Etisalat NG is in trouble! Despite the intervention of Nigeria Communication Commission, NCC, to settle the issue between Etisalat and three other banks (GTB, Zenith and Access bank) was not successful, as the banks are set to take over Etisalat today (Wednesday). Let me say “even NCC has approved the takeover”.
The association of foreign banks and nigeria banks including Zenith, GTB and Access Bank have been battling with Etisalat over the $1.72 billion (about N541.8 billion) money Etisalat loaned in 2015 to expand their network operation in Nigeria. However, Etisalat failed to meet the debt deadline in 2016.
Although Etisalat blamed its inability to fulfill its obligation to the banks on the current economic recession in Nigeria. A report says NCC has already approved Zenith, Access and GTB to takeover Etisalat today.
This is a sad news for the three banks to takeover our beloveth Etisalat, the 4th largest Telecom operators in Nigeria but let’s wait for more updates about the issue.
What do you have to say about this?