Today which marks women’s day Three Nigerian banks set to take over Etisalat

Nawo!even Etisalat that  is Nigeria’s fourth largest telecoms operator, with about 21 million subscribers as at January 2017, according to the NCC that started business in Nigeria in 2009, some foreign and Nigerian banks, including Guaranty Trust Bank, Access Bank and Zenith Bank, are set to take over the telecoms firm today (Wednesday).

To most extent caused by the economic recession.

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Following the failure of the company to meet its debt servicing schedule agreed since 2016, the three Nigerian banks, prodded by their foreign partners, reported Etisalat to banking sector regulator, the Central Bank of Nigeria, CBN, and its communications sector counterpart, the NCC. Although Etisalat blamed its inability to fulfil its obligation to the banks on the current economic recession in Nigeria, the banks said their attempt to recover the loan by all means was fuelled by the pressure from the Asset Management Company of Nigeria, AMCON, demanding immediate cut down on the rate of their non-performing loans. A senior official of one of the banks who spoke with PREMIUM TIMES late on Tuesday said one of the options they have proposed to Etisalat management as a middle way out of the crisis was for it to request for a bankruptcy status.