000000 to $1.

Thanks to him, we have more than $32000000000 in our savings, while Venezuela that produces more oil than we do is down to their last ten billion dollars.

As for our economy being dollarized, we are an import based economy. Those that export things like phones, cars, equipment, clothes, etc to us prefer to be paid in foreign currency. Not naira.

Etisalat, for instance, imports all the vital equipment needed to keep their network running in Nigeria. And their foreign suppliers want to be paid in dollars, not naira.

The road yhu follow am come na de same road yhu go usam go. Dis want na for etisalat oooooohh.

khristals:
Am not understanding na naira una take collect the loan?

......Gbammm !!! ..

Ehhhn !!! Abeg help me ask dem !

I think CBN should help

jbkomo:
They got d loan in dollars, they shld pay in same currency. Abi wht type of dis is dis nao?

They borrowed the loan at possibly 190 naira to a dollar, now they are to pay at 460 to a dollar.

Ofcourse they should pay back in dollar,but if u re into business or a salary earner and u care to know what ur employers are going through.this is one of them,and Buhari incompetence caused it.

Millions has lost their jobs because of this and thousands will loose their jobs to enable etisalat pay up.

All because they voted change,all because of Buhari.




#becauseofbuhari

gift01:
Effect of the Change they promised....Dollar price is now too high meaning that the $325 million dollar portion is worth over $700 million. Truth is the foreigners backing Etisalat will pull out

do you understand exchange rate at all, d two figure you gave are in dollars.

yanuz:
Oga oooo....Evn bank dey find awuf

Haba, if u dnt understand dis kind of topic, why not simply observe & read comment frm people who understand Finance.
Will u allow someone pay u bck wt beans when u actually lent them Rice (that is now almost triple its original price )?

Haba.

9jakohai:


Emefiele has done the right things so far..... he has hoarded dollars so as to prevent the naira from being N1000000 to $1.

Thanks to him, we have more than $32000000000 in our savings, while Venezuela that produces more oil than we do is down to their last ten billion dollars.

As for our economy being dollarized, we are an import based economy. Those that export things like phones, cars, equipment, clothes, etc to us prefer to be paid in foreign currency. Not naira.

Etisalat, for instance, imports all the vital equipment needed to keep their network running in Nigeria. And their foreign suppliers want to be paid in dollars, not naira.

I'm talking about dollarizing our economy so much which practically made naira useless.

Emefiele and top government officials collect salaries in dollars. foreign "experts" collects in dollars. Almost every done is in dollars. Gift must be in dollars. Ever wondered why 90% of those caught stealing stole in dollars not naira? From patience jonathan to allison to dasuki etc.

Did you see how pdp was distrubing dollars to the kings during election but naira to the masses?


Some people are responsible for that and thunder shall fire them all.

Make Etisalat go black market,

change the naira to dollar go pay nah...

weedtheweeds:
this is the kin dof news nigerians crave to hear. but one apostle seuleiman is busy sending 12000 USD and 8000 euros to prostitutes. bank should step this up for real

let us on the other hand campaign for Kemi Olunloyo's freedom o
she is the only investigative journalist we have now o.
#freedomofthepress
#freeKemiOlunloyo
#myspeechismyright

it seems you are among those that derive joy in causing sorrow to innocent people with online gossips. online gossips is for poor and unemployed lazy peeps. If kemi is your ideal journalist then you gat no work doing. if she is innocent she has de resources to fight back and prove she is saying de truth. you are alone on your useless campaign.

UAE’s Etisalat own 45 percent of Etisalat Nigeria, while Abu Dhabi’s Mubadala [MUDEV.UL] owns 40 percent of the company, which is due to meet its lenders on Thursday for debt talks mediated by Nigeria’s central bank and the telecoms regulator.


please my concern is the owner of the rest 15%. you guys ignored this one.
please let me have just 5% only i go happy.

Etisalat can pay this little debt their roots come from UAE and i know how rich they are.

i am not afraid to stand alone. Nigerians have stood with you since 1960, but what you could offer is recession in 2016-17. have your been positive to us or negative?

prophetfire:
it seems you are among those that derive joy in causing sorrow to innocent people with online gossips. online gossips is for poor and unemployed lazy peeps. If kemi is your ideal journalist then you gat no work doing. if she is innocent she has de resources to fight back and prove she is saying de truth. you are alone on your useless campaign.

DozieInc:
They should pay up ASAP.
1.) They shipped Dollars out of Nigeria, not Naira
2.) It was part of the agreement. To pay back in Dollars.
3.) Banks need that "scarce" Dollar.

