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Orange, Vodafone bids for Etisalat Nigeria

3 Nigerian Banks Set To Take Over Etisalat Today Over N541.8 billion Debt,As Economic Recession Bites Harder

Orange, Vodafone bids for Etisalat Nigeria

Adenike Akikindude

Two telecommunication giants, Orange and Vodafone Group are in a race to buy 65 per cent of Etisalat Nigeria following the inability of the company to pay off its loans.

At least five major companies are interested in Etisalat Nigeria; the two international telecom giants have shown “concrete interest”. The point of concern, however, is the restructuring of the debts that caused the uncertainty of the business.

The telecommunication company said it had serviced its debt obligation up until February 2017. Presently, the outstanding loan sum to the lenders stands at $227m and N113bn, bringing the total to $574m if the naira portion is converted to US dollars.

Mubadala, the UAE investment fund had reportedly pulled out from Etisalat along with other local banks which include Zenith Bank, Guaranty Trust Bank, First Bank, United Bank for African, Fidelity Bank, Access Bank, Ecobank, FCMB, Stanbic IBTC Bank and Union Bank.

The company has been appealing to the local banks to restructure a $1.2billion trade facility after defaulting in repaying the loans but the appeal did not receive any positive response.

According to reports, the negotiators are working reduce the level of collateral damage or brand erosion that may affect the new owners. For any successful owner that takes over, rebranding is the first step to take as they may have to shift from the name Etisalat.Orange, Vodafone bids for Etisalat Nigeria

Two telecommunication giants, Orange and Vodafone Group are in a race to buy 65 per cent of Etisalat Nigeria following the inability of the company to pay off its loans.

At least five major companies are interested in Etisalat Nigeria; the two international telecom giants have shown “concrete interest”. The point of concern, however, is the restructuring of the debts that caused the uncertainty of the business.

The telecommunication company said it had serviced its debt obligation up until February 2017. Presently, the outstanding loan sum to the lenders stands at $227m and N113bn, bringing the total to $574m if the naira portion is converted to US dollars.

Mubadala, the UAE investment fund had reportedly pulled out from Etisalat along with other local banks which include Zenith Bank, Guaranty Trust Bank, First Bank, United Bank for African, Fidelity Bank, Access Bank, Ecobank, FCMB, Stanbic IBTC Bank and Union Bank.

The company has been appealing to the local banks to restructure a $1.2billion trade facility after defaulting in repaying the loans but the appeal did not receive any positive response.

According to reports, the negotiators are working reduce the level of collateral damage or brand erosion that may affect the new owners. For any successful owner that takes over, rebranding is the first step to take as they may have to shift from the name Etisalat.Orange, Vodafone bids for Etisalat Nigeria

Two telecommunication giants, Orange and Vodafone Group are in a race to buy 65 per cent of Etisalat Nigeria following the inability of the company to pay off its loans.

At least five major companies are interested in Etisalat Nigeria; the two international telecom giants have shown “concrete interest”. The point of concern, however, is the restructuring of the debts that caused the uncertainty of the business.

The telecommunication company said it had serviced its debt obligation up until February 2017. Presently, the outstanding loan sum to the lenders stands at $227m and N113bn, bringing the total to $574m if the naira portion is converted to US dollars.

Mubadala, the UAE investment fund had reportedly pulled out from Etisalat along with other local banks which include Zenith Bank, Guaranty Trust Bank, First Bank, United Bank for African, Fidelity Bank, Access Bank, Ecobank, FCMB, Stanbic IBTC Bank and Union Bank.

The company has been appealing to the local banks to restructure a $1.2billion trade facility after defaulting in repaying the loans but the appeal did not receive any positive response.

According to reports, the negotiators are working reduce the level of collateral damage or brand erosion that may affect the new owners. For any successful owner that takes over, rebranding is the first step to take as they may have to shift from the name Etisalat.


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