Lending bankers yesterday took over telecommunications company Etisalat and subsequently announced changes in the shareholding structure of the company.
Access Bank Plc and other Nigerian banks eventually took over the management of the company, effective June 15 after a protracted $1.2 billion debt impasse. Other lenders in the loan deal are Zenith Bank, GTBank, First Bank, UBA, Fidelity Bank, Ecobank, FCMB, Stanbic IBTC Bank and Union Bank.
A source privy to the arrangement told Akonuche that the affected banks had requested a new management of the telecoms firm.
While it is certain that there will be some job losses, (may not be in the immediate), and possible management changes, there are also worries in the industry about the fate of the 20 million customers on Etisalat’s network in Nigeria.
The Guardian learnt that Etisalat’s employees at different cadres were seen going about their normal duties at the major offices of the firm, including its Banana Island Head Office in Lagos yesterday.
Indeed, the takeover followed the collapse of efforts by Emerging Markets Telecommunications Services (EMTS), promoted by a former Chairman of UBA, Hakeem Bello-Osagie, to reach an agreement with the banks restructuring of the $1.2 billion debt.
EMTS Holding BV, established in the Netherlands, has up to June 23 to complete the transfer of 100 per cent of the company’s shares in Etisalat to the United Capital Trustees Limited, the legal representative of the consortium of banks.
Confirming the development in a statement signed by Etisalat Nigeria’s Vice President, Regulatory & Corporate Affairs, Ibrahim Dikko, the company said the operations and services to the subscribers remained normal and would in no way be affected.
“We continue to deliver quality services to our subscribers. We will continue to tap into the rich, creative and innovative resources within our workforce to build a stronger business upon the stable foundation we have laid in our nine years of operations.”
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