CBN Intervenes in Etisalat’s Debt Crisis


The Central Bank of Nigeria urged the consortium of banks to which Etisalat is indebted to the tune of over $1.2 billion to stop putting pressure on the telecom company. Mr. Godwin Emefiele, CBN Governor, handed the directive yesterday.

According to a source:

“Just like the NCC has warned that Etisalat’s license is not transferable, the leadership of the CBN from all indications will not allow any hostile takeover without its approval.

“They (the banks) cannot do that by just taking a decision like that. Etisalat is not transferring any licence to any consortium of banks. We are going to resolve it amicably. The CBN and NCC are working towards resolving it amicably,” the CBN source said.

However, ThisDay reports that the banks revealed a lot of information during their presentation which include the fact that they:

  • Had no intention of taking over Etisalat Nigeria, as had been widely reported.
  • The banks also felt that Emirates Telecommunications Group Company (Etisalat Group), Abu Dhabi, which holds a 45 percent stake in the Nigerian subsidiary, had announced on Tuesday at the Abu Dhabi Stock Exchange of its intention to pull out from its Nigerian operations without meeting its obligations which amounted to abandoning the company’s monumental obligations in Nigeria which include:
    – $1.2 billion syndicated and bilateral loans approved by 13 Nigerian banks, now delinquent;
    – Taxes and levies due to the Federal Government of Nigeria and regulatory agencies; and
    – Other third-party creditors (i.e. Vendors, service providers and contractors);
  • The banks also informed the CBN that while other network operators sold their towers and utilized the entire sales proceeds to repay their loans, Etisalat Nigeria in 2014 sold its towers but did not apply the sales proceeds to repay its loan.
  • They are also seeking the federal government’s intervention to investigate the management of Etisalat Nigeria over the utilization of the $1.2 billion facilities.

In response, Etisalat blamed its inability to offset its $1.2b loan on the economic downturn witnessed in the country in 2015 and the sharp devaluations of the Naira. It was also reported that Etisalat Nigeria has paid over 40% of the actual loan of $1.2 billion.“The actual outstanding on the Etisalat loan is about $500 million (N165 billion).”

The company also disclosed that it was not being investigated by the Economic and Financial Crimes Commission (EFCC) as widely reported in the media.


Bookmark the permalink.


  1. CBN Intervenes in Etisalat’s Debt Crisis – AwomKenneth

  2. Why viewers still make use of to read news papers when in this technological world all is presented on web?|

  3. We stumbled over here coming from a different website and thought I should check things out.
    I like what I see so i am just following you. Look forward to finding out about your web page for
    a second time.

  4. Good day, I’m so happy I found out this site, I basically encountered you by error, while I was researching on Digg for personal injury lawyer. Anyways I’m here now and would simply enjoy to say thanks a lot for a great blog post and the all-round entertaining site (I furthermore love the design), I don’t have sufficient time to read it entirely at the minute though I have bookmarked it and moreover added in your RSS feed, so once I have the time I will be back to look over a great deal more. Make sure you do keep up the wonderful job.

  5. Its like you read my mind! You seem to know so much about this,
    like you wrote the book in it or something. I think that
    you could do with a few pics to drive the message home a bit, but other
    than that, this is great blog. An excellent read. I’ll certainly be back.

  6. Good day! Do you know if they make any plugins to assist with SEO? I’m trying to get my blog to rank for some targeted keywords but I’m not seeing very good gains. If you know of any please share. Many thanks!

  7. Hi, Neat post. There is a problem along with your web site in web explorer, may
    test this? IE nonetheless is the marketplace chief and a good component of other
    folks will miss your great writing due to this problem.

  8. Hi, I do think this is a great site. I stumbledupon it ;
    ) I am going to come back yet again since i have book-marked it.
    Money and freedom is the greatest way to change, may you be rich and
    continue to guide other people.

  9. I am not sure where you are getting your information, but great topic.
    I needs to spend some time learning much more or understanding more.
    Thanks for great info I was looking for this information for my mission.

  10. I read this article fully about the resemblance of latest and
    preceding technologies, it’s amazing article.

  11. This post is actually a nice one it helps new
    web users, who are wishing for blogging.

  12. Hmm is anyone else experiencing problems with the pictures on this blog loading?
    I’m trying to find out if its a problem on my end or if it’s the blog.
    Any suggestions would be greatly appreciated.

