Saturday , May 28 2022

Lenders’ Day! Full List of Banks that have taken Over Etisalat for Failure to Pay Debt

This is a trending business gist. One of Nigeria’s telecommunication companies, Etisalat has now been taken over by ten major Nigerian lenders.

The lenders include:

1. Zenith Bank

2. GT Bank

3. First Bank

4. UBA,

5. Fidelity Bank

6. Access Bank,

7. Ecobank,

8. FCMB

9. Stanbic IBTC Bank and

10. Union Bank.

The take-over came as a result of a futile 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.

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About Chinenye Nwabueze

Nwabueze is a communication researcher with several years of lecturing experience in Nigerian universities.

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3 comments

  1. Ezike Onyeka Emmanuel

    This is too much. Etisalat is in trouble. How can they own ten banks running into billions of dollars. But come to think of it. how come these same banks find it difficult to give loans to Small and medium scale enterprises (SMEs),to fund their business. but they give loans to top shot firms. our banking system needs to improve.

    Quiz no:86, Group :10.

  2. An epitome of a company gone moribund. Too bad.

  3. UMEAKU SOMTO ONYEDIKA

    I smell their extinct
    NA them no wetin dem dy find

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