Update: Etisalat Nigeria moves to effect name change, restructuring of shareholding as debt talks fail

Etisalat Nigeria has commenced changes to its shareholding structure after talks to restructure a $1.2 billion loan failed, the company said on Tuesday. Services to its subscribers will not be affected by the changes, Ibrahim Dikko, vice president for regulatory affairs at Etisalat Nigeria said in a statement, reports Reuters. The telecom company said discussions […]

Etisalat to lose 45 percent stake as loan restructuring talks fail

Etisalat has been instructed to transfer its 45 percent stake in Etisalat Nigeria to a loan trustee after debt restructuring talks with lenders failed, the Abu Dhabi telecoms company said on Tuesday. Etisalat Nigeria had been in talks with Nigerian banks to restructure a $1.2 billion loan after missing repayments but those discussions failed to […]

Nigeria’s bad bank receivables rise 80% as obligors default

Nigeria’s bad bank, the Asset Management Corporation of Nigeria (AMCON), is currently facing recovery challenges from about 305 account obligors who now account for over 80 percent or N2.5 trillion of debts owed it. Ahmed Kuru, managing director of AMCON disclosed this to the House Committee on Banking and Currency  at the corporation’s ongoing retreat […]

Inflation to ease, firms operating cost to drop on declining diesel price

The Nigerian National Petroleum Corporation (NNPC) claims of a reduction in diesel price  by 42 per cent could positively ease the nation’s level of inflation, reduce firms operating costs and boost growth in Africa’s biggest economy, analysts have said. The crash in diesel price is seen to ease the cost of production for many manufacturing […]

Outlook for naira positive amid fiscal worries going into 2018

Nigeria’s new foreign exchange policy, which has seen the creation of the Investor and Exporters forex window by the Central Bank of Nigeria (CBN) and the continuous injection of dollar into the foreign exchange market, has given the naira a positive outlook in the near to medium term. Analysts, currency traders and end-users say the […]

Oil market heading in right direction, says Saudi’s energy minister

Saudi Energy Minister Khalid al-Falih said the oil market is heading in the right direction but still needs time to rebalance, the London-based newspaper Asharq al-Awsat reported on Monday. “In my opinion, market fundamentals are going in the right direction, but in light of the large surplus in stockpiles over the past years, the cut […]

Nigeria received $18bn in remittance from Diaspora migrant workers in 2016 – IFAD

Nigerian migrant workers overseas sent home $18.956 billion as remittances in 2016, representing a 5.2 percent growth in nine years (2007 to 2016), according to the United Nations International Fund for Agricultural Development (IFAD) report released Wednesday, June 14, 2017. The report, entitled-Sending Money Home: Contributing to the SDGs, One Family at a Time_, indicated […]

Currency traders see convergence of exchange rates on increased foreign interests in Nigeria’s equities

Nigeria’s multiple exchange rates are heading for near-term convergence on the back of growing positive sentiments in the country’s equities market that has seen inflows of foreign investment and foreign currencies, market analysts and currency traders said Friday. “We are beginning to see some international investors returning to thestock market,” a research analyst, Olabibi Ayodeji […]

Mubadala, Etisalat Nigeria, banks still talking, no final decision until next week

• Nigerian entity majorly run by Nigerians as only one staff from Mubadala/Etisalat UAE… Mubadala Development Company, the middle-east majority shareholder in Nigeria’s fourth largest mobile phone operator, Etisalat Nigeria Limited and a consortium of bank creditors are still in talks with the company’s minority shareholders about the future direction of the business and Mubudala’s […]