tiwiex:


Exchange rate mismanagement. No one thought dollar could hit this high. Notice it has been coming down once they realized this was part of their job description. It is at 360 now. Imagine it got to 500 some month back. So, thet could have controlled it. Yet, na Jonathan dem blame till they start to do the right thing. Etisalat loan is in dollars (I struggle to understand why tho). They generate revenue in Naira. They would ld have been owing about 250billion Naira. Which coul have been better serviced. They already owe back logs in loan servicing due to the high dollar rate.

Secondly, I am yet to see in this submission of yours how Etisalat betrayed Jonathan

I once heard that RENO OMOKRI pastors a church...if this is true please what is the name of his church I will like to attend to see the amount of energy he inputs in God's work.

Mr Reno I understand you're educated but u have not displayed such..It so glaring that u're yet to recover form the shock of the last presidential election. Even oga jonah has moved on so what's your problem?

I have not seen any of your write ups that preaches the gospel rather hate write ups.wait till 2019 now so that you can contest and rule the country cos u seem to have answers to all the pressing issues in naija.

AND YOU PLASTIC BRAINS LOST ETISALAT, TAKE IT !

quiverfull:
This Reno is a compound idiot. He just keeps spewing hate-filled rubbish on the internet. You guys lost the election, deal with it!

caracas:

Fuuuucked up abi we don finish u .
These days u are always looking over your shoulders for your masters n bubu's boys, the fulani herdsmen.so no time to type on nairaland
Dont worry What u n your ppl cudnt do the mambilians are doing .So rest for now.

Nah, I don't look over my shoulders to see if "my masters, bubu's boys" are coming, I do to see if your mother is coming.. Wish someone could explain to her I'm no longer interested.

SalamRushdie:
Nobody absolutely nobody or entity in Nigeria has been spared from Buhari's poor leadership , [b][/b]anyone that says his standard of life is generally better under Buhari than under Jonathan is a liar and a thief or lowlife sectarianist

My standard of life is generally better now and I am neither any of these.

omenkaLives:
Nah, I don't look over my shoulders to see if "my masters, bubu's boys" are coming, I do to see if your mother is coming.. Wish someone could explain to her I'm no longer interested.

See finishing.. blood of God, lolzz

quiverfull:
This Reno is a compound idiot. He just keeps spewing hate-filled rubbish on the internet. You guys lost the election, deal with it!

See how he is sounding as if he is e joking this Bubu regime

Just talking Nonsense......

omenkaLives:
Nah, I don't look over my shoulders to see if "my masters, bubu's boys" are coming, I do to see if your mother is coming.. Wish someone could explain to her I'm no longer interested.

DRY
my dear your attempt at being sarcastic was so lame,kai u used to be better than these.
Now i see why they say "out of play is out of form "
Fulani herdsmen una papa

mapet:


.....and I guess Martin Luther King made spurious, ridiculous, daft and no-fact-based allegations to achieve that?

When you've finished with the emotions, perhaps you'll realise that, under President Buhari, Nigeria's FDI dropped at its lowest in comparison to the last 10-15 years; that for the first time in more than 3 decades Nigeria is in a double-digit inflation driven recession; that, within the first 6 months of this administration, 20 shipping companies left Nigeria; that Nigeria lost her place as Africa's biggest economy; that airlines hub has moved from Lagos, Nigeria to Accra Ghana; that many foreign airlines have cancelled Nigeria as a route and a couple of local airlines has packed up no thanks to the foriegn exhange rigmarole and inconsistency of this regime; that "noisemakers" also known as ministers were appointed in 2016 for a regime that started in May 2015, leading to instability in the polity.

But of course you probably know these things. You probably know that Etisalat, like many other companies, are packing up because of the aforesaid facts. If these things were reeled out by another change agent, say Wole Soyinka, you may have no issues with it. But it's Reno, who you have a problem wiTh, hence the annoyance.

Jibolami:
I once heard that RENO OMOKRI pastors a church...if this is true please what is the name of his church I will like to attend to see the amount of energy he inputs in God's work.

Mr Reno I understand you're educated but u have not displayed such..It so glaring that u're yet to recover form the shock of the last presidential election. Even oga jonah has moved on so what's your problem?

I have not seen any of your write ups that preaches the gospel rather hate write ups.wait till 2019 now so that you can contest and rule the country cos u seem to have answers to all the pressing issues in naija.

