According to reports, three Nigerian banks will be taking over the management of telecommunications company, Etisalat, over unpaid N541.8 billion debt.
The report states that Etisalat had obtained a loan facility totalling $1.72 billion (about N541.8 billion) in 2015 from a consortium of some foreign and Nigerian banks including Guaranty Trust Bank, Access Bank and Zenith Bank.
Etisalat has blamed the current recession for its inability to pay the loan. The affected banks have dragged Etisalat before the banking sector regulator, the Central Bank of Nigeria, CBN, and the NCC.They have advised that Etisalat request for a bankruptcy status. NCC has reportedly approved the takeover of the company which is to take place today.