Etisalat which is Nigeria’s fourth largest telecoms operator, with over 21 million subscribers commenced business in Nigeria in 2009. As at today, 08/03/2017 The 3 Nigerian banks have set to take over after the telephone operator was said to owe them $1.72 billion which is about N541 billion. This was a loan collected in 2015 which was for them to finance a major network rehabilitation and expansion of its operational base in Nigeria.
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Etisalat explained that their reason for not paying back the loan was because of the current economic recession in the country. One of the options proposed to Etisalat management as a middle way out was for it to request for a bankruptcy status which would require having receivership management appointed by the banks to oversee its operations.
However, NCC had approved the takeover, which is to occur today.
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