Senate wades into Etisalat Nigeria’s $1.2b debt crisis

Posted by Mayowa Okekale, Abuja | 24 October 2017 | 1,597 times

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•The Senate during plenary

The Senate has resolved to intervene in the $1.2b debt crisis rocking Etisalat Nigeria and urged relevant financial agencies of the Federal Government to investigate the management of Etisalat and all defaulting parties.

Senator Adeola Olamilekan of Lagos West, who moved the motion on Tuesday plenary, observed that Etisalat Nigerian has in recent times been in the public eye over its $1.2b loan crises.

‎The lawmaker said that the seven-year syndicated loan was acquired in 2013 from a consortium of 13 banks in Nigeria as a mid-term facility to fund the expansion of the company’s network .‎

He regretted that about 4,000 jobs are at stake and that a loan of such magnitude could set off another banking crisis in Nigeria.‎

‎Lawmakers who lends their voices to the motion, said the motion should be passed urgently to prevent further job loss,  asking for a complete overhaul of the corporate business environment in Nigeria order to check the excesses of foreign investors.

However, the Senate mandated its Committee on Banking, Communications, Capital Market and National Security to investigate the management and utilisation of the loan facility and make recommendations to prevent similar occurrences in the future.

Source: News Express

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