Business Access Bank, Others Take-over Etisalat Nigeria

#1
Access Bank PLC and other Nigerian and foreign banks, has taken over the management of Etisalat Nigeria, effective June 15, a statement from Abu Dhabi Securities Exchange in Abu Dhabi, United Arab Emirate stated.

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

However, 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 Banks.JPG

It is reported that the parent company, Etisalat Group, made the announcement on Tuesday on the floor of the Abu Dhabi Securities Exchange, United Arab Emirate.

More to come....
 
[2006]
curator

curator

Administrator
Curators
#2
what has been the response from Etisalat NG
 
kayode ajayi

kayode ajayi

KayJay
#3
Can Access, a bank managed a telecom coy? I hope it won't kill this flying bird.
 
M

Mary Bola

New Member
#4
Oh, trouble for Etisalat NG
 
P

ProfRem

Guest
#5
Can Access, a bank managed a telecom coy? I hope it won't kill this flying bird.
They may sell or get a receiver.... Globalcom is rumored to acquire the trouble network
 
kayode ajayi

kayode ajayi

KayJay
#6
They may sell or get a receiver.... Globalcom is rumored to acquire the trouble network
If Glo acquire it, the better but receivership may lead to involuntary winding up of Etisalat.
 
P

ProfRem

Guest
#7
If Glo acquire it, the better but receivership may lead to involuntary winding up of Etisalat.
The group is going with its name - Etisalat
 
E

eonwukaeze

Member
#8
What does this mean to Etisalat Nigeria?
 
curator

curator

Administrator
Curators
#9
Can Access, a bank managed a telecom coy? I hope it won't kill this flying bird.
They will appoint a team to manage it. Looks like Etisalat could not manage themselves either.
 
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