Newsexpress place banner advert Yudala genuine products
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: 592


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 3:12:01 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

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!

 

You may also like...
Call Oshiomhole to order, Okonjo-Iweala tells FG •Says...

U.S. lawmakers oppose Russia’s move to ban Jehovah’s...

Leadership crisis, fraud in high places rock Nigeria...

Anambra girl emerges best in both SSCE and...

APCON is 97th best company where to work...

FG approves $1.2b for Kano-Kaduna rail

FRSC, Abia Govt. partner to reduce road crashes...

Army inaugurates panel to probe soldiers, officers’ alleged...

Skye Bank, Crystal Villa sealed off in Anambra...

SEC floats N5bn fund to protect investors

Alleged $9.3m arms deal: It’s about Nigeria; not...

Uduaghan in Poland, laments impact of climate change...

 

Latest News FG approves $470 million for Abuja water project Group warns against unconditional amnesty for ex-Boko Haram terrorists Public schools dumping ground for less-privileged children: NANS BREAKING: Arsenal overcome Chelsea to win FA Cup 34 prisoners get pardon in Cross River Kwara United star slumps, dies All set for musical fireworks to climax Lagos golden jubilee celebrations Yenagoa flood disaster sad and unfortunate: Dickson •Warns against indiscriminate dumping of refuse Alumni association sponsors ultra-modern toilet at FGC Owerri British Airways cancels flights as global IT outage takes toll Amaechi: 52 garlands for an enigma, gallant, resolute and misunderstood democrat Osinbajo jets out to Italy for G7 Summit

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (246,809 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (223,269 views) Shameless Genevieve Nnaji exposes breasts in public (184,979 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (165,478 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (158,600 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (138,541 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (120,987 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (118,281 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (106,314 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (102,659 views) Lagos plane crash: Journalist releases victims’ names (101,350 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (95,567 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (27) Business (2,563) Business Verdict (16) Columnists (685) Complaints & Requests (90) Enterprise & Opportunities (153) Entertainment (323) Features (448) Global Business Monitor (152) International (1,378) Interviews (122) Live Commentary (28) Love Matters (54) News (24,764) Opinion (721) Pidgin (8) Politics (3,701) Religion (535) Sports (1,267) Stock Watch (18) AMA & Al Jazeera Global Update

 

Words on marble

 

UBA Wise Savers Promo

 

Machester United vs Ajax

 

APO Newsbreak logo

 

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!