According to Premium Times, three banks are set to take over Etisalat Nigeria today Wednesday over N541.8 Billion Debt.
The banks include Guaranty Trust Bank, Access Bank and Zenith Bank, over a loan facility totaling $1.72 billion (about N541.8 billion) obtained in 2015. The loan was for Etisalat to finance a network rehabilitation and expansion drive in Nigeria.
Etisalat however, blamed its inability to fulfill its obligation to the banks on the current economic recession in the country. However, a top source at the NCC said late Tuesday that the commission had approved the takeover, which is expected to occur today.
Etisalat is Nigeria’s fourth largest telecoms operator, with about 21 million subscribers as at January 2017, according to the NCC. It commenced business in Nigeria in 2009.