  13. I got this web page from my friend who shared with me
    concerning this site and now this time I am visiting this
    site and reading very informative articles or reviews here.

  14. It’s very straightforward to find out any topic
    on net as compared to textbooks, as I found this piece of writing at this
    web page.

  15. Keep on working, great job!

  16. Touche. Outstanding arguments. Keep up the good work.

  17. It’s hard to come by knowledgeable people in this particular
    subject, but you sound like you know what you’re talking about!

  18. I just like the valuable information you supply to your articles.
    I’ll bookmark your weblog and take a look at once more right here regularly.
    I am relatively sure I will be told a lot of new stuff proper here!
    Good luck for the next!

  19. What’s up, I want to subscribe for this blog to obtain most recent updates, so
    where can i do it please help out.

  20. I seriously love your website.. Very nice colors & theme.
    Did you make this site yourself? Please reply back as I’m looking to create my own personal
    site and would love to find out where you got this from
    or just what the theme is named. Thank you!

  21. Hello, just wanted to mention, I enjoyed this article.

    It was inspiring. Keep on posting!

  22. I’d like to find out more? I’d want to find out some additional information.

  23. I will right away grasp your rss as I can’t in finding your email subscription hyperlink or e-newsletter service.
    Do you have any? Please permit me understand in order that I may
    subscribe. Thanks.

  24. Hmm is anyone else having problems with the pictures on this blog loading?

    I’m trying to figure out if its a problem on my end or if
    it’s the blog. Any responses would be greatly appreciated.

  25. Yes! Finally something about business success secrets.

  26. When someone writes an piece of writing he/she maintains the image of a user in his/her brain that how a user can understand it.
    So that’s why this paragraph is great. Thanks!

  27. Generally I don’t read post on blogs, however I wish to say that this
    write-up very forced me to check out and do so!
    Your writing taste has been amazed me. Thanks, very great article.

  28. My family every time say that I am killing my time here at web, but
    I know I am getting familiarity daily by reading such pleasant

  29. hi!,I love your writing very a lot! share we
    be in contact extra about your article on AOL? I need an expert on this space to solve my problem.
    Maybe that’s you! Taking a look ahead to look you.

  30. Why people still make use of to read news papers when in this technological globe the
    whole thing is presented on net?

  31. Great post however , I was wanting to know if you could write a litte
    more on this topic? I’d be very grateful if you could elaborate a little bit more.
    Many thanks!

  32. Hi there, I discovered your blog by way of Google at
    the same time as looking for a similar subject, your website got here up, it looks good.
    I’ve bookmarked it in my google bookmarks.

    Hello there, simply became aware of your weblog via Google, and located that it is truly informative.
    I am going to watch out for brussels. I’ll appreciate for those who proceed this in future.
    Many other folks will likely be benefited from your writing.

  33. It’s remarkable designed for me to have a website, which is helpful in favor of
    my knowledge. thanks admin

  34. Can you tell us more about this? I’d care to find out some
    additional information.

  35. WOW just what I was looking for. Came here by searching for awomkenneth

  36. Greetings! Very useful advice in this particular post!
    It’s the little changes that make the greatest changes.
    Thanks for sharing!

  37. Quality articles is the crucial to invite the viewers to visit the web site, that’s what this web page
    is providing.

  38. First off I want to say wonderful blog! I had a quick question that I’d like to ask if you don’t mind.

    I was curious to find out how you center yourself and clear your thoughts
    prior to writing. I have had a tough time clearing my thoughts in getting my thoughts out.

    I do enjoy writing but it just seems like the first 10
    to 15 minutes tend to be wasted simply just trying to figure out how to begin. Any recommendations or tips?
    Many thanks!

  39. I have been exploring for a little bit for any high-quality articles or blog posts in this kind of area .
    Exploring in Yahoo I ultimately stumbled upon this web
    site. Studying this information So i am happy to express that I’ve an incredibly just right uncanny feeling I found
    out just what I needed. I so much certainly will make sure to do not forget this
    website and give it a look on a continuing basis.

