Etisalat Nigeria now has new owners. Unable to pay a loan totalling almost N600billion ($1.72bn) it got from banks in 2015, the telecom firm was, on Wednesday, taken over by the banks.

Etisalat’s creditors are a combination of foreign banks and Nigerian Guaranty Trust Bank, Access Bank and Zenith Bank.

Nigeria’s economic recession seems to be claiming corporate victims.

Eyeway gathered that the regulatory body, the Nigerian Communications Commission (NCC), gave its nod to the takeover on Tuesday.


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