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Business › Etisalat Begins Exit From Nigeria by donbrowser(op): 4:55am On Jul 11, 2017
International, Hatem Dowidar, told Reuters that the exit process became necessary given that the firm had been unsuccessful at converting some of its dollar debts to naira.



The Nigerian Communications Commission and the Central Bank of Nigeria had recently intervened to save Etisalat Nigeria from collapse after it failed to pay the remaining $589m from a $1.2bn loan it took from a consortium of 13 banks.

Before then, all the United Arab Emirates shareholders of Etisalat Nigeria, including state-owned investment fund, Mubadala, had exited the company and left the board and management.

Etisalat, with a 45 per cent stake in the Nigerian business, had been ordered to transfer its shares to a loan trustee after it became obvious that it could not pay up the $589m debt of the original loan.

However, with the current development, Dowidar said, “The Nigerian lenders may try to continue to operate the company until they find a buyer; or they may merge the company with the existing players in Nigeria.”

He said it was tough to say what the lenders would do.

The Etisalat CEO added, “The brand agreement in either of these two scenarios won’t be a long-term thing, so we take out the brand; in the long term, Etisalat won’t be in Nigeria.”

He had earlier told Reuters that discussions were ongoing with Etisalat Nigeria to provide technical support.

“There’s a new board and we are not part of that company. We have sent our termination letter for the management agreement,” Dowidar said of the ongoing discussions with Etisalat Nigeria.

According to him, the parent company (Etisalat) has written down the value of the Nigerian business on its books and that transferring its 45 per cent stake to the lenders after loan renegotiation talks collapsed has no impact on the group.

When asked whether Etisalat would consider entering Nigeria again, he said, “The train has left the station on that one. Being in that market as an investor…are we willing to risk more money compared to the reward for the long-term?”

Meanwhile, most Etisalat Nigeria outlets in Lagos were either shut or almost empty when our correspondent visited some of them on Monday, an indication that the telecommunications company is gradually exiting the country.

Of the 11 outlets visited by our correspondent in Lagos, six of them did not open for business, while the other five witnessed skeletal activities.

The Etisalat Experience Centre at the Ikeja City Mall received only two subscribers between 9am and 1pm on Monday, the visitations register showed.

Previous visitation registers of the telco from January to March showed that not less than 50 persons, on the average, visited the centre for one transaction or the other in the morning and afternoon hours daily.

There were only two employees of the telecoms firm on ground and one of them, a contract worker, who spoke on the condition of anonymity, said, “We somehow knew it was going to come to this because since the news appeared in the media in March, the subscribers have been pulling out gradually.

“The number of those who come to the outlet on a daily basis, and other outlets as we were told, has also started reducing gradually. The company is no more funding the operation here as it used to do.”



http://punchng.com/etisalat-begins-exit-from-nigeria/
Politics › Re: How FG Spent $4.8bn Foreign Loans In Two Years by donbrowser(op): 6:08am On Jul 10, 2017
This is sad. Yet not even a sector is developed. If China should get such fund, I'm sure you will marvel at capital projects they will use it for.
Politics › How FG Spent $4.8bn Foreign Loans In Two Years by donbrowser(op): 2:24am On Jul 10, 2017
While Nigeria’s rising indebtedness is generating ripples as to the sustainability and the interest element, the Federal Government has given details of some of the foreign loans it has raised in the last two years, expended on programmes rather than development projects, EVEREST AMAEFULE writes

The Federal Government obtained about $4.8bn from various foreign sources in the last two years, The PUNCH has learnt. The loans were expended on various programmes.

The Economic Governance, Diversification and Competitiveness Support Programme was the highest single financing item on which the government expended $600m of the borrowed funds from external sources in the last two years.

Responding to an enquiry from The PUNCH under the Freedom of Information Act, the Federal Government, through the Debt Management Office, said it received $600m from the African Development Bank for the EGDCSP.

