20 Jun 2017

Access Bank, others take over Etisalat Nigeria over N541 billion Debt

This are troubled times for my favourite netwotk.

Access Bank PLC, other Nigerian and foreign banks, have taken over the management of Etisalat Nigeria. This took effect on June 15.

This is following 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 an agreement with the banks on debt restructuring plan in the protracted $1.72 billion (about N541.8 billion) debt impasse.

However, EMTS  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.

Culled from Premium Times.