The recession seems to have eaten deep in some Establishments than another, reports reaching says some Nigerian Banks including Guaranty Trust Bank, Access as well as Zenith Bank may likely takeover Etisalat today over its failure to pay up about N541.8 billion Debt
According to Premium Times, Etisalat Nigeria was said to have been granted a loan totaling $1.72 billion (about N541.8 billion) in 2015 from those to finance its network rehabilitation and expansion of operational base in the country. but has since then failed to meet up with debt deadline in 2016:
“The loan, which involved a foreign-backed guaranty bond, was for Etisalat to finance a major network rehabilitation and expansion of its operational base in Nigeria.
However, following the failure of the company to meet its debt servicing schedule agreed since 2016, the three Nigerian banks, prodded by their foreign partners, reported Etisalat to banking sector regulator, the Central Bank of Nigeria, CBN, and its communications sector counterpart, the NCC.
Although Etisalat blamed its inability to fulfil its obligation to the banks on the current economic recession in Nigeria, the banks said their attempt to recover the loan by all means was fueled by the pressure from the Asset Management Company of Nigeria, AMCON, demanding immediate cut down on the rate of their non-performing loans.”
in their defense, Etisalat was said to have Blamed the country current economic situations for her inability to meet up with deadline and as a results was unable to pay back to the banks.
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The report also maintain that a “top source at the NCC said late Tuesday that the commission had approved the takeover, which is expected to occur today.” You can read the full Premium Times report HERE.