Wednesday, 21 June 2017

BANKS TAKEOVER ETISALAT AS NCC,CBN TRY TO RESOLVE IMBROGLIO


A consortium of banks, led by Access Bank PLC and other Nigerian and foreign banks, has taken over the management of Etisalat Nigeria, effective June 15.

The take-over followed the collapse of the effort by Emerging Markets Telecommunications Services, EMTS, promoted by Hakeem Bello-Osagie, to reach agreement with the banks on debt restructuring plan in the protracted $1.72 billion (about N541.8 billion) debt imbroglio.

The Nigerian Communications Commission and the CBN are currently working round the clock to make sure that the issue is resolved amicably according to a source at the NCC who spoke to CKN News

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