In The News: Court declares sale of Etisalat to Teleology illegal

In The News: Court declares sale of Etisalat to Teleology illegal

Posted on April 5, 2019 Authornewsheadline247

The Federal High Court in Abuja has set aside the sale of Etisalat (9mobile) to Teleology Nigeria Limited. Justice Binta Nyako in a ruling on Thursday also voided all steps taken on the exchange of ownership of Etisalat, in spite of pending orders for the maintenance of status quo. Nyako, who held that parties were

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Publish your shareholders now, Shehu Sani dares Keystone Bank, Etisalat

Publish your shareholders now, Shehu Sani dares Keystone Bank, Etisalat

Posted on December 28, 2018 Authornewsheadline247

Etisalat, Keystone Bank, Muhammadu Buhari‎, newsheadline247, Shehu Sani

Senator Shehu Sani, a member of the Peoples Redemption Party (PRP) representing Kaduna Central Senatorial District in the National Assembly has challenged the management of the communications giant, Etisalat, and Keystone bank to publish the list of their shareholders without further delay. The Atiku Campaign Organisation had through one of their spokespersons, Buba Galadima, on

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Why Globalcom desperate hunts for 9mobile may be a ‘wild-goose chase’-Insider revealed

BUSINESS, NEWS
Why Globalcom desperate hunts for 9mobile may be a ‘wild-goose chase’-Insider revealed
December 31, 2017

How Glo was kicked out of Republic of Benin

Globacom desperately wants to acquire 9mobile — but it would take a miracle for the nation’s second-largest mobile network to get its wish.

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CONTINUE READING Why Globalcom desperate hunts for 9mobile may be a ‘wild-goose chase’-Insider revealed

FCMB groans under weight of huge debts by its A-list customers + MD,Ladi Balogun loses sleep over fiscal tsunami’s dangerous currents

BUSINESS, NEWS

FCMB groans under weight of huge debts by its A-list customers 

+ MD,Ladi Balogun loses sleep over fiscal tsunami’s dangerous currents

Ladi Balogun, MD FCMB

With the sharp scrutiny and spotlight into the books of many Nigerian banks,  Ladi Balogun, Group MD/CEO of First City Monument Bank, FCMB,  fights an exhaustive battle, to keep his head out of the rubble and afloat the looming fiscal tsunami’s dangerous currents.

Yes, FCMB currently groans under the weight of huge debts portfolio by its A-list customers. The bank’s debtors, comprising Nigeria’s superrich, have failed to refund loans taken from the bank to the extent that some of the loans would have to be written off as bad debt.

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FCMB is one of the 13 local banks jointly owed a staggering $1.2bn by the defunct telecommunications company, Etisalat. The bank recently announced that it was waiting for the new owners of Etisalat (now 9mobile) to know what steps it would take in order to recoup its N4.5bn exposure to the original loan. Neither are there indices that the loan would perform anytime soon in view of the current economic headwinds. This has thrown many customers privy to the unwholesome transactions into a vortex of turmoil

CONTINUE READING FCMB groans under weight of huge debts by its A-list customers 

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Banks want Etisalat $1.2b loan probed

Strong indications emerged on Wednesday that consortium of 13 banks, involved in Etisalat Nigeria’s 1.2 billion dollars loan is seeking the Federal Government’s intervention to investigate the management.

Agency Report>>> A management source close to the banks told the News Agency of Nigeria (NAN) in Lagos that the banks want the government, through the EFCC, to wade into the matter, by investigating what the company did with the loan.

BREAKING: N541 Billion Debt: Access Bank, Others Take Over Etisalat Nigeria

The Capital NG>>> A consortium of banks, led by Access Bank PLC and other Nigerian and foreign banks, has taken over the management of Etisalat Nigeria, effective June 15.

The take-over followed the collapse of the effort by Emerging Markets Telecommunications Services, EMTS, promoted by-one time Chairman, United Bank for Africa, UBA, Hakeem Bello-Osagie, to reach agreement with the banks on debt restructuring plan in the protracted $1.72 billion (about N541.8 billion) debt impasse.