For the past few months, Etisalat Nigeria has been in a tough and challenging time considering this current economy recession has affected their activities. It was earlier reported how GTBank, Access Bank and Zenith Bank had wanting to takeover the telecom over unpaid loan of N541 billion.

Well, It seems the telecom is in hot soup as the latest news which revealed that they have been acquired. A consortium of banks led by Access Bank PLC and other Nigerians and foreign banks has taken over the management of Etisalat NG effective from June 15th 2017.

Etisalat Group, The parent company of Etisalat Nigeria has already announced the takeover on Tuesday in a filling to the Abu Dhabi Securities Exchange in Abu Dhabi, United Arab Emirate.

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EMTS Holding BV, Has up to June 23 to complete the transfer of 100 percent of the company’s shares in Etisalat to the United Capital Trustees Limited, the legal representative of the consortium of banks.

Etisalat has been in coercion since the beginning of 2016 following the demand notice for the recovery of a $1.72 billion (about N541 billion) loan facility it obtained from a consortium of banks in 2015.

What Do You Think Will Happen To The Staffs…?



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