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Access Bank, Others Ask EFCC To Investigate Etisalat Nigeria Management On $1.2 Billion Loan Spending – NAN

By
Tekedia Editors
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0

Strong indications emerged on Wednesday that a consortium of 13 banks, involved in Etisalat Nigeria’s 1.2 billion dollars loan is seeking the Federal Government’s intervention to investigate the management.

A management source close to the banks told the News Agency of Nigeria, NAN, in Lagos that the banks want the government, through the EFCC, to wade into the matter, by investigating what the company did with the loan.

The source 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.

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

According to the source, the company wants 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.

NAN reports that UAE’s Etisalat 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.

NAN reports that in the last three months, Etisalat Nigeria had been in talks with the consortium of banks, to restructure a $1.2 billion loan, after missing repayments.

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.

(NAN)

Nigeria Needs To Adopt Integration Of Satellite Data In Its Next Census

By
TI Partners
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0

Nigeria is Africa’s most populous country, a designation every Nigerian wants to remind the world. It had more than 182m citizens in 2015, according to the World Bank, and is poised to have the world’s third-largest population, behind India and China, by 2050.

But really, the 182m moves from 160m to 200m depending on who is writing. How can a country be run like that?

Until there is an accurate, impartial census it will be impossible to know just how many Nigerians there really are. That means government policy will not be fully anchored in reality and it will not be possible to send resources where they are most needed.

Even local and foreign investors need accurate numbers to help drive the allocation of capital. We suggest one solution – satellite data integration into census. This will help in the area of validation. Companies like Planet Lab can provide such for the country. Nigeria may need research that mimics this and then refine same at scale to make this work. The satellite data is just for integrity purposes and validation.

India conducts its census every ten years. Census data is collected manually in India with enumerators visiting every household in the country. Being such a vast country (in terms of area) and with a population of more than 1 billion, manual data collection is a laborious and expensive process.

NIGCOMSAT and NARSDA can lead this project. With this, Nigeria can quote its population number with lesser ambiguity.

What Startups Can Learn From Etisalat Nigeria Problems: Best Service Is Not King And Never Enough

By
Ndubuisi Ekekwe
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1

In this videocast, I explain that the constructs of delivering the highest customer service (and product) quality is an illusion. You can deliver the best service and still fail. There is need for startups to balance the level of service (and product quality) to the cost required for that service and then model what customers can afford. Etisalat Nigeria had premium products but when Nigeria got into recession, few could afford them. You can make iPhone for few thousand people (in Lagos), but you may be better having Tecno for the masses.

How MainOne, MTN Cloud, RackCenter Could Boost Revenues

By
Tekedia Editors
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0

MainOne, MTN Cloud and RackCenter should invest efforts to build critical building blocks of computing elements, the primitives, in their data center businesses with specific focus on Nigeria and Africa. This will help them attract developers/partners to expand their operations. The promise is economies of scale through higher adoption of their platforms. As this adoption happens, these companies can enjoy massive “tax” which is simply collection of fees imposed on companies that depend on their platforms. Africa-themed primitives like procurement primitives, anti-corruption primitives, etc will be enablers for this differentiation in the market.

How GTBank Is Winning With “Primitives Model” In Nigerian Banking Sector

By
Tekedia Editors
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0

In this videocast, I discuss the primitives model which is focusing on perfecting the basic components of any business model or technology architecture. And then make it available for units, partners and developers to use those pieces with ease and flexibility. In GTBank, there is a high level of autonomy when you are working with their technology teams. The bank is finding success by building small efficient units in both its business processes, models and technologies for partners. The bank invests time and efforts to get the basic elements, the primitives, of any section  of its business right, and then quickly scale them across platforms and operations.

 

 

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