The AfDB said on its website that the programme would help the government to create the fiscal space to facilitate a smooth implementation of the government’s budget, support fiscal and structural reforms, and improve the targeting of social sector spending to protect the most vulnerable segments of the population.

While the first tranche of the programme costing $600m was approved in 2016, the second tranche costing $400m is expected to be approved this year to take the total value of the loan to $1bn.

Another major loan of $500m came from the International Bank for Reconstruction and Development for Nigeria’s development finance institutions. The item also attracted $400m from the AfDB in addition to another $400m secured from the African Development Fund.

The Federal Government secured $500m from the International Development Association, an arm of the World Bank, for the Saving One Million Lives, which is a scheme to expand access to essential primary health care services for women and children.

Three states, Rivers, Ogun and Lagos, benefitted from the foreign debts secured in the last two years. The Federal Government secured UA3.3m ($5.06m) and $200m for the Urban Water Sector Reform and Port Harcourt Water Supply and Sanitation projects, and $33.17m for the Ogun State Urban Water Supply Project.

It also obtained $100m from the AFD for the Lagos Integrated Urban Development Project.

From the International Development Association, the Federal Government secured $200m, $70m, $140m and $70m for the Polio Eradication Support Project, Higher Education Centres of Excellence Project, Community and Social Development Project, and African Higher Education Centre of Excellence Project, respectively.

Another $140m was obtained from the World Bank for the Community and Social Development Project. The Polio Eradication Support Project received another $200m from the IDA, while the Nigerian Partnership for Education Project also received $100m from the same organisation.

From the Export-Import Bank of China, the Federal Government obtained $325m for 40 plants under the Parboiled Rice Processing Plant Project; and $280m from the AfDB for the Enable Youth Nigeria Programme.

Also from the AfDB, the Federal Government obtained $250m for the Inclusive Basic Service Delivery and Livelihood Empowerment Integrated Programme.

From the IDA, the government also obtained $200m for the Multi-Sectorial Crisis Recovery Project for North Eastern Nigeria and $90m for the Regional Surveillance Systems Enhancement.

The government’s response to The PUNCH’s enquiry, which was directed to the Minister of Finance, Mrs. Kemi Adeosun, did not indicate how far it had gone in implementing the projects for which it obtained the foreign loans in the last two years of the current administration.

Experts have at various times expressed fears that governments across the country borrow funds that are not tied to projects but to finance routine expenditure such as salaries and overheads.

While this may be true of local debts, foreign agencies hardly lend without knowing what the funds will be utilised for.

The response of the Federal Government to PUNCH’s enquiry showed that local debts were not tied to any specific projects but warehoused in the Central Bank of Nigeria for financing budget deficits.

Some stakeholders say the government should only borrow to finance capital projects and infrastructure that have the capacity to generate funds for both debt servicing and repayment of the principal.

This is hardly the case as most of the debts are spent on programmes and routine expenses.



http://punchng.com/how-fg-spent-4-8bn-foreign-loans-in-two-years/
Education › Re: 5 Things That Happen When You Graduate With A Poor CGPA by donbrowser(m): 8:18am On Jul 09, 2017
Nice thread
Why are there no valuable contributions on political and crime related threads too aside from name calling and checking?

Cc Seun Lalasticlala Mynd44
Politics › Re: Ademola Adeleke Defeats Mudashiru Hussain In Osun West Senatorial By-Election by donbrowser(op): 5:02am On Jul 09, 2017
Vote out incompetence, if a party is not working. Vote them out. The only power Nigerians have is the thumb. If we keep switching these people. They will be back to their senses in no time.

Just like I saw a student of Lautech here on nairaland begging APC government to reopen Lautech and after his plea, he ended with APC all the way.

Just imagine!
Politics › Ademola Adeleke Defeats Mudashiru Hussain In Osun West Senatorial By-Election by donbrowser(op): 4:35am On Jul 09, 2017
The candidate of the Peoples Democratic Party in Osun West Senatorial District by-election, Ademola Adeleke, on Saturday defeated the All Progressives Congress candidate, Senator Mudashiru Hussain, with total votes of 97, 480. Adeleke won nine out of the 10 local government areas.

