Tag Archives: Etisalat

The National Assembly on Tuesday voted in favour of launching an investigation into the default on a $1.2 billion loan earlier this year by Etisalat Nigeria and into how the funds were used. Etisalat Nigeria, now called 9mobile, took out a syndicated loan from 13 Nigerian banks but failed to make repayments earlier this year. According to Reuters, “The Senate …

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The United Arab Emirates-based Etisalat Group said it will terminate all rights granted to the Emerging Markets Telecommunication Services Limited and EMTS lenders to use its Etisalat brand on Friday, July 21, 2017. The Group, in a letter with ref rence number HO/GCFO/152/105, which was addressed to the Director General of the Abu Dhabi Securities Exchange and signed by Etisalat Group’s …

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Etisalat Nigeria on Monday said it had commenced the paperwork to raise fresh capital to bolster its operations. The Chief Executive Officer, Etisalat Nigeria, Mr. Boye Olusanya, said that the company was also focused on getting back on track to making profits. Olusanya, a former Celtel (now Airtel Nigeria) executive, took over last week as the CEO of Etisalat Nigeria …

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Telecoms group Etisalat has terminated a management agreement with its Nigerian arm and given the business time to phase out the Etisalat brand in Nigeria, Reuters is reporting. Hatem Dowidar, the chief executive of Etisalat International, said the company , with a 45 percent stake in the Nigerian business, is transfering its shares to a loan trustee after the talks …

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Etisalat Nigeria has confirmed the appoint of new Board of Directors and top management a result of the on-going restructuring efforts. The new board constituted comprise of Dr. Joseph Nnanna – Chairman, Mr. Oluseyi Bickersteth, Mr. Ken Igbokwe, Mr. Boye Olusanya and Mrs. Funke Ighodaro. Mr. Boye Olusanya replace Mr. Matthew Willsher as Chief Executive Officer, while Mrs. Funke Ighodaro …

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Etisalat Nigeria, in partnership with Support Microfinance Bank, says it has made access to loans easier through the launch of its new service, KwikCash. The service, which is currently available only on the Etisalat network, was developed for subscribers who have bank accounts and need to access loans to settle urgent financial needs. “It enables customers to get instant loans …

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Just like the Nigerian Communications Commission (NCC), the leadership of the Central Bank of Nigeria (CBN) has informed the 13 banks that extended a $1.2 billion facility to Etisalat Nigeria that it would resist the move by the lenders to take over the network operator without its express approval. This was the fallout of a meeting held between CBN officials …

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A consortium of banks has taken over Etisalat Nigeria over the failure of the company to repay loans amounting to N541 billion, with the telco announcing a share restructuring on Tuesday. The telecommunications company had obtained the loans from 13 banks, including Guaranty Trust Bank, Access Bank, Zenith Bank, UBA, Fidelity Bank and First Bank. It took the loan to refinance …

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One of Nigeria’s major telecommunications companies, Etisalat, lost over 2.9 million subscribers in the last two quarters, The Punch has learnt. Findings showed that as of September 2016, there were 22.5 million active subscribers on the network but the figure dropped to 20.8 million by December. This represents a loss of 1.7 million subscribers within three months. The drop, thus, …

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The Nigerian affiliate of AbuDhabi-listed telecoms company, Etisalat, is in talks with 13 Nigerianbanks to renegotiate the terms of a $1.2 billion loan it took out four yearsago after missing a payment. At current official rate, the loan, without interest stands atN377 billion. The Vice President for Regulatory Affairs at Etisalat Nigeria, Ibrahim Dikko,said the company missed payments due to the …

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