3 Nigerian banks set to take over Etisalat today over N541.8 billion debt

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.

An Etisalat experience centre on the Lagos Island; one of the company's assets that now be forfeited to the banks.

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:

1. Guaranty Trust Bank

2. Access Bank

3. 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.

The report says the loan involved a foreign-backed guaranty bond and was given to Etisalat to finance a major network rehabilitation and expansion of its operational base in Nigeria.

After failing to service its debt since 2016, the banks reported the company to the Central Bank of Nigeria and communications sector regular NCC.