douchesnozzle:
The 13 banks are to be blamed for this credit default. Credit mismatch is the major problem here. Availing fcy facility to a company whose earnings is in naira shows a blatant neglect of credit underwriting basics. Fcy facilities should be backed with foreign earnings considering the volatility of the naira. These banks know this but chose to ignore such red flag cos they want a piece of the pie. The deed has already been done let the banks learn their lessons and move on.

The banks actually set them up. They know naira will always keep falling, and that will be to their benefit.

IamaNigerianGuy:
The story is incomplete. Why did the banks decide to call in the Telco's debt without exploring the option of a grace period ?

The 2015 - 2017 financial years were very tough andthe country experienced it's worst recession during that time.

I understand at one stage, the company also offered to pay back the loan in naira but the banks insisted on dollars.

Is taking over the company the best option? Is there a back story we don't know ?

Let me assume that you didn't read part that says etisalat diverted the fund realised from the sales of asset which was acquired with the loan that banks gave it.

mployer:


The banks actually set them up. They know naira will always keep falling, and that will be to their benefit.

Smart people.

bukkielee:
Only in a country like Nigeria will you find reputable companies like Etisalat finding it difficult to service loans. I know and believe Etisalat will stand strong and continue delivering quality service, fast and reliable data speed and also low tariffs. Etisalat remains my number one brand. MTN, GLO, AIRTEL abeg make una park well...

Bruuh.....Switch or get SWISHED!

authority2006:

Let me assume that you didn't read part that says etisalat diverted the fund realised from the sales of asset which was acquired with the loan that banks gave it.

I did. But the amount stated as diverted is $700,000 which is 0.06% of the loaned amount of $1.2billion. That can be dealt with as a criminal case. Unless there is a deeper layer to this, it does not justify receivership

Lol......baba japa 4 real

bukkielee:
Only in a country like Nigeria will you find reputable companies like Etisalat finding it difficult to service loans. I know and believe Etisalat will stand strong and continue delivering quality service, fast and reliable data speed and also low tariffs. Etisalat remains my number one brand. MTN, GLO, AIRTEL abeg make una park well...

Is there any promo for those that ve not recharged for a long time?

greggng:


Is there any promo for those that ve not recharged for a long time?

yeah, saw one on TV. Recharge 200 and get 4k

My offical mobile network is Etisalat am going to port to airtel on monday.