  40. What a material of un-ambiguity and preserveness of precious know-how
    about unpredicted emotions.

  41. Everyone loves it when individuals get together and share ideas.
    Great website, stick with it!

  42. Great work! This is the kind of information that are meant to be shared
    around the internet. Shame on the seek engines for not positioning this submit higher!
    Come on over and visit my site . Thanks =)

  43. I’m impressed, I must say. Rarely do I encounter a blog that’s both equally educative and
    amusing, and let me tell you, you’ve hit the nail on the head.
    The problem is an issue that not enough men and women are speaking intelligently about.

    I am very happy I stumbled across this during my hunt for something concerning this.

  44. It’s amazing to pay a visit this web site and reading the views of all mates about this article,
    while I am also keen of getting knowledge.

  45. Just desire to say your article is as astonishing.
    The clearness in your post is simply nice and i could assume you are
    an expert on this subject. Fine with your permission allow me to grab your RSS feed to keep updated with forthcoming post.

    Thanks a million and please keep up the rewarding

  46. It is appropriate time to make some plans for the longer term and it’s time
    to be happy. I’ve read this submit and if I could I desire to recommend you some fascinating issues or suggestions.

    Maybe you could write subsequent articles relating to this article.
    I desire to read even more issues about it!

  47. Actually no matter if someone doesn’t know then its up
    to other people that they will assist, so here it happens.

  48. What i don’t realize is actually how you’re no longer actually a lot
    more well-favored than you might be now. You’re very intelligent.
    You recognize therefore significantly on the subject of this topic, made me for my part
    believe it from so many numerous angles. Its like men and women are not fascinated unless it’s something to accomplish with Girl
    gaga! Your personal stuffs excellent. All the time maintain it up!

  49. This is my first time pay a quick visit at here and i am in fact
    happy to read everthing at one place.

  50. Aw, this was a very nice post. Taking a few minutes and actual effort to generate a really good article… but what can I say… I procrastinate a whole lot and don’t manage to
    get anything done.

  51. Nice blog here! Also your website loads up very fast!
    What web host are you using? Can I get your affiliate link to
    your host? I wish my site loaded up as quickly as yours lol

  52. Hello, i think that i noticed you visited my blog so i came to return the desire?.I’m attempting to to find issues
    to enhance my web site!I suppose its ok to make use of a few of your ideas!!

  53. I was curious if you ever considered changing the page layout
    of your blog? Its very well written; I love what youve
    got to say. But maybe you could a little more in the way of content
    so people could connect with it better. Youve got an awful lot of text for only having
    one or two images. Maybe you could space it out better?

  54. I think this is among the most significant info for me.
    And i am glad reading your article. But should remark on few general
    things, The web site style is perfect, the articles is really nice : D.
    Good job, cheers

  55. Thanks for one’s marvelous posting! I seriously enjoyed
    reading it, you can be a great author.I will remember to bookmark your blog and
    definitely will come back later on. I want to encourage yourself to continue your great writing, have a nice afternoon!

  56. Hmm is anyone else experiencing problems with the images on this blog
    loading? I’m trying to find out if its a problem on my end or if it’s the blog.
    Any responses would be greatly appreciated.

  57. hello!,I really like your writing very so much! proportion we keep up a correspondence extra approximately
    your article on AOL? I require a specialist in this space
    to solve my problem. Maybe that’s you! Having a look forward to see you.

  58. Thank you for the good writeup. It in fact was a amusement account it.

    Look advanced to far added agreeable from you! By the way, how could
    we communicate?

  59. Hurrah, that’s what I was exploring for, what a material!
    existing here at this website, thanks admin of this
    web site.

  60. What a information of un-ambiguity and preserveness of precious know-how
    concerning unpredicted emotions.

  61. Howdy! This article couldn’t be written much better!
    Looking through this post reminds me of my previous roommate!
    He continually kept talking about this. I’ll send this post to him.
    Pretty sure he will have a great read. I appreciate you for sharing!

  62. Hi this is kind of of off topic but I was
    wondering if blogs use WYSIWYG editors or if you have to manually code with HTML.
    I’m starting a blog soon but have no coding knowledge so I wanted to
    get advice from someone with experience. Any help would be enormously appreciated!