This is so stale .All you that voted the dullard in 2015 have already renounced your Sai Baba chants so what are you talking about.

obailala:
The point is that in elections, people choose and support a candidate. It doesnt matter whether the CEO of etisalat supported GEJ or PMB, the rants of Reno is pointless, childish, and just a glaring evidence of a political loser who hasn't psychologically recovered from an election loss of 2 years ago.

I abeg to disagree.Ask ursef.Why do entities support any party during elections.........to get favour.In times like this BUBU should have come to the aid of Etisalat.But like a Dullard he is,he only thinks about himself and his Fulani Herdsmen

SalamRushdie:
Nobody absolutely nobody or entity in Nigeria has been spared from Buhari's poor leadership , anyone that says his standard of life is generally better under Buhari than under Jonathan is a liar and a thief or lowlife sectarianist

Bro, whichever you view it, even if this were hell, there are folks who opine that the present government's performance has been "splendid", like this was all that the much hyped change could possibly only amount to.

madridsta007:
Banks want Etisalat’s $1.2bn loan investigated

When you've finished with the emotions, perhaps you'll realise that, under President Buhari, Nigeria's FDI dropped at its lowest in comparison to the last 10-15 years; that for the first time in more than 3 decades Nigeria is in a double-digit inflation driven recession; that, within the first 6 months of this administration, 20 shipping companies left Nigeria; that Nigeria lost her place as Africa's biggest economy; that airlines hub has moved from Lagos, Nigeria to Accra Ghana; that many foreign airlines have cancelled Nigeria as a route and a couple of local airlines has packed up no thanks to the foriegn exhange rigmarole and inconsistency of this regime; that "noisemakers" also known as ministers were appointed in 2016 for a regime that started in May 2015, leading to instability in the polity.

But of course you probably know these things. You probably know that Etisalat, like many other companies, are packing up because of the aforesaid facts. If these things were reeled out by another change agent, say Wole Soyinka, you may have no issues with it. But it's Reno, who you have a problem wiTh, hence the annoyance.

I believe one of the easiest things in life is to just pull out stuffs from your ass and lay it on here with reckless abandon. 20Shipping coys left, Airlines left etc are just jargons without evidence as usual........but you know what? You can lie to your self some times but it shouldn't be everytime.......

Let us come to Etisalat. This shows that even when facts are shoved into your head you will still live in denial.
1. The consortium of banks that gave Etisalat the loan have refused to structure the loan, why? because they accussed Etisalat of mismangement and siphoning monies out of the country.
2. They further posited that they have the option of taking over and running Etisalat (Because according to the banks Etisalat is still viable)
3. Why are the consortium of banks calling on the same FG you ignorantly deride, to instruct the EFCC to look into the matter especially the systematic way Etisalat is siphoning funds thereby rendering the company insolvent?

But I am different from you. I will not make submission without backing it up

Strong indications emerged on Wednesday that consortium of 13 banks, involved in Etisalat Nigeria’s $1.2bn loan is seeking the Federal Government’s intervention to investigate the management.

A management source close to the banks said in Lagos that the banks want the government, through the EFCC, to wade into the matter, by investigating what the company did with the loan.

The source alleged that the loans were siphoned and needed to be investigated by the EFCC, noting, there was no proof of what the company did with the loan.



He said that the affected banks had rolled out a lot of viable options to Etisalat for the loan to be restructured, but was rejected by the company.

The source said that the banks were not into telecommunications and had no intention of running Etisalat.

“All we want is to recover the loans; we cannot write off the loans as being demanded by Etisalat, because the company is viable,” the source stated.

The source said that Etisalat wanted the banks to write off the loan as non-performing, which was rejected because the company was doing well.

According to the source, the company wants an injection of new capital, and this has been suggested to the majority shareholder.

The source said the government should investigate the matter with all seriousness, to dig out the truth.

UAE’s Etisalat on June 20 said that it had been instructed to transfer its 45 percent stake in Etisalat Nigeria to a loan trustee.

Etisalat said it had been notified to transfer its stake by June 23. It said the stake had a carrying value of zero on its books.

In the last three months, Etisalat Nigeria had been in talks with the consortium of banks, to restructure a $1.2bn-dollar loan, after missing repayments.

The loan is a seven-year facility, agreed with 13 banks in 2013, to refinance a $650m loan, and fund expansion of the telecommunications network.

Although the Nigerian Communications Commission (NCC), and the Central Bank of Nigeria (CBN), stepped into the fray to prevent a takeover by the banks, those discussions failed to produce an agreement on restructuring the debt.

(NAN)