By The Central Bank of Nigeria have taken total control of distressed telecommunication company, Etisalat Nigeria.
The nation’s apex bank intervention is coming at a time the telecoms company was suffering from a loan it gotten from a consortium of Nigerian banks.
BlackBox Nigeria gathered that Etisalat debts had risen to $1.2bn hold to 13 banks. A source in the industry disclosed that the company may have entered an acquisition contract with the banks should in case it defaults on its loan facility.
Before its financial crisis, Etisalat was controlling 12% of the nation’s telecommunications industry.
BBN gathered that the new management of the company may have to lay off some workers to help reshape itself from the crisis.
Also, it was also learnt that subscribers will not suffer from the current crisis as the new management put in place are working on fine tuning its network.
