Wawu!! Access Bank, others take over Etisalat Nigeria due to N541 billion Debt
According to a report from PREMIUM TIMES, the management of Etisalat Nigeria has been handover to a consortium of banks, led by Access Bank PLC and other Nigerian and foreign banks since June 15 2017.
The takeover followed the collapse of the effort by Emerging Markets Telecommunications Services, EMTS, promoted by-one time Chairman, United Bank for Africa, UBA, Hakeem Bello-Osagie, to reach agreement with the banks on debt restructuring plan in the protracted $1.72 billion (about N541.8 billion) debt impasse.
However, EMTS Holding BV, established in the Netherlands, 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, announced the takeover on Tuesday in a filing to the Abu Dhabi Securities Exchange in Abu Dhabi, United Arab Emirate.
The filing, with reference number Ho/GCFO/152/85, and dated June 20, 2017 signed by Etisalat Group Chief Financial Officber, Serkan Okandan, said efforts by EMTS to restructure the repayment of the syndicated loan by a consortium of banks to Etisalat Nigeria collapsed.
Read full gist Here
You may be interested
MTN Unlimited Free Browsing Blazing Hot With Hammer VPNFemtop - February 11, 2019
While you all are still enjoying your daily MTN free browsing via Combo VPN, another better offer is here with…
Long-Term Review Of Itel S33 (LIVE)Femtop - February 11, 2019
Long-Term Review Of Itel S33 - One of the biggest announcements from Itel Mobile in 2018 was the introduction of…
Discount Sales: Buy MTN Data N500 For 1GB, 2GB For N1000 and MoreFemtop - February 11, 2019
February 1, 2019 make it 1 year since we launched our cheap MTN data services at the rate of (1GB…