Hussain, who was Governor Rauf Aregbesola’s anointed candidate got 66,116 votes.



In Iwo Local Government Area, Adeleke had 12,547 votes as against Hussain’s 12,205. While in Ejigbo Local Government Area, Hussain’s stronghold, the PDP candidate with 9,723 votes trailed his opponent who polled 12,229 votes.

Again, the former APC member, led with 9,096 votes with Hussain having 8952 votes in Irewole Local Government Area.

In Ayedire Local Government Area, Adeleke had 5,789 votes while Hussain trailed him with 5,360 votes.

It was a similar result in Olaoluwa Local Government Area as Adeleke led with 5,618 votes to Hussain’s 5,316.

The PDP candidate with 18,559 votes, led by a wide margin in Ede North Local Government Area as the APC candidate polled 2,784 votes.

It was a similar result in Ede South Local Government as Adeleke polled 13,406 votes while his opponent had 2,096 votes.

In Ayedaade Local Government Area, PDP had 9,061 votes while APC polled 7,179.

Hussain, who polled 4,768 votes in Egbedore Local Government Area, lost to Adeleke who had 7,142; while in Isokan Local Government Area, the PDP candidate led with 6,539 votes, with his APC counterpart polling 5,227.

Our correspondent observed that the by-election was peaceful in many places as security agents including soldiers were present at various points to prevent any breakdown of law and order just as the police on Saturday arrested three people.

The individuals were accused of attacking voters as they attempted to snatch ballot boxes.

Our correspondent gathered that the hoodlums invaded Igbokiti Unit Ward 10 in Okinnin, Egbedore Local Government Area and attacked some voters, who prevented them from snatching the boxes.

One of the voters, Olusegun Ige, who spoke with SUNDAY PUNCH said, “Some political thugs invaded our unit and attempted to hijack ballot boxes and stuff them with their own ballot papers but they were prevented. They injured some of the people who stopped them. But they were eventually overpowered and arrested by security agents.”

However, the Commissioner of Police in the state, Fimihan Adeoye, when contacted on the telephone said three persons were arrested but not arrested in connection with the election.

Speaking on the poll, Adeleke had said, “The process is going on well and I am very optimistic that with God on my side, I shall be victorious.”

The candidate of the All Progressives Congress in Osun West Senatorial District, Senator Mudashiru Hussain, who eventually lost the election had also said he was confident of emerging the winner of the poll.

He said, “I want to laud INEC for their arrangements and also want to want to laud the electorate for their enthusiasm. I am very optimistic of victory.”

Accreditation and voting started at 8 am in many polling units with voters trooping out early to exercise their franchise in all the 10 local government areas which make up the senatorial district.

Security was tight in Ede North, Ede South, Egbedore, Ejigbo, Iwo and other local government areas, while most roads were barricaded by soldiers.
http://punchng.com/adeleke-defeats-aregbesolas-candidate/

