Beset cell phone administrator, Etisalat Nigeria, on Thursday desmissed a news report that the organization was being explored by the counter join office, the Economic and Financial Crimes Commission, EFCC, taking after an appeal to by the consortium of banks asking for the Federal Government to investigate how the assets from the syndicated advances were used.
In an announcement marked by Ibrahim Dikko VP, Regulatory and Corporate Affairs, Etisalat Nigeria and made accessible to P.M.EXPRESS expressed that the telco has reliably and faithfully gotten together with its installment commitments with around 42 for every penny (about $504 million) of the first advance bundle of $1.2 billion (about N377.4 billion) from a consortium of Nigerian banks, which is at the center of the present emergency it is confronting, has since been reimbursed.
“The consideration of Etisalat Nigeria has been attracted to media reports that the administration of Etisalat Nigeria is being examined by the Economic and Financial Crimes Commission (EFCC), taking after a request of to “the Federal Government asking that Etisalat be researched” on how the assets from the syndicated advances were used, Etisalat wishes to completely avow for the shirking of uncertainty that the reports are patently false and most deplorable considering the harm such deceptive data can have on our business, as well as to be sure on the broadcast communications industry and the nation in general,” Dikko expressed.
As indicated by him, “As at today, we can completely express that the extraordinary advance total to the consortium remains at $227 million and N113 billion, a sum of about $574 million if the naira divide is changed over to US Dollars. This generally implies half of the first credit of $1.2 billion, has been reimbursed. Etisalat kept on adjusting the credit up until February 2017, when talks with the banks in regards to the reimbursement rebuilding initiated.
“A basic cross examination of the thorough procedure for securing a syndicated advance from a consortium of trustworthy banks would have presented reality to the first author of this story and other media channels who have in this manner re-circled the misrepresentation without cross examination or confirmation. Concerned gatherings approach our books and don’t require an examination concerning how the credit whole was used.
Dikko expressed that the greater part of the framework speculation and administrations for which the advance was secured, were paid through the telco’s banks and they are evident.
In 2013, Etisalat Nigeria had gotten the $1.2 billion syndicated advance, a medium-term seven-year office, from a consortium of 13 Nigerian banks, including Access Bank, Zenith Bank Plc, Guaranty Trust Bank Plc, First Bank Limited, Fidelity Bank Plc, First City Monument Bank (FCMB), Stanbic IBTC, Ecobank, United Bank for Africa (UBA) Plc and Union Bank of Nigeria Plc.
The advance, which included an outside upheld ensured security, was to enable the media transmission to firm back a noteworthy system restoration, redesign and extension of its operational base in Nigeria, and enhancing the nature of administration on its system.
Notwithstanding, the financial downturn of 2015 and sharp downgrades of the naira, as indicated by the organization, adversely affected on the dollar-named advance by driving up the credit esteem, in this manner inciting Etisalat to ask for an advance rebuilding from the consortium of banks.
The organization’s affirmed inability to meet concurred obligation adjusting commitments with the 13 banks since 2016 was said to have set off a noteworthy emergency, finished in the withdrawal of its real shareholder, Emirates Telecommunications Group Company from the organization a week ago.
The United Arab Emirates organization reported to the Abu Dhabi Securities Exchange in Abu Dhabi on Tuesday that it had chosen to ask for Emerging Markets Telecommunications Services, EMTS Holding BV, an uncommon reason vehicle set up in Netherlands, to exchange the whole 70 for every penny of its shareholding in Etisalat Nigeria to United Capital Trustees Limited, the legitimate trustees of the banks powerful June 15, 2017.
Etisalat Nigeria is right now left in the hands of EMTS advanced by the previous Chairman of United Bank for Africa (UBA), Hakeem Belo-Osagie.
- Click to share on Twitter (Opens in new window)
- Click to share on Facebook (Opens in new window)
- Click to share on Google+ (Opens in new window)
- Click to share on WhatsApp (Opens in new window)
- Click to share on Pinterest (Opens in new window)
- Click to share on Reddit (Opens in new window)
- Share on Skype (Opens in new window)