N541.8bn debt: Access bank, others take over Etisalat

Image result for Consortium of Nigerian banks take over Etisalat over N541.8bn debtA consortium of Nigerian banks including Access Bank PLC and United Bank for Africa has taken over the management of Etisalat Nigeria.

The takeover follows deadlock in negotiations with the banks on debt restructuring plan amounting to N541.8 Billion—that’s about $1.72 billion

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The legal representative of the consortium of banks, United Capital Trustees Limited, is seeking 100 percent transfer of shares of Etisalat Nigeria to the banks.

The parent company of Etisalat Nigeria in the United Arab Emirates has a deadline of 5 pm on Friday this week to effect the shares transfers to the banks.bn

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