Report: Local Banks May Takeover Etisalat Over Unpaid Loans.

A new report via The Nation has revealed that a couple of banks in the country may take over the management of Etisalat over unpaid loans. Although the report didn’t specify how much was borrowed, it did specify that
Etisalat had already approached the Central Bank of Nigeria and the Nigerian Communications Commission (NCC) to prevent the takeover.

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Now, the Bank executives have to wait until today when the “cure period” (A time frame of 30 to 90 days during which a company that has gone into technical DEFAULT on a contractual payment is permitted to submit payment without further prejudice, and without being considered to have defaulted. Also known as GRACE PERIOD.) will end.
However, a source close to Etisalat denied any plans by the bank to take over the Telco, insisting that its management was intact, and working round the clock to offer quality services to its over 20 million customers
across the country. In his words:


“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.


H/T: The Nations.

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