Access Bank, others take over Etisalat Nigeria over $1.72 billion (about N541.8 billion) debt
Access Bank, others take over Etisalat Nigeria over $1.72 billion (about N541.8 billion) debt A group of Nigerian and foreign banks led by Access Bank PLC have taken over the management of Etisalat Nigeria following a collapse of efforts to reach an agreement with the banks on debt restructuring plan in the protracted $1,72 billion debt impasse. The takeover became effective as at June 15th. Emerging Markets Telecommunication Services, EMTS, promoted by a former Chairman of United Bank for Africa, UBA, Hakeem Bello-Osagie, had been making efforts to arrive at an agreement on debt restructuring plan but the failure of that led to the takeover by the consortium of banks. However, EMTS Holding B.V. has up to June 23 to complete the transfer of 100 percent of the company’s shares in Etisalat to the legal representative of the consortium of banks, United Capital Trustees Limited. Etisalat Group made this known on Tuesday in a filing to the Abu Dhabi Securi...