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A consortium of 13 banks, involved in Etisalat Nigeria’s 1.2 billion dollar loan is seeking the Federal Government’s intervention to investigate the Telco’s management, reports have indicated.

The banks are urging the government to look into the matter, through its anti-graft agency, the Economic and Financial Crimes Commission ( EFCC) by investigating what the company did with the loan.

A source in the banks revealed this to journalists in Lagos.

The source who preferred to remain anonymous alleged that the loans were siphoned and needed to be investigated by the EFCC, noting, there was no proof of what the company did with the loan.

He said that the affected banks had rolled out a lot of viable options to Etisalat for the loan to be restructured, but was rejected by the company.

The source said that the banks were not into telecommunications and had no intention of running Etisalat.

“All we want is to recover the loans; we cannot write off the loans as being demanded by Etisalat, because the company is viable,” the source stated.

It was revealed by the source that Etisalat wanted the banks to write off the loan as non-performing, which was rejected because the company was doing well.

Despite the unpaid loan, it was gathered that the company wanted injection of new capital, and this has been suggested to the majority shareholder.

The source said the government should investigate the matter with all seriousness, to dig out the truth.

It was reported that the United Arab Emirates Company on June 20 said that it had been instructed to transfer its 45 per cent stake in Etisalat Nigeria to a loan trustee.

Etisalat said it had been notified to transfer its stake by June 23. It said the stake had a carrying value of zero on its books.

In the last three months, Etisalat Nigeria had been in talks with the consortium of banks, to restructure a 1.2 billion-dollar loan, after missing repayments, News Agency of Nigeria reported.

According to the news agency the loan is a seven-year facility, agreed with 13 banks in 2013, to refinance a 650 million dollar-loan, and fund expansion of the telecommunications network.

Although the Nigerian Communications Commission (NCC), and the Central Bank of Nigeria (CBN), stepped into the fray to prevent a takeover by the banks, those discussions failed to produce an agreement on restructuring the debt.

BIG STORY

Tribute To My Boss, HM Dele Alake At 68 — By Segun Tomori

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When I was privileged to be offered an appointment by the Minister of Solid Minerals Development, Dr. Dele Alake in October, last year, I was thrilled to have the opportunity to tap from his immense wealth of experience and depth of knowledge, spanning over four decades in private and public service.

I had been enamoured by Dr. Alake since his name, alongside that of President Bola Tinubu, became a recurring decimal in the struggle for the actualization of the annulled June 12, 1993 Presidential elections.

He had carved a niche for himself as a renowned political strategist, communications and public relations juggernaut that not only gave verve to the pro-democracy struggle but later became one of the leading lights of Asiwaju Tinubu’s transformational leadership as Governor of Lagos.

Dr. Alake’s role in the presidential campaigns that culminated in President Tinubu’s ascendancy is already public knowledge as it will be recalled he fired from all cylinders to defuse the propaganda of the opposition as Media Adviser, superintending over the media and communications directorate of the APC Presidential Campaign Council (PCC).

Having watched him closely as a member of the then Strategic Communications Directorate of the same PCC, I was captivated by his grit, grasp of issues and the impeccable intellect with which he dissected issues and marshalled our campaign’s arguments.

Asides from giving me a free hand to excel in my role, he has been a mentor that has helped to hone my skills. Under his tutelage, I have grown to become a better communications professional in barely one year.

Today, Alake’s vision has given rise to a 2,570-strong mining marshals leading the charge to secure the mining environment; revised guidelines for Community Development Agreements (CDA); revocation of dormant mining licenses and those that defaulted in payment of annual service fees; the launch of the innovative online platform, the Decision Support System (DSS) that aids investors’ access to information about Nigeria’s mining sector, enabling them with a click of a button to make informed decisions about investing in Nigeria’s mining sector.

Efforts have reached an advanced stage to establish the largely private sector driven Nigeria Mining Corporation alongside the amendment of the 2007 Nigeria Minerals And Mining Act (NMMA) in collaboration with the National Assembly to back reforms with requisite statutes.

We have also seen novel engagement with sub-nationals that has led to reduction of conflicts through his principle of cooperative federalism. In deference to Alake’s vision, several states have applied and obtained licenses to participate actively in the mining sector and operate as Limited Liability Companies.

As you celebrate your 68th birthday, I want to express my gratitude for your unwavering dedication to our country, the President, and the solid minerals sector.

Your infectious zest and passion for transforming the hitherto neglected mining sector has captured global attention, and we are all motivated to support your vision of making solid minerals a leading contributor to our nation’s GDP.

Happy Birthday, “Prime Minister”. 68, hearty cheers. Many happy returns, sir.

 

Segun Tomori, FSCA is the Special Assistant on Media to the Honourable Minister of Solid Minerals Development.

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BIG STORY

President Tinubu Congratulates Dele Alake On 68th Birthday

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President Bola Tinubu congratulates the Minister of Solid Minerals Development, Dele Alake, on his 68th birthday.

President Tinubu celebrates his long-time ally, buddy, brother and invaluable partner for his support throughout his political journey as Senator, Governor of Lagos State, Presidential candidate and President of the Federal Republic of Nigeria.

The President says he cherishes working closely and collaboratively with Alake in more than three decades.

The President thanks Alake for his candid counseling and unwavering support, which have provided invaluable guidance during challenging times in public office.

He notes that Alake’s staying power in the various roles he has handled in his lifetime has been rooted in his honesty, passion, tact, determination and exceptional public relations.

President Tinubu is confident that the Minister will continue to uphold his high standards of excellence in service to the nation.

He joins family, friends, and well-wishers in offering prayers for Alake’s continued success and well-being.

 

 

 

 

 

 

 

 

 

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BIG STORY

Local Government Election Holds In Rivers Despite Police Absence [PHOTOS]

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The local government election in Rivers State is currently underway, notwithstanding the notable absence of police personnel to oversee the process.

Sources reveal that sensitive materials have been successfully distributed across various local government areas.

Governor Siminalayi Fubara remains resolute in his determination to conduct the election, despite escalating tensions within the state.

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