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.