A group of Nigerian and foreign
banks led by Access Bank PLC have taken over the management of Etisalat Nigeria
following a collapse of efforts to reach an agreement with the banks on debt
restructuring plan in the protracted $1,72 billion debt impasse.
The takeover became effective as at June 15th.
Emerging Markets Telecommunication Services, EMTS, promoted by a former
Chairman of United Bank for Africa, UBA, Hakeem Bello-Osagie, had been making
efforts to arrive at an agreement on debt restructuring plan but the failure of
that led to the takeover by the consortium of banks.
However, EMTS Holding B.V. has
up to June 23 to complete the transfer of 100 percent of the
company’s shares in Etisalat to the legal representative of the consortium of
banks, United Capital Trustees Limited.


