  63. I don’t even know how I finished up right here, but
    I thought this submit was good. I do not recognize who you’re however certainly you’re going
    to a well-known blogger in the event you are not already.

  64. A motivating discussion is definitely worth comment.

    I think that you should publish more about this topic, it
    might not be a taboo subject but generally people don’t speak
    about these issues. To the next! Kind regards!!

  65. It’s perfect time to make some plans for the future and it is time
    to be happy. I have read this post and if I
    could I want to suggest you some interesting things or
    tips. Perhaps you can write next articles referring to this article.
    I desire to read more things about it!

  66. Incredible! This blog looks exactly like my old one!
    It’s on a completely different topic but it has pretty much the same layout and
    design. Outstanding choice of colors!

  67. Fastidious response in return of this query with solid
    arguments and describing everything concerning that.

  68. I’d like to find out more? I’d care to find out some additional information.

  69. Excellent items from you, man. I have be aware your stuff prior to and you are just extremely excellent.
    I actually like what you have acquired here,
    really like what you are saying and the best way during which you assert it.
    You are making it entertaining and you still care for to stay
    it wise. I can’t wait to learn much more from
    you. That is actually a terrific web site.

  70. I got this web site from my buddy who shared with me concerning this web
    page and at the moment this time I am visiting this website and reading very informative posts at this place.

  71. My family members every time say that I am killing
    my time here at web, except I know I am getting familiarity
    all the time by reading thes nice posts.

  72. hello!,I love your writing so so much! percentage we be in contact more about your post on AOL?

    I require an expert in this space to solve my problem.
    Maybe that is you! Looking ahead to look you.

  73. Hi, Neat post. There is an issue with your web site in internet explorer, may check this?
    IE nonetheless is the marketplace leader and a good element of other
    folks will omit your excellent writing due to this problem.

  74. Have you ever thought about publishing an ebook or guest authoring on other websites?
    I have a blog based upon on the same subjects you discuss and would love to
    have you share some stories/information. I know my audience would value your work.
    If you’re even remotely interested, feel free to shoot me an email.

  75. This site was… how do I say it? Relevant!!

    Finally I have found something which helped me.
    Thanks a lot!

  76. Greate pieces. Keep posting such kind of information on your page.
    Im really impressed by it.
    Hi there, You have performed an excellent job.
    I will definitely digg it and in my opinion suggest to my friends.
    I’m confident they’ll be benefited from this website.

  77. I was wondering if you ever considered changing the
    structure of your website? Its very well written;
    I love what youve got to say. But maybe you could a little more in the
    way of content so people could connect with it better.
    Youve got an awful lot of text for only having 1 or two images.
    Maybe you could space it out better?

  78. Thanks for the auspicious writeup. It in reality used to be a enjoyment account it.

    Glance complex to far delivered agreeable from you!

    However, how can we keep up a correspondence?

  79. Good day very nice web site!! Guy .. Excellent
    .. Wonderful .. I’ll bookmark your site and take the feeds also?

    I am satisfied to find so many useful information here in the publish,
    we need develop extra strategies on this regard, thanks for sharing.
    . . . . .

  80. Can I simply just say what a relief to uncover somebody who truly knows what they’re discussing on the
    internet. You actually realize how to bring a problem to light and
    make it important. More people should read this
    and understand this side of the story. I was surprised you aren’t more popular since you surely have the gift.

  81. I visited many websites but the audio feature for audio songs current at this web page is
    in fact superb.

  82. Hi there, everything is going nicely here and ofcourse every one is sharing information, that’s truly excellent, keep up writing.

  83. Hello, its fastidious piece of writing about media
    print, we all be familiar with media is a enormous source
    of facts.

  84. Thanks for sharing your thoughts. I truly appreciate your efforts and I
    am waiting for your further post thank you once again.

  85. I like the helpful info you provide in your articles.
    I’ll bookmark your blog and check again here regularly. I
    am quite certain I’ll learn lots of new stuff right here!
    Best of luck for the next!

  86. Wonderful post however , I was wondering if you could write a litte more on this subject?
    I’d be very grateful if you could elaborate a little bit more.
    Many thanks!