Royal Times of Nigeria.
  • News
    • Politics
    • World
  • Opinions
    • Editorial Opinion
    • Advertorial
  • Metro
  • Lifestyle
  • Foreign
  • Sports
  • Editorial Policy
TRENDING
Five NYSC Members to Repeat Service in Sokoto
Bayo Lawal To Act As Oyo Governor For...
Thieves storm Katsina Government House, steal N31m
President Buhari Vows Safe Rescue Of Kaduna Train...
Farm Workers Allegedly Kill Owner In Kwara
Anyone Who Says Nigeria Is Fine Needs To...
No Going Back On Tariff Hike On Calls,...
Pope: Catholics slam Lalong, demand apology
Presidential pardon: EFCC to prosecute three indicted persons
Federal Government unveils plans for 1,130 artefacts stolen...
Federal Government secures convictions for 312, other criminal...
American modeler apprehended for killing Nigerian spouse
France firefighters battle ‘monster’ wildfire near Bordeaux
Plateau Governor debunks allegation of seeking for vice-presidential...
Ebonyi Governor reveals basic problem of Nigeria, claims...

Royal Times of Nigeria.

Banner
  • News
    • Politics
    • World
  • Opinions
    • Editorial Opinion
    • Advertorial
  • Metro
  • Lifestyle
  • Foreign
  • Sports
  • Editorial Policy
News

Nigeria mulls intervention to rescue Etisalat

written by Taiwo Adediran June 21, 2017
Nigeria mulls intervention to rescue Etisalat
Etisalat Nigeria announces changes in shareholding.

Embattled Etisalat Nigeria, a telecom giant, may get respite as key institutions are reported to be finding a solution to its financial predicament.

The company has not been able to meet its financial obligation to 10 consortium of banks, necessitating a change in shareholding.

Therefore, a meeting between the officials of Etisalat Nigeria, Nigerian Communications Commission (NCC), the Central Bank of Nigeria (CBN) and a consortium of banks has been scheduled for Wednesday.

This is to fine find a resolution to the debt crisis troubling the telecoms company.

The Nigerian institutions have been meeting with the creditor banks to brainstorm to save Etisalat Nigeria from breaking down.

The company is still indebted to the banks to the tune of $1.7billion since 2013 when the loans were first structured.

The three parties are also expected to issue a joint statement on the matter soon.

Emerging Markets Telecommunication Services, the parent company of Etisalat Nigeria, informed the Abu Dhabi Securities Exchange that a group of Nigerian commercial banks refused to agree to the restructuring of the debt.

The telecoms group said in a statement that its total shares in Etisalat Nigeria have been transferred to United Capital Trustees Limited.

The deadline for the transfer of the shares has been agreed to extend till 5:00 pm Nigerian time on Friday, June 23.

Abu-Dhabi based Etisalat group established Etisalat Nigeria with effective 45 per cent and 25 per cent ordinary and preference shares respectively.

Mr. Ibrahim Dikko, Vice President, Regulatory & Corporate Affairs of Etisalat Nigeria, said in a statement on Tuesday that the company had begun changes in shareholding in line with its restructuring measures to redress problem of its huge debt.

Emerging Markets Telecommunications Services, EMTS is promoted by-one time Chairman, United Bank for Africa, UBA, Hakeem Bello-Osagie.

Etisalat had failed to reach agreement with the banks on debt restructuring plan in the protracted $1.72 billion (about N541.8 billion) debt impasse.

EMTS Holding BV which was established in the Netherlands, has up to June 23 to transfer of 100 per cent of the company’s shares in Etisalat to the United Capital Trustees Limited, the legal representative of the consortium of banks.

Etisalat Nigeria can confirm discussions are on-going regarding other issues such as the trading name during this transition phase.

The telecommunication outfit also said it had started negotiations with the consortium of lenders which were considering a number of possible options.

“Operations and services to our subscribers remain normal and will in no way be affected as we continue to deliver quality services to our subscribers,’’

“We will continue to tap into the rich, creative and innovative resources within our workforce to build a stronger business upon the stable foundation we have laid in our nine years of operations.’’

Etisalat has expressed gratitude to the government, NCC and CBN for their patriotic zeal and tireless efforts at ensuring collaborative and productive engagement.

Join our twitter community :

Follow @royaltimesng
0 comment
0
Facebook Twitter Google + Pinterest
Taiwo Adediran

previous post
FG appeals CCT acquittal of Saraki
next post
Police nab Ekiti traditional ruler for impersonation

You may also like

President Buhari didn’t pledge one term presidency –...

April 11, 2018

EFCC discovers N250m cash at Balogun market in...

April 11, 2017

NECO releases June/July 2017 results

September 14, 2017

Fani-Kayode: CIA murdered Abacha, MKO Abiola; OBJ, IBB...

June 18, 2021

Five convicted for UTME examination malpractice

May 6, 2019

121 Nigerians killed in South Africa yet FG...

July 29, 2018

Court releases 475 Boko Haram suspects for rehabilitation

February 19, 2018

Nigerians Disapprove Baba Ijesha GoFundMe account

July 9, 2021

Flood displaces 452 in Bauchi state

September 13, 2017

Federal Government pays 20 whistle blowers 375 million...

June 7, 2017

Leave a Comment Cancel Reply

Facebook
  • Meet WiNQY: The Entertainment & Media Professional Here To Make A Mark

    July 27, 2022
  • July 25, 2022
  • Fans celebrate Wizkid as he clocks thirty-two

    July 16, 2022
  • Sound Sultan’s posthumous project “Reality CHQ” drops

    July 11, 2022
  • Wizkid expresses love for Burna Boy, Davido at Afronation concert

    July 4, 2022
  • Women’s Africa Cup of Nations: Super falcons set to meet Morrocco

    July 18, 2022
  • Dembele Ends speculation agrees two years deal with Barcelona

    July 14, 2022
  • Martinez in advanced talks with Manchester United

    July 14, 2022
  • Super Falcons head coach said Top Level Performance needed to Beat Cameroon

    July 14, 2022
  • The Super Falcons arrives Casablanca, Morocco ahead of quarter-final clash against Cameroon

    July 13, 2022
  • Facebook
  • Twitter
  • News
    • Politics
    • World
  • Opinions
    • Editorial Opinion
    • Advertorial
  • Metro
  • Lifestyle
  • Foreign
  • Sports
  • Editorial Policy

@2017 -Royaltimes of Nigeria. All Right Reserved.

Posting....