Following the failure of ETISALAT Nigeria to repay the N541 billion loan, by a group of banks headed by Access Bank PLC and other Nigerians and foreign banks, has finally took over the management of ETISALAT on June 15, 2017.
Etisalat received loans from 13 banks in 2013: Bank Guarantee Trust Access Bank, FCMB, Ecobank, Union Bank, Stanbic IBTC Bank, Zenith Bank, UBA, Fidelity Bank, First Bank and other financing banks to refinance its previous debt of $650 million to continue its network implementation across the country.
According to Premium Times, Etisalat did not fulfill the deadline given to them, that is, the efforts in the emergence of the telecommunications market, the EMTS fall into the deaf ear because they were not able to meet up to their agreement.
EMTs Holding BV has a deadline of June 23 to complete a transfer of 100 percent of the company’s shares in ETISALAT to the United Capital Trustees Limited, the legal representative of a consortium of banks. Etisalat Group, the parent company of Nigeria’s ETISALAT, announced the purchase on Tuesday in a submission to the Abu Dhabi Stock Exchange in Abu Dhabi, United Arab Emirates.
Etisalat has been under pressure since the beginning of 2016 after a notice of a loan request of $1.72 billion (about N541.8 billion) received from a consortium of banks in 2015. The current economic downturn is finally tied to ETISALAT NG, my biggest concern now is its personnel
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