Tag: Consortium of Banks
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Etisalat debt predicament: 13 Banks’ shareholders mount huge pressure
…ask telecoms firm to clear debt Shareholders of the 13 banks involved in the N1.2 billion loan for Etisalat Nigeria have asked the telecoms company to pay up its debt in order to guarantee the payment of annual dividends. The shareholder group told the News Agency of Nigeria in Lagos on Tuesday that the company…
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Etisalat Group willingness to release brand name conditional
United Arab Emirates-based Emirates Telecommunications Group Company (Etisalat Group) might be unwilling to release the Etisalat brand to the consortium of banks, except the banks are prepared to fulfill certain conditions. Emerging Markets Telecommunication Services Limited (EMTS), operating as Etisalat Nigeria, is using the brand name after a contractual agreement with the UAE-based telecoms giant,…
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$1.2bn loan: Etisalat Nigeria dismisses investigation reports
Embattled telecoms company, Etisalat Nigeria has dismissed reports it is under investigation by the EFCC over utilisation of the 1.2 billion dollars loan obtained from a consortium of banks. A statement by Mr Ibrahim Dikko, the Vice President, Regulatory and Corporate Affairs, Etisalat Nigeria on the company’s website in Abuja on Thursday described the reports…
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Etisalat saga: NCC reveals legal implication, assures of network integrity
The Nigerian Communications Commission (NCC) has revealed the legal implications of the takeover of Etisalat Nigeria by a consortium of banks while assuring subscribers of telecoms service provider of continuous quality service. This is coming on the heels of the change in the ownership structure of Etisalat Nigeria. The company had on Tuesday announced the…
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Consortium of banks takes over Etisalat Nigeria
After talks of Etisalat Nigeria debt restructuring plan reached stalemate, a consortium of banks will effective June 23 take over the business of Etisalat Nigeria. The parent company of Etisalat Nigeria, Etisalat Group, announced the takeover on Tuesday in a filing to the Abu Dhabi Securities Exchange in Abu Dhabi, United Arab Emirate. The filing,…
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Etisalat, what happens next? NCC narrates moves to salvage firm
…says worse is over for Etisalat The drama surrounding Etisalat has been put into perspective as the Nigerian Communications Commission yesterday at the Sheraton Hotel and Tower Ikeja, Lagos Nigeria narrated the moves so far to salvage the telecoms firm. TheNewsGuru recalls the Etisalat saga started in March, with a report that the telecoms firm…