Three Nigerian banks are set to takeover telecom giant etisalat today over debt of N541.8 billion as effort by the Nigerian Communication Commission, NCC, to broker a peaceful resolution between Etisalat Nigeria and a consortium of banks has failed.
The consortium of some foreign and Nigerian banks, including Guaranty Trust Bank, Access Bank and Zenith Bank, have been having a running battle with the mobile telephone operator over a loan facility totalling $1.72 billion in 2015.
The loan, was for Etisalat to finance a major network rehabilitation and expansion of its operational base in Nigeria.
Etisalat blamed its inability to fulfil its obligation to the banks on the current economic recession in Nigeria
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