Banks take over Etisalat over $1.2 billion debt

 

Lending bankers yesterday took over telecommunications company Etisalat and subsequently announced changes in the shareholding structure of the company.


Access Bank Plc and other Nigerian banks eventually took over the management of the company, effective June 15 after a protracted $1.2 billion debt impasse. Other lenders in the loan deal are Zenith Bank, GTBank, First Bank, UBA, Fidelity Bank, Ecobank, FCMB, Stanbic IBTC Bank and Union Bank.
A source privy to the arrangement told The Guardian that the affected banks had requested a new management of the telecoms firm.

POSTED BY:OPUOMONI PRIYE
DATE:06/21/2017


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