Home Telecommunication Networks These Three Nigerian Banks Might Take Over Etisalat Soon over N541.8 billion...

These Three Nigerian Banks Might Take Over Etisalat Soon over N541.8 billion debt

Your HTML Page

According to reports, Etisalat has an outstanding debt of N541.8 billion, and as a result, three Nigerian banks are reportedly set to take over the management of telecommunications company.

Reports also has it that Etisalat had obtained a loan facility totalling $1.72 billion (about N541.8 billion) in 2015 from a consortium of some foreign and Nigerian banks including Guaranty Trust Bank, Access Bank and Zenith Bank.


The telecommunication company that commenced operation in 2009, collected the loan to finance a major network rehabilitation and expansion of its operational base in Nigeria.

Etisalat has blamed the current recession for its inability to pay the loan. The affected banks have dragged Etisalat before the banking sector regulator, the Central Bank of Nigeria, CBN, and the NCC.

They have advised that Etisalat request for a bankruptcy status. NCC has reportedly approved the takeover of the company which is to take place today.

Hmm no wonder they shot up their browsing plans so they can extort the money from Internet subscribers and pay off their loans.. My opinion though..lolzz.. What do you think??


Please enter your comment!
Please enter your name here