L
LequteMan
Guest
According to a report from the Nation, Etisalat Nigeria is in heavy debt and may be sold off.
It's gathered that the telecom firm got a loan from a consortium of local banks about two years ago and have been unable to repay it completely.
A senior Executive officer at the bank reportedly said the repayment is difficult considering Nigeria's condition: “Yes we raised funds from a consortium of banks about two years ago in the country. We have been making conscious efforts to repay the debts and we have indeed repaid part of it. We are engaging with the banks, negotiating with them with a view to coming out with a method of repaying the loan."
The creditors are said to be waiting until today, March 7, when the “cure period” (a period of time when a party that breaches a contract can remedy the breach without penalty) will end to take action.
It's reported that the creditor banks plan to approach the Nigerian Communication Commission (NCC) “to update the Executive Vice Chairman Prof Umar Danbatta of the situation before any overture is made to possible buyers” for the company”.
Etisalat has approached the CBN to intervene in the matter but it seems the creditor banks are keen on taking over the firm.
It's gathered that the telecom firm got a loan from a consortium of local banks about two years ago and have been unable to repay it completely.
A senior Executive officer at the bank reportedly said the repayment is difficult considering Nigeria's condition: “Yes we raised funds from a consortium of banks about two years ago in the country. We have been making conscious efforts to repay the debts and we have indeed repaid part of it. We are engaging with the banks, negotiating with them with a view to coming out with a method of repaying the loan."
The creditors are said to be waiting until today, March 7, when the “cure period” (a period of time when a party that breaches a contract can remedy the breach without penalty) will end to take action.
It's reported that the creditor banks plan to approach the Nigerian Communication Commission (NCC) “to update the Executive Vice Chairman Prof Umar Danbatta of the situation before any overture is made to possible buyers” for the company”.
Etisalat has approached the CBN to intervene in the matter but it seems the creditor banks are keen on taking over the firm.
