ADVERTISEMENT
  • The Membership Club
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Friday, March 5, 2021
Premium Times Nigeria
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
Etisalat says it ‘consistently’ repaid loan

Etisalat Nigeria

Etisalat says it ‘consistently’ repaid loan

byBassey Udo
June 22, 2017
2 min read
ADVERTISEMENT

Embattled mobile telephone operator, Etisalat Nigeria, said on Thursday about 42 per cent (about $504 million) of the original loan package of $1.2 billion (about N377.4 billion) from a consortium of Nigerian banks, which is at the core of the current crisis it is facing, has since been repaid.

Etisalat Nigeria Vice President, Regulatory & Corporate Affairs, Ibrahim Dikko, who said this in a statement, denied a news report that the company was being investigated by the anti-graft agency, the Economic and Financial Crimes Commission, EFCC, following a petition by the consortium of banks requesting the Federal Government to look into how the funds from the syndicated loans were utilized.

“Etisalat wishes to categorically affirm for the avoidance of doubt that the reports are patently false and most unfortunate considering the damage such misleading information can have not only on our business, but indeed on the telecommunications industry and the country as a whole,” Mr. Dikko said.

Mr. Dikko also said the value of the loan was $1.2 billion, and not $1.7 billion.

He said Etisalat had “consistently and conscientiously met up with its payment obligations”.

“As at today, we can categorically state that the outstanding loan sum to the consortium stands at $227million and N113 billion, a total of about $574million (if the Naira portion is converted to U.S. Dollars,” he said.

“This, in essence, means almost half of the original loan of $1.2 billion, has been repaid. Etisalat continued to service the loan up until February 2017, when discussions with the banks regarding the repayment restructuring commenced,” he added.

On the alleged investigation by the EFCC, Mr. Dikko said considering that concerned parties have access to the company’s financial books, it would not require a call for investigation into how the loan sum was utilized.

“All of the infrastructure investment and services for which the loan was secured, were paid through our banks and these are verifiable,” he said.

RelatedNews

Nigerian Army debunks troops desertion reports

Court sets aside forfeiture order against Saraki’s properties

Kwara governor imposes curfew, deploys soldiers to quell renewed Offa/Erin-Ile clash

EFCC arraigns fake Chevron worker on N4.5 million fraud charges

In 2013, Etisalat had obtained the syndicated loan from a consortium of 13 Nigerian banks, including Access Bank, Zenith Bank Plc, Guaranty Trust Bank Plc, First Bank Limited, Fidelity Bank Plc, First City Monument Bank (FCMB), Stanbic IBTC, Ecobank, United Bank for Africa (UBA) Plc and Union Bank of Nigeria Plc.

The loan, which involved a foreign-backed guaranteed bond, was to help the tele-mobile firm finance a major network rehabilitation, upgrade and expansion of its operational base in Nigeria.

However, its alleged failure to meet agreed debt servicing obligations with the banks since 2016 triggered a major crisis, culminated in the withdrawal of its major shareholder, Emirates Telecommunications Group Company from the company last week.

Dangote adbanner 728x90_2 (1)

The United Arab Emirates company announced to the Abu Dhabi Securities Exchange in Abu Dhabi on Tuesday that it had decided to request Emerging Markets Telecommunications Services, EMTS Holding BV, a special purpose vehicle established in Netherlands, to transfer the entire 70 per cent of its shareholding in Etisalat Nigeria to United Capital Trustees Limited, the legal trustees of the banks effective June 15, 2017.

Etisalat Nigeria is currently left in the hands of EMTS promoted by the former Chairman of United Bank for Africa (UBA), Hakeem Bello-Osagie.

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...



JOIN THE CONVERSATION

  • Disqus (0)
premiumtimes



PT Mag Campaign AD

Previous Post

Keystone Bank restates support for SMEs with Growbiz Account

Next Post

How Eagles should prepare for Cameroon clash

Bassey Udo

Bassey Udo

Bassey Udo is PREMIUM TIMES' Business & Economy Editor. He has covered finance, energy, oil, gas & extractive industries for over a decade. He is a winner of the Wole Soyinka Award for Investigative Journalism, and the Thomson Reuters Foundation (Wealth of Nations) Award for Business Reporting. Bassey is an alumnus of the U.S. International Visitors Leadership Programme. Twitter: @ba_udo

More News

Federal Secretariat, Abuja

FG extends work from home directive for GL12 officers, below

March 4, 2021
Nigerian stocks Exchange

Nigerian stocks deepen loss on profit-taking in WAPCO, MTN, Zenith

March 3, 2021
African Development Bank (AfDB)

African Development Bank approves $27 million loan to Egypt for solar plant

March 3, 2021
Oil Barrels used to illustrate the story. [Photo credit: ThePointNG]

Oil prices rise as OPEC+ unlikely to raise output

March 3, 2021
Nigeria Market street [PHOTO CREDIT: Financial Times]

Blockade: Meat scarcity, high food prices persist in Lagos, Ibadan, others

March 3, 2021
Nigerian Economy

Naira gains at parallel market

March 2, 2021
Next Post

How Eagles should prepare for Cameroon clash

Cardinal Onaiyekan condemns pardon for Alamieyeseigha, Bulama

Biafra: We too are 'disgusted' with Nigeria -- Onaiyekan

Discussion about this post

Search

#EndSARS: Latest Updates




Polaris Bank


JAIZ Ad


NITDA Ad





Glo Ad

Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,629,094 other subscribers.

Advertisement






netherland biz school Advert



Zenith Advert

ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • Dubawa
    • Dubawa NG
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.