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Friday, March 10, 2017

Zenith, Access And GTB Set To Takeover Etisalat Ng!!!

In what is an interesting development, Etisalat Ng is set to be taken over by banks over debts after the takeover bid was reportedly approved by the NCC.

Premium Times reports that Etisalat had collected loan facility totaling a whooping $1.72 billion (approx N541.8 billion) in 2015 from 3 different banks (Access bank,, Zenith Bank and Guarantee Trust Bank) to finance a major network rehabilitation and expansion of its operational base in Nigeria. 

Etisalat has however failed to meet the debt payment deadline that was set for last year, 2016.
Etisalat has blamed the economic recession situation in the country (Nigeria) for their inability to meet the set deadline for paying of the accrued debt.
The 3 banks involved are subsequently set to take over 4th largest telecom provider in Nigeria.

It is yet to be seen what this takeover would mean to loyal Etisalat subscribers, but I guess we'll all have to wait and see how the situation unfolds
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