One of Nigeria’s telecommunication companies, Etisalat has now been taken over by ten major Nigerian lenders.

The lenders include:

1. Zenith Bank

2. GT Bank

3. First Bank

4. UBA,

5. Fidelity Bank

6. Access Bank,

7. Ecobank,

8. FCMB

9. Stanbic IBTC Bank and

10. Union Bank.

The take-over came as a result of a futile effort by Emerging Markets Telecommunications Services, EMTS, promoted by-one time Chairman, United Bank for Africa, UBA, Hakeem Bello-Osagie, to reach agreement with the banks on debt restructuring plan in the protracted $1.72 billion (about N541.8 billion) debt impasse.

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