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Access Bank has now taken over the management of telecommunication company, Etisalat Nigeria.

Besides Access Bank, other local and foreign banks are said to be part of the takeover of the telecommunication company which takes effect from June 15.

The take-over came as a result of a futile effort by Emerging Markets Telecommunications Services, EMTS, promoted by-one time Chairman, United Bank for Africa, UBA, Hakeem Bello-Osagie, to reach agreement with the banks on debt restructuring plan in the protracted $1.72 billion (about N541.8 billion) debt impasse.

However, EMTS Holding BV, established in the Netherlands, has up to June 23 to complete the transfer of 100 percent of the company’s shares in Etisalat to the United Capital Trustees Limited, the legal representative of the consortium of banks.

Etisalat Group, the parent company of Etisalat Nigeria, announced the takeover on Tuesday in a letter filed to the Abu Dhabi Securities Exchange in Abu Dhabi, United Arab Emirate.

A letter dated June 2017, with No. Ho/GCFO/152/85 signed by Etisalat Group Chief Financial Officer, Serkan Okandan, noted that efforts by EMTS to restructure the repayment of the syndicated loan by a consortium of banks to Etisalat Nigeria collapsed.

It added, “Further to our announcement dated 12 February, 2017, Emirates Telecommunications Group Company PJSC, ‘Etisalat Group’[ would like to inform you that Emerging Markets Telecommunications Services Limited ‘EMTS’ (‘the company), established in Nigeria and an associate of Etisalat Group with effective ownership of 45% and 25% ordinary and preference shares respectively, defaulted on a facility agreement with a syndicate of Nigerian banks (‘EMTS Lenders’).

“Subsequently, discussions between EMTS and the EMTS Lenders did not produce an agreement on a debt restructuring plan.

“Accordingly, the Company received a default and security Enforcement Notice on 9 June 2017 requesting EMTS Holding BV (EMTS BV) established in the Netherlands, and through which Etisalat Group holds its interest in the company) requiring EMTS BV to transfer 100% of its shares in the company to the United Capital Trustees Limited (the Security Trustee”) of the EMTS Lenders by 15 June 2017.

“Subsequently the EMTS Lenders extened the deadline for the share transfer to 5.00 pm Lagos time on 23 June 2017,” the filing said.

The Telecommunication company has been under pressure since 2016, following the demand notice for the recovery of a $1.72 billion (about N541.8 billion) loan facility it obtained from a consortium of banks in 2015.

The loan, which involved a foreign-backed guaranty bond, was for the mobile telephone operator to finance a major network rehabilitation and expansion of its operational base in Nigeria.

Unable to meet its debt servicing obligations agreed since 2016, the consortium, prodded by their foreign partners, threatened to take over the company and its assets across the country.

But, the intervention of the telecom sector regulator, Nigerian Communications Commission, NCC, and its financial sector counterpart, the Central Bank of Nigeria, CBN, succeeded in persuading the banks to rethink their threat and give Etisalat a chance to renegotiate the loan’s repayment schedule.

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NOVA Bank Achieves Global Cybersecurity Milestone With ISO 27032 Certification

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NOVA Bank has achieved a major milestone in its commitment to safeguarding customer data and digital operations by attaining the globally recognized ISO 27032 Cybersecurity Standard certification. This significant achievement positions NOVA Bank among the elite financial institutions in Nigeria with such a distinction.

The ISO 27032 certification focuses on fortifying cybersecurity measures, ensuring robust protection for data, systems, and online transactions amid an ever-evolving cyber threat landscape. In addition to this achievement, NOVA Bank is already certified in ISO 27001 for Information Security Management and BCMS 22301 for Business Continuity Management, further underscoring its dedication to operational excellence and security.

Speaking on the achievement, Acting Managing Director and CEO of NOVA Bank, Mrs. Chinwe Iloghalu, described the certification as a pivotal moment for the Bank and its customers.

“This certification underscores NOVA Bank’s unwavering dedication to maintaining the highest global standards in cybersecurity. As we continue to innovate with customer-centric retail products, cybersecurity remains at the heart of our operations. Our customers can rest assured that their data and transactions are protected by some of the most advanced security frameworks in the industry. Trust is built on security, and NOVA is committed to providing a secure, reliable, and innovative banking experience,” Mrs Iloghalu stated. The Bank’s Executive Director for Operations and Information Technology, Dr. David Isavwe, who also serves as the President and Chairman of the Board of Trustees for the Information Security Society of Africa, Nigeria (ISSAN), emphasized the broader implications of the certification.

“The ISO 27032 certification highlights NOVA Bank’s proactive approach to addressing cybersecurity challenges. It demonstrates our readiness to protect against evolving threats and our ability to adapt to the dynamic landscape of digital banking. This certification reinforces our commitment to delivering secure and uninterrupted services to our valued customers,” Dr. Isavwe remarked.

This milestone aligns with NOVA Bank’s overarching strategy of integrating cutting-edge technology with its trademarked Phygital model—seamlessly blending physical and digital banking experiences, while maintaining an unwavering focus on customer trust and satisfaction.

As the bank prepares to launch a series of innovative retail banking products, this certification highlights its dedication to prioritizing cybersecurity, ensuring a secure and seamless banking experience for all its customers.

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JUST IN: Customs Hands Over 21 Stolen Vehicles To Canadian Government

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The Nigerian Customs Service (NCS) has transferred 21 stolen “Sport Utility Vehicles” (SUVs) and other assorted vehicles to the Canadian Government, following their recovery from various locations across the country.

 

More to come…

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Former Kogi Governor Yahaya Bello Now In Our Custody — EFCC

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The Economic and Financial Crimes Commission (EFCC) has revealed that former Kogi State governor, Yahaya Bello, has been detained in the agency’s custody for allegedly misappropriating over N110 billion in public funds.

The EFCC stated that the former governor appeared at its headquarters after months of ignoring invitations and avoiding court summons related to fraud connected to his administration.

EFCC spokesperson, Dele Oyewale, on Tuesday said that Bello had been detained and would be questioned about the allegations against him.

According to reports, Bello responded to the EFCC’s invitation on Tuesday, arriving at the EFCC office with his lawyers, but without his successor, Governor Usman Ododo, who had reportedly been shielding him from arrest.

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