GTB 737 banner Yudala banner

Banks set to take over Etisalat over N541.8bn debt

By News Express on 08/03/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 834


A consortium of Nigerian banks, including Guaranty Trust Bank, Access Bank and Zenith Bank are set to take over the management of Etisalat Nigeria following the inability of the network provider to pay back a loan facility totaling N541.8 billion obtained in 2015.

The loan, which involved a foreign-backed guaranty bond, was for Etisalat to finance a major network rehabilitation and expansion of its operational base in Nigeria.

However, following the failure of the company to meet its debt servicing schedule agreed since 2016, the three Nigerian banks, reported Etisalat to banking sector regulator, the Central Bank of Nigeria, CBN, and its communications sector counterpart, the NCC.

The banks said their attempt to recover the loan by all means was fuelled by the pressure from the Asset Management Company of Nigeria, AMCON, demanding immediate cut down on the rate of their non-performing loans.

Etisalat has however blamed its inability to fulfil its obligation to the banks on the current economic recession in Nigeria.

Etisalat is Nigeria’s fourth largest telecoms operator, with about 21 million subscribers as at January 2017, according to the NCC.
It commenced business in Nigeria in 2009. (TV360 Nigeria)

Source News Express

Posted 08/03/2017 10:12:01 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
NLC talks tough, says strike will expand as...

APC holds policy dialogue on economy, corruption, others...

Buhari works from home: Presidency

47 Assistant Commissioners of Police, 10 Deputy Superintendents...

Group writes AGF, demands 5 years FOI compliance...

CCT bows to Supreme Court on Saraki

We’re determined to be one of the best...

Shehu Sani inaugurates grassroots development programme for constituents...

NMA declares one week of mourning for Ekiti...

Anti-Corruption War: Anybody who crosses the line will...

CSOs okay Buhari’s medical leave, say life more...

Why we stopped Davido from travelling to America...

 

Latest News Buhari orders compilation of names of looters 3 soldiers, others docked for armed robbery Terrorists reportedly plotting major attack on U.S. Nigeria on brink of total collapse — Christian lawmakers Onitsha traders reject Obiano, opt for Obaze as Anambra’s next Governor Fidelity Bank shines at 2017 Banking Awards; wins 2 categories EFCC nabs Federal Pay Officer for alleged diversion of N1.8m 500 dump APC for PDP in Rivers Reps ask NPA to reverse termination of agreement with Intels Osinbajo, Kachikwu, Baru meet in Presidential Villa Nigeria to increase mobile broadband subscriptions to 50 per cent by 2020 Kano commits to Open Government reforms

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (287,023 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (269,579 views) Shameless Genevieve Nnaji exposes breasts in public (218,005 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (183,308 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (179,284 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (161,824 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (140,267 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (128,619 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (123,452 views) Lagos plane crash: Journalist releases victims’ names (113,972 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (112,022 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (104,395 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (29) Business (2,725) Business Verdict (24) Columnists (756) Complaints & Requests (93) Enterprise & Opportunities (183) Entertainment (395) Features (497) Global Business Monitor (187) International (1,580) Interviews (134) Live Commentary (28) Love Matters (78) News (29,438) Opinion (825) Pidgin (8) Politics (3,985) Religion (645) Sports (1,338) Stock Watch (23) AMA & Al Jazeera Global Update

 

UBA mobile app

CBN Advert

 

 

#MonkeyPox outbreak

 

APO Group Partner

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!