Education › Re: NOUN Graduates Now Eligible For NYSC & Law School by donbrowser(m): 6:16am On Jul 07, 2017
desproof:
It is still part time. The NLS does not admit students who got their LLB by part time! Unless Noun starts a full time law program, it is not possible, and for nysc, maybe, but exemption certificate will b issued in lieu.
Stop arguing blindly. It's the same thing that was amended yesterday. Get the video and watch
Education › Re: NOUN Graduates Now Eligible For NYSC, Law School-punch by donbrowser(m): 5:11pm On Jul 06, 2017
grin cheesy tongue
Where them dey, enemies of progress. WEREPE fall on all of you!
Business › Re: What Can I Import From New York And Sell In Nigeria? by donbrowser(m): 7:53am On Jul 03, 2017
Phones and Laptops. You won't regret.
Christianity Etc › Re: Christian Students Should Snub Arabic Classes - Adeboye, Oyedepo, Kumuyi, Others by donbrowser(m): 6:26am On Jul 03, 2017
Badonasty:
Arabic is a language not a religion
Why should Arabic be studied in Nigeria? The next language we should be studying after English language is French.
Technology Market › Re: New Android Phones For Sale (New Arrival) by donbrowser(op): 11:50am On Jun 26, 2017
Still available
Christianity Etc › Re: Is It A Sin For Christian Couples To Have Sex On Sunday Before Going To Church ? by donbrowser(m): 4:38pm On Jun 25, 2017
Menabari:
Its a sin... Sunday should be kept secred..@ least before service should be more secred...Tink about d after effect feeling of sex and trying to concentrate in church....U go dey reason ur performance...Its like smoking weed to perform in a church presentation..
So having sex with your wife before going to bible study on Tuesday is also a sin abi?
Christianity Etc › Re: Is It A Sin For Christian Couples To Have Sex On Sunday Before Going To Church ? by donbrowser(m): 4:36pm On Jun 25, 2017
swiz123:
Since you said couples,they might not actually be married, so it's wrong to do so even before church service or after and even never because it's fornication which is a sin.But for married couples,there is nothing wrong with having sex,because sex between them isn't unholy.#well except the naughty ones #
What do you mean by Naughty ones?
Forum Games › Re: The Comment Without Any 'Like', Wins. (LIKERS' PARADISE) by donbrowser(m): 2:50pm On Jun 25, 2017
You will notice i've not been here for sometime. I just returned from my village and i'm really LOADED. I wont say much, the wise ones will just overlook this post.
Technology Market › New Android Phones For Sale (New Arrival) by donbrowser(op):
These Phones are available for sale and are very new. The buyer will also get a receipt for any of the purchased phones.

Samsung Note 5 = N160,000 (USA used)

Samsung S7 = N170,000

Samsung S7 Edge New = N220,000

Other Android Phones too are available including laptops.

Whatsapp 08189436231

Technology Market › Re: Samsung 42' Plasma TV For Sale by donbrowser(m): 8:28am On Jun 24, 2017
How much?
Politics › Re: "Customized" Bridge In A Village In Kebbi State (Photos) by donbrowser(m): 12:34pm On Jun 22, 2017
registration:
Funkeeeee!!!!
Aiye mi!
Celebrities › Re: Kunle Afod’s Wife Desola: "You Might Have Dated Or Kissed Him, But I Don’t Care" by donbrowser(m): 7:36pm On May 27, 2017
beautiful232:
hahahahahahah
people who don't give a Bleep don't talk bout it..
but you so give a big big Bleep that's why your posting it
smh
She stays beside my house. I won't say much
Celebrities › Re: Kunle Afod’s Wife Desola: "You Might Have Dated Or Kissed Him, But I Don’t Care" by donbrowser(m): 7:36pm On May 27, 2017
beautiful232:
hahahahahahah
people who don't give a Bleep don't talk bout it..
but you so give a big big Bleep that's why your posting it
smh
She stays beside my house. I won't say much
European Football (EPL, UEFA, La Liga) › Re: Arsenal Vs Chelsea :FA Cup Final (2 - 1) On 27th May 2017 by donbrowser(m): 7:07pm On May 27, 2017
Goooooaaallllll




Iya yin
Celebrities › Re: See Rapper, Olamide's New Hairstyle (photos) by donbrowser(m): 7:42pm On May 24, 2017
missnawty:
Talo fah werey loyan shocked
Why you come sit down for ground?
Politics › Re: Ambode Cancels N844b Lagos 4th Mainland Bridge, Terminates concessionaire by donbrowser(m): 8:21am On May 23, 2017
azimibraun:
I agree with you but I beg to differ on an aspect of it. How come it took so much time to get an incompetent concessionaier? See how a year has been wasted. Who recommended them and how are we sure this won't repeat itself. Time is of the essence. Time lost is lost and time na money.
If you watch closely, I believe better offers came in and the cash and profits involved is more than what the present local people have to offer.

