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Three Banks To Take Over Etisalat Nigeria Over N541.8 Billion Debt - Business - Nairaland

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Three Banks To Take Over Etisalat Nigeria Over N541.8 Billion Debt by Islie: 8:51am On Mar 08, 2017
Despite the intervention of the Nigerian Communication Commission, NCC, to broker a peaceful resolution between Etisalat Nigeria and a consortium of banks, it appears the effort may not have yielded a truce, as the banks are set to take over the telecoms firm today (Wednesday), PREMIUM TIMES learnt.

The consortium of some foreign and Nigerian banks, including Guaranty Trust Bank, Access Bank and Zenith Bank, have been having a running battle with the mobile telephone operator over a loan facility totalling $1.72 billion (about N541.8 billion) obtained in 2015.

The loan, which involved a foreign-backed guaranty bond, was for Etisalat to finance a major network rehabilitation and expansion of its operational base in Nigeria.

However, following the failure of the company to meet its debt servicing schedule agreed since 2016, the three Nigerian banks, prodded by their foreign partners, reported Etisalat to banking sector regulator, the Central Bank of Nigeria, CBN, and its communications sector counterpart, the NCC.

Although Etisalat blamed its inability to fulfil its obligation to the banks on the current economic recession in Nigeria, the banks said their attempt to recover the loan by all means was fuelled by the pressure from the Asset Management Company of Nigeria, AMCON, demanding immediate cut down on the rate of their non-performing loans.

A senior official of one of the banks who spoke with PREMIUM TIMES late on Tuesday said one of the options they have proposed to Etisalat management as a middle way out of the crisis was for it to request for a bankruptcy status.

The official, who requested that his name should not be revealed, since he was not authorised to speak on behalf of the consortium, said the bankruptcy option would require having receivership management appointed by the banks to oversee its operations.

But, the NCC appears not to be favourably disposed to the takeover proposal, the source said, as it believes Etisalat was not only a viable going concern, but also willing and able to negotiate its loan servicing.

However, atop source at the NCC said late Tuesday that the commission had approved the takeover, which is expected to occur today.

Etisalat is Nigeria’s fourth largest telecoms operator, with about 21 million subscribers as at January 2017, according to the NCC. It commenced business in Nigeria in 2009.

More details later…



http://www.premiumtimesng.com/news/headlines/225504-breaking-n541-8-billion-debt-three-nigerian-banks-set-take-etisalat.html

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Re: Three Banks To Take Over Etisalat Nigeria Over N541.8 Billion Debt by chiefolododo(m): 8:53am On Mar 08, 2017
Banks ehn?
Re: Three Banks To Take Over Etisalat Nigeria Over N541.8 Billion Debt by StRichard(m): 9:03am On Mar 08, 2017
Even with their stingy data, they are still owing

90 Likes 2 Shares

Re: Three Banks To Take Over Etisalat Nigeria Over N541.8 Billion Debt by softwerk(f): 9:04am On Mar 08, 2017
GTBank has entered one-chance with Etisalat!

Their golden goose has suddenly started laying rotten eggs grin

Loan syndication can be so messy (See how a bank's biggest customer suddenly becomes their biggest headache)!!!grin

Now they realize their Foreign Backed Guaranty Bond was just a mere paper (Etisalat Abu Dhabi, UAE will never come to their rescue in this pathetic business climate) embarassed

This may just be the end of the bank's romance with Etisalat on their epileptic Retail Banking platforms such as *737* mobile transfers and Easysavers 100% powered by Etisalat grin

Soon all GTBank staff will start selling Etisalat recharge cards with monthly targets grin

117 Likes 13 Shares

Re: Three Banks To Take Over Etisalat Nigeria Over N541.8 Billion Debt by Nobody: 9:13am On Mar 08, 2017
I always knew dere is a reason i don't use Etisalat

7 Likes 1 Share

Re: Three Banks To Take Over Etisalat Nigeria Over N541.8 Billion Debt by eezeribe(m): 9:15am On Mar 08, 2017
GTB is always involved in Bad debts... Reminds me of HITV saga.
Those banks will decimate Etisalat Nigeria...
The same way one of them decimated HITV

17 Likes 1 Share

Re: Three Banks To Take Over Etisalat Nigeria Over N541.8 Billion Debt by itiswellandwell: 10:14am On Mar 08, 2017
Hmmmmmm...

1 Like

Re: Three Banks To Take Over Etisalat Nigeria Over N541.8 Billion Debt by oluseyiforjesus(m): 10:14am On Mar 08, 2017
I tot ds network is owned by rich Abu dabi Pple!

