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Foreign & Nigerian Banks Take Over Etisalat Nigeria Due to $1.72 billion Debt

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Foreign & Nigerian Banks Take Over Etisalat Nigeria Due to $1.72 billion Debt

According to report, a consortium bank leds by Access Bank, other Nigerian and foreign banks has takeover 45% management shares of Etisalat Nigeria from the Abu Dhabi company, Etisalat Group effective from June 15th.

The takeover of Etisalat Nigeria followed the collapse of the effort by Emerging Markets Telecommunications Services, EMTS, promoted by former Chairman of United Bank for Africa, UBA, Hakeem Bello-Osagie, to reach an agreement with the banks on debt restructuring plan in the protracted $1.72 billion (about N541.8 billion) debt impasse.

Etisalat Nigeria

Foreign & Nigerian Banks Take Over Etisalat Nigeria Due to $1.72 billion Debt

According to report by Reuters, EMTS Holding BV, established in the Netherlands, has up to June 23 to complete the transfer of 100 percent of the company’s shares in Etisalat to the United Capital Trustees Limited, the legal representative of the consortium of banks.

Etisalat Group, the parent company of Etisalat Nigeria, announced the takeover on Tuesday in a filing to the Abu Dhabi Securities Exchange in Abu Dhabi, United Arab Emirate.

 

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