A consortium of
banks, led by Access Bank PLC and other Nigerian and foreign banks, has taken
over the management of Etisalat Nigeria, effective June 15.
This is as a result of the
failure of the company to repay loans amounting to 541 billion Naira.
Etisalat Group based in the
United Arab Emirates informed the Abu Dhabi Securities Exchange that a group of
Nigerian commercial banks have refused to agree to the restructuring of 541
billion Naira debt owed by the company.
A statement issued on Tuesday by
the telecoms group, said its total shares in the subsidiary, Etisalat Nigeria
have been transferred to United Capital Trustees Limited.
The deadline for the transfer of the shares has been
agreed to extend till 5:00 pm Nigerian time on Friday, June 23.
Abu-Dhabi based Etisalat group established Etisalat
Nigeria with effective 45 per cent and 25 per cent ordinary and preference
shares respectively.
Reuters quoted an official of Etisalat Nigeria as saying
that discussions with the group of Nigerian commercial lenders are ongoing to
find a ”non-disruptive” solution to the 1.2 billion U.S. dollar-debt.
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