Sunday, September 7, 2025
24.9 C
Lagos

Etisalat Risks Take-over by Banks over N377bn Debt

Etisalat Nigeria may be taken over by a consortium of banks over a debt of N377 billion hanging on the telco since four years ago.

In 2013, Etisalat took a loan of $1.2 billion from the banks for network expansion and modernization but has failed to keep up with the repayment terms, triggering the current attempt by the banks to take over the telecom firm.

Mr. Ibrahim Dikko, Vice-President for Regulatory Affairs at Etisalat blamed the economic recession in the country for the inability of Etisalat to make the necessary repayments to the banks as at when due. “We are in discussions with our bankers and have been for quite a while. They have not taken over the business and we are hoping that we can resolve the issue and find a way to renegotiate terms,” Dikko told Reuters.

spot_img
spot_img

Hot this week

Nigeria, Brazil Central Banks Deepen Economic, Financial Co-operation

Nigeria’s Central Bank Governor, Olayemi Cardoso, has held talks...

Ecobank Nigeria to Host Second Edition of Design & Build, Showcasing Premier Innovators in Design, Construction

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

Expert: Fintech, Financial Inclusion Critical for Sustainable Growth of Nigerian Economy

A renowned economist, Dr. Biodun Adedipe, the Chief Consultant/CEO,...

Sterling Bank Marks One Year of Africa’s Groundbreaking Core Banking System

Number one Best Workplace in Banking in Nigeria and...

Topics

Jubilation as Agama Assumes Office as Acting SEC DG

The staff of Securities and Exchange Commission (SEC) were...

‘Reappointment of OPEC Scribe, Barkindo, a Factor of Stability for Global Oil Markets’

The African Energy Chamber (EnergyChamber.org) salutes the re-appointment of H.E....

NCC Orders Immediate Reactivation of Lines Affected by NIN-SIM Verification Issues

Over the weekend many telecom subscribers/consumers were unable to...

The Bamishe Family Buries Matriarch in Grand Style

L-R:  Idowu Baderin, second daughter of the deceased; Jide...

P + Measurement Partners PR Experts to Discuss Industry Issues

In a bid to fully evaluate and sustain communication...

Stanbic IBTC Emerges Winner at 2022 Cosmopolitan The Daily Business Awards

Stanbic IBTC Bank Plc, a subsidiary of Stanbic IBTC...

Dell Expands Open Networking Software Range with New Dell OS10

Dell has extended its reach in Open Networking with...

Ecobank Named ‘Best Retail Bank in Nigeria 2020’ – Asian Banker Awards

Ecobank Nigeria has been named the Best Retail Bank...
spot_img

Related Articles

Popular Categories

spot_imgspot_img