Access Bank & Others Takeover Etisalat Over N541 Billion

This is shocking! Following the failure of Etisalat Nigeria to pay up its loan amounting N541 billion, a bunch of banks, led by Access Bank PLC and other Nigerian and foreign banks have taken over the management of Etisalat NG effective from June 15th 2017.

Etisalat obtained the loans from 13 banks in 2013 which are; Guaranty Trust Bank, Access Bank, FCMB, Ecobank, Union bank, Stanbic IBTC Bank, Zenith Bank, UBA, Fidelity Bank, First Bank and other banks, to refinance its previous debt of $650 million in order to continue its network roll-out across the country. Premium Times reported that, Etisalat didn’t meet up with the deadline given to them hence the effort of Emerging Markets Telecommunications Services, EMTS falls on deaf hears since they couldn’t reach precise agreement.

EMTS Holding BV, has up to June 23 to complete the transfer of 100 percent of the company’s shares in Etisalat to the United Capital Trustees Limited, the legal representative of the consortium of banks.

Etisalat Group, the parent company of Etisalat Nigeria has already announced the takeover on Tuesday in a filing to the Abu Dhabi Securities Exchange in Abu Dhabi, United Arab Emirate.

Etisalat has been under pressure since the beginning of 2016 following the demand notice for the recovery of a $1.72 billion (about N541.8 billion) loan facility it obtained from a consortium of banks in 2015.

The current economy recession lastly nailed down the Etisalat NG, my most concern now is about their staffs… This is not good news at all!