Very correct

The exchange Gain / Loss will be huge in their books at the end of the day

That's breach of contract...the bank is well within its right

The loan must be repaid in the currency in which it was disbursed!

davodyguy:
This is quite understandable.

We have dollar shortages in the country, thats why exchange rate is high.

$1.2 billion is a lot of money, if such is brought into our financial system.

Etisalat is greedy and wants to take advanrage of the fallen Naira to pay less.

This is it.

Hypothetical example
Etisalat took a loan 9 years ago of $1.2 billion at N160 = N192 Billion Naira

Today all you need to pay back N192 Billion is $480 Million.

So who's fooling who?

It is not really correct to analyse it that way. They are making their money in naira(Nigeria) to pay back the dollar loan. Expatraits are paid in dollars.
Not excuse anyways

If they collected the loan in dollars then they are required to pay back in dollars.

Bros stop smoking weed naa please

weedtheweeds:
this is the kin dof news nigerians crave to hear. but one apostle seuleiman is busy sending 12000 USD and 8000 euros to prostitutes. bank should step this up for real

let us on the other hand campaign for Kemi Olunloyo's freedom o
she is the only investigative journalist we have now o.
#freedomofthepress
#freeKemiOlunloyo
#myspeechismyright

WE WANT DOLLARS WE WANT DOLLARS WE WANT DOLLARS WE WANT DOLLARS WE WANT DOLLARS WE WANT DOLLARS WE WANT DOLLARS WE WANT DOLLARS WE WANT DOLLARS WE WANT DOLLARS WE WANT DOLLARS WE WANT DOLLARS WE WANT DOLLARS WE WANT DOLLARS WE WANT DOLLARS WE WANT DOLLARS WE WANT DOLLARS WE WANT DOLLARS WE WANT DOLLARS WE WANT DOLLARS WE WANT DOLLARS WE WANT DOLLARS WE WANT DOLLARS WE WANT DOLLARS WE WANT DOLLARS WE WANT DOLLARS WE WANT DOLLARS WE WANT DOLLARS WE WANT DOLLARS WE WANT DOLLARS WE WANT DOLLARS WE WANT DOLLARS WE WANT DOLLARS WE WANT DOLLARS WE WANT DOLLARS WE WANT DOLLARS

DollarAngel:
Etisalat

My womb ooooooo lol

dasauce:
Sometimes I wonder why their parent company has been silent on this issue... Just lil from portion of their advertising budget... Phew and the loan is settled!

because every company has its own budget & tries 2 adhere 2 it as strictly as possibly. Wt u r suggesting is dt dey divert money earmarked 4 oda projects 2 settle debts. Dt means dt their investment in d Nigerian market instead of giving dem money is taking money out of their pockets. Wt I think their management wld do is look @ d cost of settling d debt viz a viz future returns d business is expected 2 make. If it turns out 2 b nt favorable 2 dem, dey wld allow d banks 2 take over. However I sense dt d Nigerian market is juicy 2 dem hence d negotiations. Dey r just trying 2 look 4 a smart way 2 mitigate d amount dey r supposed 2 pay.

Amazing can't begin to describe the work Union Bank have put into rebranding and Remodelling their branches.
It's awesome and it shows how ready these guys are in building the simpler and smarter bank we've come to know.

davodyguy:
This is quite understandable.

We have dollar shortages in the country, thats why exchange rate is high.

$1.2 billion is a lot of money, if such is brought into our financial system.

Etisalat is greedy and wants to take advanrage of the fallen Naira to pay less.

This is it.

Hypothetical example
Etisalat took a loan 9 years ago of $1.2 billion at N160 = N192 Billion Naira

Today all you need to pay back N192 Billion is $480 Million.

So who's fooling who?

there's nothing wrong if they choose to pay in naira, infact the banks benefit during devaluation of naira through these foreign denominated loans. here is where you missed it
if $1-160 was the exchange rate like u quoted above in 2013 when Etisalat took the loan, it means if they choose to payback in naira.
banks will calculate it at the present rate of over $1-320
. the question now is why isn't banks considering the options, my guess is that with the injection of forex into the banking system, banks want to cash in on the huge profits to be made from forex deals, so if Etisalat claims they lack adequate funds in foreign currency, those banks can sell from their reserves to them and make profit instanta and at the same time gain back their loan in foreign currency boosting their reserves to supply the market, so its a double win for them banks. my thoughts tho