Premium Times is reporting that three Nigerian banks are set to take over telecommunications firm Etisalat today, Wednesday, March 8, over unpaid N541.8billion debt.
According to the report, the move follows the failure of the Nigerian Communication Commission (NCC) to broker a peaceful resolution between Etisalat Nigeria and a consortium of banks.
The banks involved are:
- Guaranty Trust Bank
- Access Bank
- Zenith Bank
However, these are not the only banks as there are also some foreign banks that have also been reportedly having a running battle with the telecoms company over the loan facility totalling $1.72 billion (about N541.8 billion) and was obtained in 2015.
Etisalat blamed its inability to fulfil its obligation to the banks on the current economic recession in Nigeria…
- Was it the increase in FX rate that caused their inability to service the dollar denominated loans ?
- Is there a link between their subscriber base and income? Etisalat has over 21 million subscribers
- Etisalat once reduced their data charges before later increasing it again (which made them lose someone like me as a data subscriber). Could this may have had either positive or negative effect on their sales/income?