Nigeria: Senate Probes $1.2bn Loan Obtained By Etisalat From 13 Banks

27 October 2017

Telecoms

Abuja — The Senate has begun an investigation into the management and utilisation of the $1.2 billion loan facility obtained by Etisalat (now 9mobile) Nigeria from 13 banks.

According to the Senate, the telecommunication company has in recent times been in the public eye over its $1.2 billion loan crisis.

It also said the syndicated loan was obtained in 2013 as a medium-term, seven-year facility to fund expansion of the network from a consortium of 13 banks in Nigeria.

Against this backdrop, the Senate, yesterday, mandated the Joint Committee on Banking, Communications, Capital Market and National Security and Intelligence to urgently investigate the matter.

It asked the committee to make recommendations on ways the Nigeria Financial Governance Structure could be strengthened by legislation to prevent a recurrence, urging the relevant financial intelligence agencies to investigate the management of Etisalat Nigeria and hold the defaulting parties accountable for their actions. Read the full story in Vanguard here.