NIGERIAN banks takeover of ETISALAT and why has Etisalat not broken even?

1

Saw a post on Nairaland today concerning the take over of Etisalat Nigeria (EMTC) by a consortium of Nigerian banks due to failure to pay up debts of about N541.8 billion.
I really dont know how this works but i assumed Mubadala the parent company of etisalat should have been able to cover the debts and keep their stakes in the company, except if i assume they have been looking for a way out.
This raises two major questions:

  1. Why has etisalat not been able to break even
  2. Why are Nigerian banks so quick to take over companies, and this leads to a more important question:
  3. What effect would this have on foreign investors desiring to pump cash into the Nigerian system?

Again i am not understanding any of this.

2

The company had a whole lot to deal with. This is not excused to any management missteps that must have characterised the company’s operations.

Part of the problem was a huge loan that was not properly thought out. Taking at 190-180 to USD1, the loan became a monster that soon consumed its total revenue and with the recession hitting the economy harder than expected, the matter turned hydra headed.

You can read here for more: https://pageone.ng/2017/06/20/nigerian-banks-finally-takeover-struggling-etisalat/

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