25 Likes 1 Share

Re: Three Banks To Take Over Etisalat Nigeria Over N541.8 Billion Debt by MrGreenMavro: 10:14am On Mar 08, 2017
grin
Re: Three Banks To Take Over Etisalat Nigeria Over N541.8 Billion Debt by henrydadon(m): 10:14am On Mar 08, 2017
let us blame buhari

2 Likes 1 Share

Re: Three Banks To Take Over Etisalat Nigeria Over N541.8 Billion Debt by okonja(m): 10:15am On Mar 08, 2017
OMG shocked shocked

Re: Three Banks To Take Over Etisalat Nigeria Over N541.8 Billion Debt by yomalex(m): 10:15am On Mar 08, 2017
What
Re: Three Banks To Take Over Etisalat Nigeria Over N541.8 Billion Debt by gratiaeo(m): 10:16am On Mar 08, 2017
How them go service their depth when they stop blackberry 1000 for 3gb. Nemesis!

1 Like

Re: Three Banks To Take Over Etisalat Nigeria Over N541.8 Billion Debt by SIRKAY98(m): 10:16am On Mar 08, 2017
Holy Mary Mother of Jesu!!!
Re: Three Banks To Take Over Etisalat Nigeria Over N541.8 Billion Debt by Badgers14: 10:16am On Mar 08, 2017
They about to dismantle Etisalat like Zain grin grin
Re: Three Banks To Take Over Etisalat Nigeria Over N541.8 Billion Debt by yim(f): 10:17am On Mar 08, 2017
What happens to the workers?

4 Likes

Re: Three Banks To Take Over Etisalat Nigeria Over N541.8 Billion Debt by ShitHead(m): 10:17am On Mar 08, 2017
Sounds so SEXUAL...Threesomee on Etisalat. WOW!!! This is fun.

4 Likes 1 Share

Re: Three Banks To Take Over Etisalat Nigeria Over N541.8 Billion Debt by AngelicBeing: 10:17am On Mar 08, 2017
sad
Re: Three Banks To Take Over Etisalat Nigeria Over N541.8 Billion Debt by clefstone(m): 10:18am On Mar 08, 2017
Buhari is a ghost worker

10 Likes

Re: Three Banks To Take Over Etisalat Nigeria Over N541.8 Billion Debt by DrObum(m): 10:18am On Mar 08, 2017
See gobe ooooo!

Thank God I don throw way that sim oooo
Re: Three Banks To Take Over Etisalat Nigeria Over N541.8 Billion Debt by burkingx(f): 10:18am On Mar 08, 2017
sad shocked
Re: Three Banks To Take Over Etisalat Nigeria Over N541.8 Billion Debt by reyscrub(m): 10:18am On Mar 08, 2017
Banks to market network enh, this is the beginning of the end for Etisalat.

Etisalat, sorry for your gradual extinction.

1 Like

Re: Three Banks To Take Over Etisalat Nigeria Over N541.8 Billion Debt by itiswellandwell: 10:19am On Mar 08, 2017
MrRational1:
Really e don happen be that
.

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Try and check fiverr.com

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Re: Three Banks To Take Over Etisalat Nigeria Over N541.8 Billion Debt by burkingx(f): 10:19am On Mar 08, 2017
shocked
Re: Three Banks To Take Over Etisalat Nigeria Over N541.8 Billion Debt by Pavore9: 10:19am On Mar 08, 2017
Sad.
Re: Three Banks To Take Over Etisalat Nigeria Over N541.8 Billion Debt by hopejackie76(f): 10:20am On Mar 08, 2017
Serial debtors


Guys check out my siggy for your weight theraphy

1 Like

Re: Three Banks To Take Over Etisalat Nigeria Over N541.8 Billion Debt by bid4rich(m): 10:20am On Mar 08, 2017
Etisalat why? Una for no go those banks na!

Una for do ponzi scheme small, get money and use it for your purpose.

Why na? cheesy cheesy

2 Likes

Re: Three Banks To Take Over Etisalat Nigeria Over N541.8 Billion Debt by Sultty(m): 10:20am On Mar 08, 2017
Let me coin it's new name, and it shall henceforth be called "gtaccezentisalat" from now on grin

2 Likes

Re: Three Banks To Take Over Etisalat Nigeria Over N541.8 Billion Debt by Guru9ja(m): 10:20am On Mar 08, 2017
Nawa ooo etisalat. This is gonna be the end of you.

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Re: Three Banks To Take Over Etisalat Nigeria Over N541.8 Billion Debt by chiedu7: 10:21am On Mar 08, 2017
Nigeria is working under Buhari grin



1 Like

Re: Three Banks To Take Over Etisalat Nigeria Over N541.8 Billion Debt by Jaytecq(m): 10:21am On Mar 08, 2017
Now you are talking

5 Likes 1 Share

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