Etisalat Nigeria Kicks As 3 Banks Move To Takeover Its Management Over Unpaid Loans

It all began in 2013 when Emirates Telecommunications Group (Etisalat) signed a $1.2 billion medium-term facility with three Nigerian banks (Guaranty Trust Bank (GTB), Zenith and Access Banks).The loans were reportedly taken in other to refinance an existing $650 million loan and to enable the brand fund the modernisation of its network.


Four years down the line, the bank has failed in off-setting the loans and now the three banks have allegedly assumed the control of the Telco as a result. The unpaid loans is to tunes of N541 billion as of 2015.

According to reports, Etisalat couldn't pay these loans due the economic downturn rocking the country coupled with the unstable dollar price.

It was also gathered that the Telco has also reached out to the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) for their intervention to prevent these banks from taking over the management of their banks.