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3 Nigerian banks takeover #Etisalat today over unpaid N541.8 billion debt


The Nigerian Communication Commission, NCC, tried to broker  resolution between Etisalat Nigeria and a consortium of banks.

The Nigerian banks, including Guaranty Trust Bank, Access Bank and Zenith Bank, have been having a running battle with the mobile telephone operator over a loan facility totalling $1.72 billion (about N541.8 billion) obtained in 2015.

The loan, which involved a foreign-backed guaranty bond, was for Etisalat to finance a major network rehabilitation and expansion of its operational base in Nigeria.

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