Etisalat Nigeria 4G LTE launched

Writer and Social entrepreneur.

Recall that earlier this week there was a report that a couple of banks in the country may have to take over the management of Etisalat over unpaid loans. but presently, it is seeming like that is not going to happen even though the news about the loan is true.

The Nigerian Communications Commission and the Central Bank of Nigeria have waded into the matter and put a halt to any ongoing proceedings which might lead to any form of takeover. This was the resolution made at the meeting between the affected parties and the mediators.

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According to the Spokesman for the NCC, Tony Ojobo, he said that, “Friday’s meeting succeeded in halting the attempt by Etisalat’s creditors at bringing it under any form of take over”.

”Receivership was completely taken off the table in a meeting that was very productive and constructive”.

”The meeting, which held at the CBN office in Lagos, had the consortium of banks being owed and Etisalat in attendance. The banks and the mobile network operator agreed to concrete actions that will bring all parties closest to a resolution,”

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”A meeting will hold on March 16 to agree on a payment restructuring path going forward. ”The NCC will lead the CBN in a possible crucial meeting with Etisalat’s shareholders anytime soon”, he said.

i really do not know why or how this very huge loan came about for Etisalat, but it seems like whatever they might have taken it for isn’t paying, maybe YET.

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Access Bank Plc confirmed last Thursday that it’s share of the loan was up to USD131 million (this would run into billions in naira). The bank’s impairment charges went up beyond analyst estimates. GTBank and Zenith Bank were all affected by the pile of such loans in their books. In its 2016 full year result released late last week, GTBank disclosed it booked over 400% increase in impairment charges year on year.

Now, if you’re owing this much to just one bank, how much would you be owing the three banks combined? I really think our telcos are not recouping and making profits as they should, so they tend to transfer the aggression and losses on customers which explains the high airtime and data price.