Posted on Thu 22 Jun 2017, 12:29 PM

A consortium of 13 banks, involved in Etisalat Nigeria’s 1.2 billion dollar loan is seeking the Federal Government’s intervention to investigate the Telco's management, reports have indicated.

The banks are urging the government to look into the matter, through its anti-graft agency, the Economic and Financial Crimes Commission ( EFCC) by investigating what the company did with the loan.

A source in the banks revealed this to journalists in Lagos. 

Posted on Wed 21 Jun 2017, 12:32 PM

Etisalat has been instructed to transfer its 45 percent stake in Etisalat Nigeria to a loan trustee following the failure of debt restructuring talks with a consortium of banks, led by Access Bank PLC and other Nigerian and foreign banks.

The Abu Dhabi telecoms company disclosed in a statement on Tuesday that it had been notified to transfer its stake, which had a carrying value of zero on its books, by June 23.

Posted on Tue 2 May 2017, 02:30 PM

Telecommunication giant, MTN Nigeria has laid off about 280 of its workers in a major job cut that affected about 15% of the company’s entire Nigerian workforce.

The sack affected both permanent and contract staff as well as long serving workers of the company.

According to reports, some 200 permanent employees were dismissed while another 80 contract staff were also sacked.

Those laid off were from various cadres, ranging from new graduates to senior managers, some of who had served the company for as long as 15 years.

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