Tag: Etisalat
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Buhari diverted N1.032trn, bought Keystone, 9Mobile – PDP
The Peoples Democratic Party (PDP) Presidential Cam paign Organization (PPCO) has accused President Muhammadu Buhari of diverting N1.032 trillion meant to purchase arms for soldiers fighting terrorists in the North-East to buy Keystone Bank and 9Mobile. The Presidency has challenged the PDP and its presidential candidate, Alhaji Atiku Abubakar, to bring out evidence to back…
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From Etisalat to 9mobile, from 9mobile, now formally Teleology
After metamorphosing from Etisalat, Teleology has formally taken over the management of 9mobile, and announced the constitution of a new board of directors for the company in Lagos on Monday. The constitution of the new board followed the successful completion of the tenure of the former board appointed by the Central Bank of Nigeria (CBN)…
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Access Bank gets commendation for saving Etisalat
Shareholders of Access Bank Plc have commended the bank and other members of the consortium of banks that provided the $1.2bn loan that saved Etisalat (now 9mobile) from collapsing. The shareholders stated this at the bank’s 29th Annual General Meeting (AGM) in Lagos on Wednesday. Mr Bayo Adeleke, immediate past Secretary, the Independent Shareholders Association…
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Etisalat gives 3 weeks ultimatum to phase out of Nigeria completely
Etisalat has announced pull-out from Nigeria, giving a 3-week ultimatum to phase out of the country completely, after loan restructuring talks collapsed, according to a Reuters report. The Abu Dhabi’s telecoms firm operating in Nigeria as Emerging Markets Telecommunication Services Limited (EMTS), otherwise known as Etisalat Nigeria, terminated its management agreement and gave the business…
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NCC debunks membership of Etisalat’s new board
The Nigerian Communications Commission (NCC) has said that it was not among the members of the new board of Etisalat. The Director of Public Affairs, NCC, Mr Tony Ojobo said this in a statement on Saturday in Lagos. Ojobo said that the attention of the commission had been drawn to a report by some media…
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Etisalat update: Why Chairman Osagie is resigning
The Chairman of Emerging Markets Telecommunication Services Limited (EMTS) operating Etisalat Nigeria, Hakeem Bello-Osagie, has resigned, and a source has disclosed why the boss is stepping down. The source closed to the matter disclosed on Friday that the Chairman is resigning following the approval of a restructuring plan for the embattled telecoms firm by its…
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$1.2bn loan: Hakeem Belo-Osagie resigns as Etisalat chairman
The chairman of Etisalat Nigeria, Hakeem Belo-Osagie, has stepped down following the restructuring of the telecommunication company. His resignation is effective immediately. Etisalat was taken over by a consortium of banks two weeks ago. The banks, led by Access Bank PLC and other local and foreign banks have taken over the telecommunication company effective June…
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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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$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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$1.2bn loan: Banks refute takeover of Etisalat Nigeria
Consortium of 13 banks involved in Etisalat Nigeria loan on Thursday refuted reports that they have taken over the operations of the company. A management source close to the banks who pleaded anonymity told newsmen in Lagos that there was no truth in the report making the round. The source said that the banks major…