Access Banks And Others Acquired Etisalat Network

Few weeks ago it was rumored that Etisalat telecommunication company will be taken over by our own country network -GLO but it surfaced not to be true,now Access Banks And Others Acquired Etisalat Network.The Network will be officially run by the new management.

For a long time things have not been really good for etisalat and they are on the verge to failure but NCC and CBN came to their rescue but it was into no avail.

Here is the early statement-"A group of  some foreign and Nigeria banks without the exception of Zenith Bank,Access Bank and Guaranty Trust Bank have been in war with the Etisalat telecommunication company over a loan provision costing $1.72 billion (#541.8 billion in Nigeria currency) which was obtained in 2015".

Access Banks And Others Acquired Etisalat Network already with Access Bank having the lead as a result of the telecommunication company not being able to refund alleged debt of $1.72 billion.

Though the  the chairman of United Bank of Africa (UBA) in person of Mr.HakeeM Bello-Osagie was powered by the Emerging Markets Telecommunication Services (EMTS) to put all effort in reaching an agreement but it wasn't successful.Also the Nigeria Communication Commission (NCC) and Central Bank Of Nigeria (CBN) also pleaded  to give Etisalat some time but it was a crying shame that all their effort came into abortion when the largest share holder-Mubadala,a representative of Etisalat in Unted Arab Emirate (UAE) was about  to withdraw his own shares from the Company as a result of the loan spell.

Source:http://www.mymobilespecs.com/access-banks-and-others-acquired-etisalat-network/