Nigeria is under a curse!!!

Biafra to the rescue

I wonder the set of people spilling garbage here.
why won't banks take over an institution that has defaulted severally in its loan payment?

The main reason why banks took over is simply because the major shareholder who are based in the middle east pulled out of the deal days ago, that alone was a red flag!!!

Most of y'all don't know that these bad loans are what cripples the banking sector, which in turn puts your deposit with banks at risk.

You all should be concerned with how much loan you bank gave out that is nonperforming otherwise u may wake up one day to hear a certain bank has gone bankrupt or is terned insolvent.

nattyjay:
I knew there was a problem when their data price increased
At least its not GLO that took over

Evils

oshe11:
Taking over Etisalat is likened to taking over a bride whose punny a baton can pass tru without friction....




All dese YEYE banks sharing Etisalat like say na Nigeria Loot.....


.Wen he reach to debit me for notin una no dey waste time

this you comment made me lost control of laughing

chuksjuve:
Etisalat...The latest victim of APC misrule..
change mantra sweeping through the land..
Nigeria is fast loosing it...

What exactly does APC have to do with it?

luvinhubby:
Nigerianisation of a foreign owned telecoms company. Clear signal to foreign investors to keep off.

But, why is it that every corporate organisation headed by Hakeem Bello Osagie runs into crises and is eventually sold, first was UBA that was sold to Elumelu's Standard Trust and now Etisalat Nig?

I have been asking same too. Is he a bad businessman?

Ehya chai.. Buhari sef.

pls o my friend is working there.i pray nothing happens to their staff

COMPAQ:

What exactly does APC have to do with it?

Nothing exactly.. its just that they are the Government in power.. Thanks

too many cooks spoil the broth. If too many people participate in a task, the task will not be done very well.

they took thee loan is 2015, as at 2015 etisalat was quite established having presence in every state.

Which leads me to wonder what the loan was actually used for.

I smell fraud and mismanagement.

not withstanding the dollar dive, something doesnt add up.

vivaciousvivi:
Evils

That's Just the word. EVIL

GLO AND MTN FOREVER.

with deep regret we announce d passing away our dear network etisalet he survive by two children name 2g n 3g n 3 neighbors name airtel,glo and mtn

The former investors carry money put for mmm ni? Why incur so much debt in the first place

chuksjuve:
Etisalat...The latest victim of APC misrule..
change mantra sweeping through the land..
Nigeria is fast loosing it...

Buhari killed their business .
They borrowed loan at about 250 and are paying back with 360.remember part of the loan was paid at 505

successman1234:


not withstanding the dollar dive, something doesnt add up.

Fixed .

The dollar dive.
Most companies died as a result of that.

You are right.

I know most of us will want to blame Etisalat what really make the debt restructuring plan to fail is that the banks want the debt should be retire using the current fx rate

Which made the Arab investors pull out..

A Lot of these big companies live on debt

quote author=chukzyfcbb post=57702838]I wonder the set of people spilling garbage here.
why won't banks take over an institution that has defaulted severally in its loan payment?

The main reason why banks took over is simply because the major shareholder who are based in the middle east pulled out of the deal days ago, that alone was a red flag!!!

Most of y'all don't know that these bad loans are what cripples the banking sector, which in turn puts your deposit with banks at risk.

You all should be concerned with how much loan you bank gave out that is nonperforming otherwise u may wake up one day to hear a certain bank has gone bankrupt or is terned insolvent.[/quote]

And they made Saka to port from MTN to Etisalat. Which king wahala be this?

AK481:

Buhari killed their business .
They borrowed loan at about 250 and are paying back with 360.remember part of the loan was paid at 505

God bless you for properly
using the brain he gave to you...

Themandator:


A new owner will soon be announded. I believe they paid too high a price for their 4g spectrum that they bought from Dangote

That license even from the NCC doesn't cost more than $20m.

They defaulted on a nearly $2 billion dollar loan.

That can hardly be the reason. I think they were over exposed to the devaluation of the Naira.

You borrow at 160 a dollar and now it's 305 which is nearly twice the price, that' s if you can even get it.

Coupled with increased cost of operations (diesel and all) in a receding economy where people are spending less and opting for alternative such as whatsapp.

Even Einsteins financial projections would have brought me brought a bad hair day.

harbdulrasaq88:
One of Nigeria’s telecommunication companies, Etisalat has now been taken over by ten major Nigerian lenders.

The lenders include:

1. Zenith Bank

2. GT Bank

3. First Bank

4. UBA,

5. Fidelity Bank

6. Access Bank,

7. Ecobank,

8. FCMB

9. Stanbic IBTC Bank and

10. Union Bank.



The take-over came as a result of a futile effort by Emerging Markets Telecommunications Services, EMTS, promoted by-one time Chairman, United Bank for Africa, UBA, Hakeem Bello-Osagie, to reach agreement with the banks on debt restructuring plan in the protracted $1.72 billion (about N541.8 billion) debt impasse.


http://www.newshelmng.com/2017/06/the-banks-that-took-over-etisalat.html

6 of mine banks are there and I don't have up to 100k in all this account baba abeg pick my call

Just $1.8m,na Evans for buy this thing if business no spoil, thank God o.

How will they now manage to share the profit, we are waiting for two fighting btw banks, just as we ve wike and Amaechi

Abduljohn:
Debt of this much?
So this telecommunication fall for mtn juju. Fear South Africa They kill our people They won us in our land (cup of nation qualifier) Now they are killing competitors in our land.


Glo needs prayer oooo

your thinking faculty needs prayers

Abduljohn:
Debt of this much?
So this telecommunication fall for mtn juju. Fear South Africa They kill our people They won us in our land (cup of nation qualifier) Now they are killing competitors in our land.


Glo needs prayer oooo

your thinking faculty needs prayers

savagefinder:
They will run it down.. Banks and businesses have a bad history

The banks should be looking at bringing other foreign telecommunication investors to take over the business before it becomes another Nitel.

Poor Etisalat, tho I dont lik the netwrk sef . My sim dey abandoned mode.

GLO......masters of useless data

Banks can't operate a telcom ..... The shares are with Dem until an investor comes and collect it.

The last option will be to liquidate, which is not a very good option. So d business must go on, there will only be a change of name wen d time is rite.