Twelve commercial banks have rejected a $58.9 million offer by Etisalat Nigeria as full and final payment for the $588.6 million the telecom giant owes, The Nation learnt yesterday. The loan comprises N114 billion ($361.6 million) in local currency and $227 million in foreign currency, putting the total obligation to the banks at $588.6 million.
TELECOMS firm Etisalat Nigeria is on the verge of being taken over by its bankers following the collapse of talks on its payment of a $1.72 billion (about N541.8 billion) debt. The lenders may take over the firm as soon as the legal requirements are met. The eventual take-over is as a result of the inability of Emerging Markets Telecommunications
Marketers yesterday spoke of financial constraints, begging the Federal Government to pay them N800billion spent on fuel import. The cash also covers interest on bank loans. The marketers , which are owing banks over $1.2 billion, appealed to Acting President Yemi Osinbajo for “urgent intervention”. In a communiqué after their meeting
Nigeria’s dream of becoming self-sufficient in sugar production is coming to fruition, with the signing of a Memorandum of Understanding (MoU), between Dangote Sugar Group, and the Nasarawa state Government The project is expected to gulp $700m . The signing ceremony of the deed of acquisition, lease and development agreement, took
THE Standards Organisation of Nigeria (SON) has uncovered over N8billion worth of cloned cables at two residential buildings in the Ajangbadi area of Lagos. Its enforcement team uncovered the warehouses, where 20 different brands of cloned cables were kept. Made-in-Nigeria cables and other brands like NOCAN, Surecan, Necaco, Kablemex,
The Association of Bureaux De Change Operators of Nigeria (ABCON) has advised the Central Bank of Nigeria (CBN) on steps to sustain the naira’s recovery against dollar. The naira has remained at N362/$1 at the parallel market in the last one week, a major improvement from N520/$1 in February. In a statement released yesterday, ABCON President
These are not the best of times for Bureaux de change (BDCs) operators. They have been shunned by foreign exchange users following the convergence of naira/dollar rates at the parallel market and BDCs for the first time in two years. The exchange rate at both parallel market and BDCs closed yesterday at N363/$1. The attractive rate at the parallel