Etisalat mulls options for Nigeria business

first_img Author Etisalat to bring open RAN to Afghanistan Home Etisalat mulls options for Nigeria business MTN Nigeria mulls pricing change after bank row Steve works across all of Mobile World Live’s channels and played a lead role in the launch and ongoing success of our apps and devices services. He has been a journalist…More Read more AddThis Sharing ButtonsShare to LinkedInLinkedInLinkedInShare to TwitterTwitterTwitterShare to FacebookFacebookFacebookShare to MoreAddThisMore 13 MAR 2017 Tags Previous ArticleHuawei, South Korea 5G deal worries US politiciansNext ArticleJP Morgan Chase to acquire payments tech from MCX Etisalat is considering the sale of its stake in Etisalat Nigeria, but wants to clear-up its financial situation before making any moves, Reuters reported.The business missed a repayment on $1.7 billion of loans, which were raised to fund its investments and operations. This was attributed to an economic downturn in the country, currency devaluation, and a shortage of US dollars on the country’s interbank market, Business Day said.In the meantime, the Nigerian Communications Commission and Central Bank of Nigeria stepped in to prevent Etisalat Nigeria’s creditors taking over the business or placing it into receivership, agreeing “concrete actions that will bring all parties closest to a resolution”.This included securing the “necessary oxygen” to enable the business to continue, with the regulator looking to protect both subscribers and potential investors in the country’s telecoms sector.It was previously suggested that three Nigerian banks which were owed money were set to take over the operator.UAE-based Etisalat owns 40 per cent of Etisalat Nigeria. EtisalatNigeria Steve Costello Related MTN Nigeria payments access restoredlast_img

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