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Farooq

Posts Tagged "etisalat"

HomePosts Tagged "etisalat"

By Stanley Carvalho ABU DHABI, July 10 (Reuters) – Telecoms group Etisalat has terminated a management agreement with its Nigerian arm and given the business time to phase out the Etisalat brand in Nigeria, the chief executive of Etisalat International told Reuters on Monday. Nigerian regulators intervened last week to save Etisalat Nigeria from collapse after […]

Akinpelu Dada, Oyetunji Abioye and Ozioma Ubabukoh The ownership structure of Etisalat Nigeria is now set to change after talks with lenders to restructure its $1.2bn (N541bn) loan failed. This came months after discussions with a consortium of 13 banks, including Guaranty Trust Bank Plc and Access Bank Plc, to restructure the loan after the […]

Stanley Opara with agency report Local banks being owed by Etisalat Nigeria have opposed a proposal by the company to convert part of the $1.2bn loan from dollars to naira and want the Abu Dhabi telecoms group, Etisalat, and its other shareholders to recapitalise the firm instead. A source and banker with knowledge of the […]

Abu Dhabi telecoms group, Etisalat, may sell its stake in Etisalat Nigeria, which has defaulted on a $1.2bn loan, but wants the company’s debt restructured before it does so, Reuters quoted two sources as informing it on Monday. The Central Bank of Nigeria and the Nigerian Communications Commission on Friday agreed with local banks to […]

  • CBN

By Emma Okonji The Central Bank of Nigeria (CBN), has halted the plan by a consortium of 13 local banks to take over the operations of Etisalat for failure to continue with the refinancing of the loan that the telecoms company took from the banks in 2013. The halt on the planned takeover, was the […]

Vice President for regulatory affairs at Etisalat Nigeria, Ibrahim Dikko, said Etisalat missed payments due to the economic downturn in Nigeria, a currency devaluation and dollar shortages on the country’s interbank market. “We are in discussions with our bankers and have been for quite a while. They have not taken over the business and we […]

By Chijioke Ohuocha LAGOS, March 8 (Reuters) – The Nigerian affiliate of Abu Dhabi-listed telecoms company Etisalat is in talks with local banks to renegotiate the terms of a $1.2 billion loan it took out four years ago after missing a payment, a senior executive told Reuters. Ibrahim Dikko, vice president for regulatory affairs at […]