Salient points about Etisalat's problem

1. Etisalat is owned by three shareholders – Emirates Telecommunications Group Company (Etisalat Group – owns 40 per cent); United Arab Emirates Sovereign Wealth Fund through Mubadala Development Company, Abu Dhabi (45 per cent), and Myacinth (15 per cent), through Emerging Markets Telecommunications Services, EMTS Holding BV, owned by former United Bank for Africa, UBA, Chairman, Hakeem Bello-Osagie.

2. Etisalat commenced business in Nigeria in 2009, after acquiring the unified access license, including a mobile license and spectrum in the GSM 1800 and 900 MHZ bands from the Nigerian Communications Commission in January 2007;

3. Etisalat Nigeria is Nigeria’s fourth largest telecommunication network operator with over 21 million subscribers and controls about 12.9 per cent of the country’s telecom market share;

4.The loan, which involved a foreign-backed guaranteed bond, was to finance a major network rehabilitation, upgrade and expansion of its operational base in Nigeria;

5. About $600 million (N115billion) of the total loan package was secured with asset by Etisalat, while Etisalat Group of UAE, the parent company, pledged shares to the tune of $235 million;

6. Zenith Bank, Guaranty Trust Bank and Access Bank have the top three exposures of the total loan – N80 billion, N42 billion and N40 billion respectively;

7. So far, Etisalat Nigeria has paid about half of the initial loan (about N504 billion), according to official figures, with total outstanding sum of about $574 million, consisting $227million and N113billion (if the Naira portion is converted to U.S. Dollars)

8. Etisalat failed to meet its agreed debt servicing obligations with the banks since 2016;

9. The banks reported the matter to telecoms sector regulator, the Nigerian Communications Commission, NCC, and financial sector regulator, Central Bank of Nigeria, CBN, demanding to recover the loan or take-over the company;

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7. Zenith Bank, Guaranty Trust Bank and Access Bank have the top three exposures of the total loan – N80 billion, N42 billion and N40 billion respectively;

2. Etisalat commenced business in Nigeria in 2009, after acquiring the unified access license, including a mobile license and spectrum in the GSM 1800 and 900 MHZ bands from the Nigerian Communications Commission in January 2007;

3. Etisalat is owned by three shareholders – Emirates Telecommunications Group Company (Etisalat Group – owns 40 per cent); United Arab Emirates Sovereign Wealth Fund through Mubadala Development Company, Abu Dhabi (45 per cent), and Myacinth (15 per cent), through Emerging Markets Telecommunications Services, EMTS Holding BV, owned by former United Bank for Africa, UBA, Chairman, Hakeem Bello-Osagie.

3. Etisalat is owned by three shareholders – Emirates Telecommunications Group Company (Etisalat Group – owns 40 per cent); United Arab Emirates Sovereign Wealth Fund through Mubadala Development Company, Abu Dhabi (45 per cent), and Myacinth (15 per cent), through Emerging Markets Telecommunications Services, EMTS Holding BV, owned by former United Bank for Africa, UBA, Chairman, Hakeem Bello-Osagie.

3. Etisalat is owned by three shareholders – Emirates Telecommunications Group Company (Etisalat Group – owns 40 per cent); United Arab Emirates Sovereign Wealth Fund through Mubadala Development Company, Abu Dhabi (45 per cent), and Myacinth (15 per cent), through Emerging Markets Telecommunications Services, EMTS Holding BV, owned by former United Bank for Africa, UBA, Chairman, Hakeem Bello-Osagie.

3. Etisalat is owned by three shareholders – Emirates Telecommunications Group Company (Etisalat Group – owns 40 per cent); United Arab Emirates Sovereign Wealth Fund through Mubadala Development Company, Abu Dhabi (45 per cent), and Myacinth (15 per cent), through Emerging Markets Telecommunications Services, EMTS Holding BV, owned by former United Bank for Africa, UBA, Chairman, Hakeem Bello-Osagie.

3. Etisalat is owned by three shareholders – Emirates Telecommunications Group Company (Etisalat Group – owns 40 per cent); United Arab Emirates Sovereign Wealth Fund through Mubadala Development Company, Abu Dhabi (45 per cent), and Myacinth (15 per cent), through Emerging Markets Telecommunications Services, EMTS Holding BV, owned by former United Bank for Africa, UBA, Chairman, Hakeem Bello-Osagie.

3. Etisalat is owned by three shareholders – Emirates Telecommunications Group Company (Etisalat Group – owns 40 per cent); United Arab Emirates Sovereign Wealth Fund through Mubadala Development Company, Abu Dhabi (45 per cent), and Myacinth (15 per cent), through Emerging Markets Telecommunications Services, EMTS Holding BV, owned by former United Bank for Africa, UBA, Chairman, Hakeem Bello-Osagie.

3. Etisalat is owned by three shareholders – Emirates Telecommunications Group Company (Etisalat Group – owns 40 per cent); United Arab Emirates Sovereign Wealth Fund through Mubadala Development Company, Abu Dhabi (45 per cent), and Myacinth (15 per cent), through Emerging Markets Telecommunications Services, EMTS Holding BV, owned by former United Bank for Africa, UBA, Chairman, Hakeem Bello-Osagie.

3. Etisalat is owned by three shareholders – Emirates Telecommunications Group Company (Etisalat Group – owns 40 per cent); United Arab Emirates Sovereign Wealth Fund through Mubadala Development Company, Abu Dhabi (45 per cent), and Myacinth (15 per cent), through Emerging Markets Telecommunications Services, EMTS Holding BV, owned by former United Bank for Africa, UBA, Chairman, Hakeem Bello-Osagie.