All join it's a nice excuse.
Jobs/Vacancies › Re: How To Apply For Nigeria Immigration Service (NIS) Recruitment 2017 by donbrowser(m): 10:47am On May 22, 2017
sambisavoice:
Pls advise me

I've been working in a parastatal under federal ministry of information and culture for about 7 years now but no job motivation nor satisfaction.

Will it be a heartless decision if I also apply for NIS? Knowing very well a lot of fresh graduates are jobless including my very own dear wife.
They won't even accept you. Your BVN will knock you out
Politics › Re: Governor Fayose Vs Governor Ambode: Compared By APC London (Photos) by donbrowser(m): 8:14am On May 20, 2017
rose54321:
While I ain't a Fayose fan, this is not a fair comparison.
The lagos governor has money, the revenue generated by lagos state is more than all other south western states combined and raised to the power of 2 sef.

His predecessors ​did a great job, though lagos always had the potential begin the former capital, and major port entry.

Ekiti on the other hand is too small to be an independent state, still don't understand why it was carved out of Ondo. The only reason history gives us is that Abacha wanted to repay Aluko, no economic basis.
So can't really blamed the stomach infrastructure governor, the funds ain't sufficient for anything else.
1stly Ekiti deserves an independent state if you want to judge by "being small". Ekiti state is very big in terms of landmass and they were even being cheated by Ondo State then likewise what is happening in Abeokuta and Ijebu.

2ndly, Ambode is doing a good job in Lagos and I expect him to even do so much more. Fayose is also doing his best here in Ekiti. I see no reason why they make noise about his eating around, dats his life. They should be more concerned about Fayemi that did not commission a single project in Ekiti but left the start in bug debt.

3rdly, Fayose was accused of the stomach infrastructure programme. Is there any difference between Stomach infrastructure and feeding of school children daily?

Just change of name hun?

BTW Fayose has some workers to pay.
Education › Re: National Open University Of Nigeria (NOUN) Students by donbrowser(m): 9:39pm On May 19, 2017
tainobaba:
Pls is the portal still open for school fees payment?
Yes it is, I also suggest you pay up on time.
Education › Re: National Open University Of Nigeria (NOUN) Students by donbrowser(m): 9:38pm On May 19, 2017
chrissyjay:
ok sir, Thank you so much.
Pls one more thing, do they work on saturdays cos i'm plannng to go there on a saturday. thanks
Most civil servants don't work on Saturdays
Politics › Re: Fayose Plays Drum At The Lying-In-State Of Adebayo (Photos) by donbrowser(m): 8:37pm On May 19, 2017
ApolitiCal:
When will this ayoshit commission his first project...I mean his flyover bridge he has been busy inspecting almost every day?
Seriously you made no sense. Tfare to Ado-Ekiti is not expensive at all.
Politics › Re: Osinbajo Condemns Coup In Cote D’ivoire Amid Similar Fears In Nigeria by donbrowser(m): 7:20am On May 19, 2017
MetaHuman:
almost happened.

Is it as rampant everywhere else like africa?
What is your definition of Rampant? How many coup has been experienced in the last 5 years in Africa?
Politics › Re: Osinbajo Condemns Coup In Cote D’ivoire Amid Similar Fears In Nigeria by donbrowser(m): 4:56am On May 19, 2017
MetaHuman:
In 21st century, africa still battling millitary coup.

When will africa get it right?


Any coup in nigeria will mark the end of the country.

No one is gonna allow hausa/fulani to use back door to rule us again in this country.
Stop blaming Africa everytime. Same thing almost happened in Turkey last year.
Nairaland General › Re: Big Antelope Killed By Hunters In Sagamu (Photos) by donbrowser(m): 12:21pm On May 17, 2017
After all seeing dis now, some will come here and be shouting; "Nigerians can eat anything, ake it to the Zoo"

and they eat bush meat outside oh. Awon Hypocrites.

Modified:
Example: 11th post below this.

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