Nigerian Banks Take Over Telecommunications Company Etisalat Over N541Bn Debt


The future of Etisalat Nigeria is becoming quite unsure as a groupof Nigerian banks have taken over the company after it (Etisalat) failed to repay loans amounting to N541 billion. The telco announcing a share restructuring on Tuesday.

Etisalat had obtained loans from 13 banks, including Guaranty Trust Bank, Access Bank, Zenith Bank, UBA, Fidelity Bank and First Bank.

According to CableNg, The loan was meant to refinance an existing commercial medium-term debt of $650 million and continue its network rollout across the country.

It seems the attempts by the Central Bank Of Nigeria and the Nigerian Communications Commission to prevent the take-over have proved abortive.

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