three banks in nigerian is set to take over Etisalat company.

 Three banks in  Nigerian  are set to take over telecommunications firm Etisalat today, Wednesday, over not be able to  pay the sum of  N541.8 billion debt.

An Etisalat experience  centre on the Lagos Island, one of the corporation property that now be forfeited to the banks.

According to the details, the move follow the breakdown of the Nigerian Communication Commission (NCC) to agent a quiet decision among Etisalat Nigeria and a association of banks.

though, these are not the merely banks as there are also some overseas banks that have also been apparently having in a row clash with the telecoms company over the credit talent adding up $1.72 billion (about N541.8 billion) and was acquire in 2015.

The account says the credit concerned a foreign-backed security tie and was given to Etisalat to invest a main network treatment and enlargement of its equipped base in Nigeria.

subsequent to deteriorating to service its balance since 2016, the banks report the corporation to the Central Bank of Nigeria and communications division usual NCC.

Etisalat responsible its failure to complete its duty to the banks on the up to date economic recession in Nigeria but the banks respond that asset  Management Company of Nigeria (AMCON) policy serious instantaneous cut down on the charge of their non-performing borrow give them no other alternative.

A elder bank administrator among those exaggerated said Etisalat organization was given choice of filing for insolvency but it was not in use.

 This alternative, he said, would have necessary the banks just a organization to watch over the telecoms firm’s procedure.

even though the NCC is not pleased with the occupation, a pinnacle spring at the narrow body NCC said on Tuesday, March 7 that it had accepted the conquest that is now predictable to happen this Wednesday.