Access Bank Takes Over Etisalat Nigeria Over Inability To Repay N541 Billion Loan

June 20, 2017 – Nigerian & Foreign Banks Takes Over Etisalat Nigeria Over Inability To Repay N541 Billion Loan

Effective June 15, 2017, a consortium of Nigerian and foreign banks led by Access Bank Plc has taken over the management of Etisalat Nigeria.

The takeover was initiated over the company’s inability to repay the $1.7billion borrowed to finance major network rehabilitation and expansion of its operational base in Nigeria.

Etisalat Group, the parent company of Etisalat Nigeria, announced the takeover in a filing to the Abu Dhabi Securities Exchange in Abu Dhabi, United Arab Emirate.