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Takeover of Etisalat comes after years of crisis

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The takeover of Etisalat Nigeria by Access Bank PLC and 12 other Nigerian and foreign banks, comes after almost two years of crisis for the telecoms company.

The takeover followed the collapse of the effort by Emerging Markets Telecommunications Services, EMTS, to reach agreement with the banks on debt restructuring plan in the protracted $1.72 billion (about N541.8 billion) debt crisis..

The loan, which involved a foreign-backed guaranty bond, was for the mobile telephone operator to finance a major network rehabilitation and expansion.

Nigerian Communications Commission (NCC) in a statement Wednesday said that the commission’s attention had been drawn to the planned takeover by the consortium of banks.

The Director, Public Affairs of NCC, Mr Tony Ojobo, said that the regulatory body was aware of the indebtedness of Etisalat to the consortium.

According to him, the NCC in conjunction with the Central Bank of Nigeria (CBN), has mediated by holding several meetings with the banks, Etisalat and other stakeholders to find a solution.

“Regrettably, these meetings did not yield the desired results.

Despite remaining a familiar sight in the communications industry in Nigeria, the telecoms firm haven’t booked significant profit since 2016.

Recent woes cast a pall over the firm’s storied history, with experts speaking to Per Second News saying that the biggest mistake has been investing too much money in marketing at the expense of its products.

The NCC and CBN waded into the matter to ensure an amicable resolution of the issue.

However, after three months of fruitless deliberations, the consortium of banks is finally taking over the telecommunications company.

 
 

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I started creating content at age 9 – Layi Wasabi …….I felt I needed a tour guide for Anikulapo’s set- Layi Wasabi From making funny skits on Instagram to appearing in Kunle Afolayan’s blockbuster movie, Anikulapo, Olayiwola Isaac, popularly known as Layi Wasabi, is making efforts to keep exploring the entertainment industry. In this interview with DAVID ADEBAYO, Layi shares his journey into skit-making, acting, and more that should be expected from him. PSN: You became popular with skit making, and suddenly, you are in the face of everybody. Now everybody wants to see you beyond Instagram. You have transitioned into acting, and it seems you started on the right footing with Anikulapo. Does your quickness surprise you? Layi: Okay, let me describe the feeling like this: You know, when you’re a child and you put your leg into your father’s shoes, you know you will walk around in those shoes, feeling funny and wobbling. That was how being on the Anikulapo set felt to me. 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