GTB, Zenith & Access Bank Set to Takeover Etisalat NG Over N541.8 billion Debt

1 Star2 Stars3 Stars4 Stars5 Stars (Click to Rate)
Loading...
This is not a nice story or a movie script or Nollywood scene but  unfortunately, our beloveth Etisalat is about to be taken over by 3 banks namely GTB, Zenith and Access. To add pepper to the injury, NCC according to reports, have approved the takeover.


Owing of debt is not something new because even Nigeria as a country is owing. But what baffles me mostly is that how did they manage their profits?
According to Premium Times, Etisalat collected loan facility totaling $1.72 billion (about N541.8 billion)  in 2015 from Zenith, Guarantee Trust Bank and Access bank to finance a major network rehabilitation and expansion of its operational base in Nigeria. However, the company failed to meet the debt deadline in 2016.
Blaming their inability to fulfil its obligation to the banks on the current economic recession in Nigeria. These 3 banks are bench on taking over the 4th largest telecom provider in Nigeria, Etisalat.
An insider from NCC said the commission has approved the takeover which is expected to take place today. 
Meaning Etisalat will be owned by these three banks. This is not a good news but we still await more updates on this.
ALSO READ:  HTC U Ultra receives its first software update

Get Our Hottest Updates via SMS. Kindly SMS FOLLOW GURUBASICS to 40404. On Any Network. It Is Totally FREE. Download Our Android App From HERE
To Submit Your Guest Post Or Sponsored Article, Enter HERE. Click HERE To Our Join Telegram Group
wizytechs blog-bg
Subscribe To My YouTube Channel For Latest Football Gameplay Videos... Click HERE
Join GuruBasics Telegram Channel For your latest free browsing cheat, tech news, phone reviews, tutorials and many more by clicking HERE
Download Our Android App HERE
1 Star2 Stars3 Stars4 Stars5 Stars (Click to Rate)
Loading...

Enter Your Email Address To Receive Free Updates!!!

Leave a Reply

Your email address will not be published. Required fields are marked *

GuruBasics © 2018