Lawmakers to probe takeover of Etisalat Nigeria by 9Mobile

The House of Representatives has mandated its Committee on Telecommunications to conduct investigation into the takeover of Etisalat by 9Mobile. The committee which is to report back to the House in eight weeks is to ascertain what led to the exit of Etisalat. The decision of the House followed the adoption of a motion on […]

Read More

Fidelity Bank takes 5 pct impairment charge on 9mobile loan

Nigeria’s Fidelity Bank has taken a 5 percent impairment charge on a ₦17.3 billion ($55 million) loan to Etisalat Nigeria, now called 9mobile, Fidelity Chief Executive Nnamdi Okonkwo said on Wednesday, in line with a Central Bank of Nigeria (CBN) request. Etisalat Nigeria took out a $1.2 billion syndicated loan from a group of 13 […]

Read More
Nigeria Senate Assembly

4,000 workers may lose job over $1.2bn Etisalat loan: senate

The Senate, yesterday, warned that about 4,000 jobs may be lost in the telecommunications industry, unless the relevant government agencies move swiftly to salvage the fallout of the takeover of 9mobile (Etisalat Nigeria), by 13 local banks. The Red Chamber has therefore called on all relevant financial intelligence agencies of the Federal Government to investigate […]

Read More
UBA House

UBA takes 30% haircut on 9mobile loans

Pan-African banking outfit, United Bank for Africa (UBA) Plc, said it has made provisions on loans to 9mobile, the mobile operator formerly known as Etisalat Nigeria. The bank did not give details of the provision but said it had a ₦38 billion ($125 million) exposure to 9mobile. UBA said the exposure was secured. It can […]

Read More
Zenith Bank

Zenith Bank take 30% impairment on Etisalat loan

The Chief Executive of Nigeria’s Zenith Bank Plc, has said it has made a provision on 30% of its loan to 9mobile, the country’s fourth largest telecoms group formerly known as Etisalat Nigeria. The bank’s GMD, Mr. Peter Amagbo said: “We have taken about 30 percent … as a provision which we believe is very […]

Read More
access bank

Access Bank hints at taking impairment on ₦11bn Etisalat loan

Foremost Nigerian financial institution, Access Bank Plc’s Group Managing Director Herbert Wigwe has hinted that the bank may take up Etisalat of the UAE for walking away from the loans taken from the bank. The consortium of banks has taken an impairment on the loan lent to the company. They also made provisions for loans […]

Read More

Etisalat records 14.7 pct fall in profit in Q2

United Arab Emirates-based telecoms operator Etisalat posted a 14.7 percent drop in second quarter net profit attributable to shareholders as impairments rose, its full financial report showed on Thursday. The country´s largest telecoms operator issued a statement on Wednesday to say its net profit rose 6 percent, but it did not provide a breakdown of […]

Read More

$2 billion required to resolve Etisalat debt issue

Nigerian Communications Commission (NCC) says resolving the Etisalat debt issue is an incentive to attract the two billion dollars Foreign Direct Investment (FDI) expected from Mubadala of United Arab Emirates (UAE). Prof. Umar Danbatta, the Executive Vice Chairman (EVC) of NCC said this in a statement by Mr Tony Ojobo, the Director, Public Affairs of […]

Read More

Etisalat exits Nigeria after CBN, NCC intervention

Etisalat International on Monday said it had terminated a management agreement with its Nigerian unit, saying that it had given the business about three weeks to phase out the Etisalat brand in the country. The Chief Executive Officer, Etisalat International, Hatem Dowidar, told Reuters that the exit process became necessary given that the firm had […]

Read More

NCC, CBN declares support as Etisalat gets new board

The Nigerian Communications Commission, (NCC) on Tuesday, declared its support for the new management and board of embattled telephone operator, Etisalat Nigeria, currently trying to restructure its operations. NCC’s support came shortly after a new board of the company was inaugurated on Tuesday , with Dr Joseph Nnanna, a deputy governor at the Central Bank […]

Read More

Banks’ shareholders urge Etisalat to settle $1.2 billion debt

Some shareholder groups in the capital market has urged Etisalat Nigeria to settle the $1.2 billion debt it owed 13 commercial banks to avoid its takeover. A cross section of the shareholder groups stated this in an interview with the News Agency of Nigeria (NAN) in Lagos yesterday. They insisted that the company must settle […]

Read More

Etisalat’s debt talks with Nigeria Banks may carry on this week

As palpable fear hangs over the fate of Etisalat Nigeria, there is every likelihood that reprieve may come the way of the telecommunications firm this week as the consortium of 13 banks have agreed to truce brokered by the banking and tecommunication regulators. According to the acting Director, Corporate Communication of the Central Bank of […]

Read More