Three Nigerian banks, Guaranty Trust Bank, Access Bank and Zenith Bank. are reportedly set to take over the management of telecommunications company, Etisalat, over unpaid N541.8 billion debt.
Woah, lack of Data Subscribers due to High Data plan Rates? That must be the reason etisalt went into such debt that led to a crash.
Etisalat in Nigeria has the highest Data rate plan that comes with a poor network service so far as far as i’m concerned.
But how did Airtel NG survive?
According to reports, Etisalat had obtained a loan facility totalling $1.72 billion (about N541.8 billion) in 2015 from a consortium of some foreign and Nigerian banks including Guaranty Trust Bank, Access Bank and Zenith Bank.
The telecommunication company that commenced operation in 2009, collected the loan to finance a major network rehabilitation and expansion of its operational base in Nigeria.
Etisalat has blamed the current recession for its inability to pay the loan. The affected banks have dragged Etisalat before the banking sector regulator, the Central Bank of Nigeria, CBN, and the NCC.
They have advised that Etisalat request for a bankruptcy status. NCC has reportedly approved the takeover of the company which is to take place today.
No way. Etisalat users are gonna face the music. These three banks mentioned also have proven to have the worst banking experience ever.I never enjoyed banking with access bank let alone GTB or Zenith, Handing telecommunication to them is like pouring water in a basket. Etisalat will be so ruined in the management of those banks.
I repeat No way
Read Also:How to Fix Your Nintendo Switch Joy-con Sync Issues (video)