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  • Loan Scandal: Central Bank Of Nigeri Browbeats Banks As ETISALAT Proposes Paying Only 10% Of Bad Loans

    June 22, 2017 7:47 PM 17

    The crisis confronting debt-ridden Etisalat, one of Nigeria’s biggest telecom companies, took a disturbing turn yesterday, with the Central Bank of Nigeria (CBN) urging a consortium of banks to which Etisalat is indebted to the tune of over $1.2 billion to stop putting pressure on the telecom company. Two banking sources, including one present at yesterday's

  • CBN orders lenders to maintain status quo on Etisalat indebtedness

    June 22, 2017 1:23 PM 24

    The Central Bank of Nigeria (CBN) yesterday directed the consortium of 13 banks involved in Etisalat Nigeria’s $1.2 billion loan to suspend further action on the indebtedness, including taking over ownership or management of the company. This came as a source in Etisalat claimed that the telecom company has been servicing the debts up to 50 per cent while

  • Nigeria: CBN Aligns With NCC, to Resist 'Hostile' Takeover of Etisalat

    June 22, 2017 10:34 AM 17

    Just like the Nigerian Communications Commission (NCC), the leadership of the Central Bank of Nigeria (CBN) has informed the 13 banks that extended a $1.2 billion facility to Etisalat Nigeria that it would resist the move by the lenders to take over the network operator without its express approval. This was the fallout of a meeting held between CBN officials

  • Angolan’s Luanda is world’s most expensive city, Lagos 29th

    June 22, 2017 8:15 AM 8

    Angola’s capital Luanda has overtaken Hong Kong to become the costliest city in the world for expats, Mercer’s annual survey said Wednesday. Dethroned last year by the Chinese city, Luanda regained the dubious honour despite the depreciation of the local kwanza currency against the dollar, according to the survey by the Mercer consulting group

  • Etisalat Has Paid Over 50% of Original Loan – Investigation

    June 22, 2017 3:52 AM 9

    Checks by our correspondent revealed that Etisalat has serviced the $1.2bn loan by more than half of the total amount being owed its creditors since 2013 and what actually remained to be paid is far less the amount being reported in the media. “The actual outstanding on the Etisalat loan is about $500m (i.e. N165bn). This is in view of the fact that Etisalat

  • DMO to issue N100bn Islamic Bond month end

    June 22, 2017 3:03 AM 8

    THE Debt Management Office, DMO, yesterday, said that arrangement has been concluded for the issuance of the first sovereign sukuk, otherwise known as Islamic Bond or non-interest bond, next week, even as Dr. Abraham Nwankwo retires as the Director General of the Debt Management Office at the end of the month after completing 10 years of service. The sovereign

  • Etisalat Debt Will Have ‘Manageable Impact’ On Nigerian Banks – Exotix Capital

    June 22, 2017 2:41 AM 15

    London-based investment banking services firm, Exotix Capital has released a new report that says the $1.2 billion Etisalat Nigeria debt burden will have ”manageable impact” on the 13 Nigerian banks involved. The analysts estimate a minus 12 percent impact on the lenders’ net profit in the 2017 financial year, a negative two percent impact on their equity

  • Conoil grows profit by 23%, proposes N3.10 dividend

    June 21, 2017 6:18 PM 17

    WorldStage Newsonline-- Conoil Plc has declared a 23 percent increase in profit after tax at N2.84 billion for the financial year ended December 31, 2016. The directors have also recommended for shareholders’ approval a dividend of N2.84 billion, representing N3.10 per share, an increase of 3.3 percent compared to N2.08 billion which amounted to N3 per share

  • These are the highest-rated CEOs in America

    June 21, 2017 1:52 PM 17

    Watch Tim Cook, Jeff Bezos, and other tech execs give Trump advice on how to modernize government Get ready for a kinder, gentler Tumblr. The social media site has just launched a new opt-in Safe Mode that will put sensitive material behind a digital scrim. A combination of moderators and automated processes will screen Tumblr posts for sensitive content

  • Uber Scandal Timeline: Why Did CEO Travis Kalanick Resign?

    June 21, 2017 1:09 PM 14

    Uber CEO and co-founder Travis Kalanick has announced its resignation from the company on Wednesday, a week after he took a leave of absence. Kalanick is the latest departure from the global technology start-up, including head of business Emil Michael last week and president Jeff Jones in March. “I love Uber more than anything in the world and at this difficult