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Banks Take Over Telco Giants Etisalat Due To Massive Outstanding Debts

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A syndicate of banks which includes Access bank has taken over the administration of Etisalat Nigeria. This new development would be effective from June 15 2017. The incident was followed by the collapse of the effort issued by emerging markets telecommunications service, EMTS, promoted by the chairman United Bank For Africa UBA, Hakeem Bello-Osagie, to reach agreement with the banks on debt restructuring plan in the protracted and 1.72 billion debt impasse. EMTS has up to June 23 to complete the transfer of 100 percent of the company’s shares in Etisalat to the united capital trustee limited, the legal representative of the consortium of banks. Etisalat Nigeria made known the takeover on Tuesday in the filling to Abu Dhabi securities exchange in United Arab Emirates. The filing which was passed today and signed by Etisalat group chief financial officer Serkan Okandan, said efforts by EMTS to restructure the repayment of the syndicated loan by a consortium of banks to Etisalat Nigeria collapsed.Photo Credit: Getty

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