According to a report by Premium Times , the move follows the inability of the Nigerian Communication commission to broker a peaceful resolution between Etisalat and a consortium of banks.
The three Nigerian banks are Access Bank, Guarantee Bank and Zenith Bank. Etisalat has also been reported to be owing some foreign banks which it has equally failed to offset the debt owed them.
The banks say they had to report the telecom company to Central Bank of Nigeria and the communication sector regulator NCC, after it failed to service its debt since 2016.
Etisalat says the current economic recession in the country is the reason behind its failure to fulfil its obligation.
The takeover by the banks is expected to take effect as from today, March 8, as reluctantly approved by NCC.
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