GTB, Zenith Bank Gear Up To Takeover Etisalat Over Debt

Some foreign and Nigerian banks, including Guaranty Trust Bank Plc, Zenith Bank and Access Bank plc are reportedly gearing to take over Etisalat over a $1.72 billion (about N541.8 billion) obtained in 2015. The communication company was said to have obtained a loan for rehabilitation of its major network, but failed to meet its repayment plan to its lenders. The company was said to have blamed the current economic recession in the country for its loan default.
Efforts by the Nigerian Communication Commission, NCC, to amicably settle the matter failed, while the banks are suggesting a receivership management to manage the telecoms.

Adefola Ademosu

Source: PREMIUM TIMES

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